Finance
Technological advancements have in the modern times proved beyond doubt to be more effective and efficient in modern businesses. That would be substantiated by the fact that whatever speeds the production process draws in more business explaining why they tend to adapt very fast to such technologies. One such technological advancement is cloud computing.
Identify a technology today that is likely to revolutionize the conduct of modern business and thus, presents a strategic risk to companies. Thanks to the technology, various companies are in a position to conduct their businesses in a less expensive manner as well as doing business in a wider scale than before (Khosrow-Pour, 98-102). That implies that the technology opens up new windows of opportunity placing a company at an advantage over its opponents within the same industry.
It is beyond doubt that companies that do not adopt to cloud computing would spell trouble for their competitiveness in the future. That is owed to the fact that they will be getting it harder to compete with other companies that have taken up the advancements, and in the end, they will be facing serious and growth challenges in their businesses. The fact that they will be less likely to cope with the innovativeness would signify danger to such businesses (Fingar, 211-214).
However, various strategies can help businesses to achieve the positive aspect rather than the risks of the technological advancement under deliberation. For instance, business might opt to shift from product oriented to service oriented to stand a chance in benefiting from the full advantages of cloud computing. In other words, the technological advancement entails the shift from IT-based products to business-oriented services something that would ensure that better outcomes are achieved (Chen, 67-69).That growth results from the notion that cloud computing simplifies, as well as standardizes the business process. Hence, business is less complex bringing about straightforward business services.
Work Cited
Chen, Ran. Intelligent Computing and Information Science: International Conference, Icicis 2011, Chongqing, China, January 8-9, 2011 : Proceedings. Berlin: Springer, 2011. Print.
Fingar, Peter. Dot.cloud: The 21st Century Business Platform Built on Cloud Computing. Tampa, FL: Meghan-Kiffer Press, 2009. Print.
Khosrow-Pour, Mehdi. Annals of Cases on Information Technology. Vol. 4. Harrisburg, PA: Idea Group Inc, 2002. Print.