Business Survival in Technological environment

Business survival in Technological environment

The technological environment of business can be viewed as the state of the application of scientific principles and mechanical arts to various tasks in the society. It includes the methods, techniques and approaches adopted for production of goods and services and its distribution. In the West Africa context, the local technology is utilized by those who engage in peasant farming, small scale businesses and even in the mining, quarrying and construction businesses. On the other hand, more advanced technology is employed in the oil and gas industry, steel industry, breweries, textile, banks, hospitals, etc.

Nigeria, Ghana, Liberia, etc. are not self sufficient in their technological input as they rely heavily on modern technologies from the United States of America, Japan, China, India, Korea, Europe, etc. However, their dependence on foreign technologies has to some extent, advanced their technological climates positively.

Though, not much is currently being accomplished because of the little investment by the private and public sectors in Research and Development (R&D), but, with the advent of many universities, research institutes, significant improvements are expected, if coordinated efforts are made to harness their outputs for rapid technological development of these countries

The environment provides opportunities for alternative investment which the business manager can exploit to his or her advantage. On the other hand, the environment could constitute a threat or constraint to business enterprise if changes in it are unfavourable.

For a business to survive in the long run, it must be seen as coping, adapting, and responding favourably to the environment it operates in.

Changes in the external environment of a business may induce a change in the strategy, structure, technology or the nature of human resources that the firm employs. For example, a change in the competitive environment may force a business firm to introduce new or modified products in order to retain/expand its market share.