Tech billionaire Elon Musk and Jack Yu Ma reiterated their concerns in regards to the potential negative consequence of Artificial intelligence; however, Ma has taken a more optimistic tone in a public debate over technology during September 2019. To some extent both of them were agreed, AI has inevitably changed the way businesses operate as no single technology does.
Speculation aside, the ongoing business laws transformation, dependency on the technology fundamentally is reorienting the entire business towards progressive technology. Leaders are finding a way to incorporate data analytics, automation in marketing, customer service etc (Gibbons. 2019). Meanwhile, the transformation has just begun. To make the best of changes, it is necessary to develop the right policies and business laws to help economies. Christopher Sharrock, UK permanent representative to the OECD said, we have to be mindful of the upcoming challenges including when paradoxical technology expansion won’t lead to productivity gains. He also reminded public policies needs to be updated as soon as possible based on analysis. In this study, we will present a clear view of business models typically connected with the relationship between innovation and business law.
Law and order, justice are essential ingredients ensuring trust in a global age. Right from the dawn of industrialization to establishing environmental regulations, business sustainability is a strategic concern driven by the marketing force. In a survey by Hoffman and Andrew, 2018, 88% of business students think, social and environmental issues should be on priority at the time of forming business law, also 67% of the students said, they want to incorporate sustainability in their future job. For all the interest, we should emphasize on corporate social responsibility bounded with business law company can use to improve their positioning through linking sustainability and corporate strategy altogether.
Effects of Technology On Business Viability
Business viability referred that a business has enough potential to be successful. A viable are making enough revenue to remain at the top in the competitive market closely based on unique selling proposition, has a definite customer base, and incur tremendous competitive advantage.
Ford, 2015 argued, companies are installing machine learning, supporting artificial intelligence and robots in order to stay competitive since robots can do the job much faster than humans. Automation allows businesses to match demand can be ideal even when no cost is incurred. According to the Boston consulting group, in 2015, robots cost will be cut down by 33% in Japan, 24% in China, and 22% in the United States and Canada. However, the world still needs consumers to buy what robots will produce.
According to a McKinsey report and assignment writer robotics and automation, adoption have shown a dramatic shift during shut down. Also, commerce revenue ups, over 30% of the budget, organization are used to upgrade software.
In combination with AI, machine learning, IoT provided complete information about potential customer needs preferences feeds news ideas. In 2018, it was predicted by the world economic forum, AI will produce 5.6 million jobs in the next five years inevitable these jobs demand new skills beget business processes, as no one is sure what could be happened in the future.
Google Deep Mind Programs can read the program even better than humans. In Amazon customer service module, it is piloting ECHO look suggest how will the purchase items look on you. Several factors have fuelled the business revolution, but the foremost one is maturing of machine learning, integration of cloud computing using a method known as backpropagation (Wilburn, and Wilburn, 2018). With time leaders increases, their awareness show newly evident technology benefits the organization changes the way employee works acquire new one to advertise product and services.
At its first incarnation, enterprise integration and business sustainability produce a market shift. Enterprise integration is geared with market transformation helping the companies to create tomorrow measurements. First, it focused on reducing the stance of unsustainability; second, it fix the company to look inwards towards business vitality. Brien et.al, opined market is the most powerful institution in the world if not regulated by business laws, then grew with conflicts and sooner dissolve.
Most of the chief executives, coursework helpers, and national giants believed technology penetration someway creates the biggest external challenge. If they fail to commute with technology requirements, their problem will be turned into more gigantic than ever. Thence the C-Suite and HR must work together to create a job description for super jobs thrown by AI.
Currently modern business faces immense challenges cultivating in house experts giving the enterprise a major competitive edge. Since AI, IoT and other techniques require more specific, clear data to make decisions, in house and tech experts needed to relocate the changes said Vince Dawkins, Ceo of Enertia Software.
Andrew Wyckoff, OECD, technology and innovation directorate noted a better understanding of technology invasion and digital transformation is undoubtedly linked with collecting reliable data. Using this we are able to generate greater revenue and identifying the areas of improvement where changes needed to be implemented. So far OECD companies are working on the Going digital project fundamental reconstruct policies, economic and social impacts of digital transformation.
Technology And Scope Of Ethics
When ethics of technology were analyzed from the different domains including engineering, reengineering, designing and research, computer science critical management areas, it was explored by assignment maker manager is the key one disseminate technology at different communities. Johnson, 2015 noted in the responsibility gap or abdication of responsibility around decision takes a role in how previously tasks performed with machines afforded by a human. Although technology plays a vital role in different business areas also build responsible decision around its sphere, it firmly contours what firms owe to society as technology expands.
With time it increasingly becomes important who have designed the firm and implemented the technology should have a moral obligation to address problematic outcomes. There are basically two reasons why the organization has to develop responsible technology first in the nascent stage of environmental regulation, authorities don’t reveal the ethical problems, second new technology always demand greater CSR(Hongdaoet. al, 2018). Today numerous efforts have been made by billion-dollar companies like Google and Microsoft to develop principles and standards for Artificial intelligence.
Source- Ienca et.al, 2018
Ethical technologies refer to a set of standards for how you use technology in the business operation and strategy. Deloitte says and online assignment help experts said, almost every business is a tech company, whether organizations track customers through cookies, monitoring employee’s social feeds else keeping customer data safe, there are lots of ethical challenges associated with technology. Florida tech advises the employee to use social media even at work or home, which raises ethical issues. On the other side, increasing technology have led to environmental degradation (Martin et.al, 2019). Million of tech waste exposure produce toxins in huge amount degrade environment on a large scale. One of the central insights palpitate addictive design patterns made by firms creating vulnerable customers, manipulate them threatens autonomy. Get to know more about ethical problems in technology from Sourceessay assignment help team.
Does Technology kill Privacy?
These days, privacy is of utmost concern whether it is about giving personal information over social media platforms or giving the app permission to use the gallery, contact downloads etc. The best way to define privacy in context to technology is in terms of access or limited control. Restricted access means only the limited person could access the information others may not. Similar to control the spread of personal data limited control gives over. Both as per customer and perspective they both want to gain customer information but in a cost-benefit analysis way. A cost-benefit way means a person is enough sure to provide personal information to sites however, in this case, most of the time person thinks their information will not use for the tradeoff.
Alexander, 2015 wrote, nowadays companies are using Software as a Service Model (SAAS) where companies are using an application on the service they own. This kind of model entrusts software companies to protect the days since they are equipped with private cloud. The data ranges from customer personal information to the product going to be launched. In this stance risk exposure from malware, ransomware etc company cant bear, hence they made strict business policies to define what data can be stored internally or what can be externally as well as who are allowed to cloud services etc.
The restricted access or limited control could be a problem if it comes under government surveillance. After the 9/11 terrorist attack a reactionary bill, the patriot bill passed to conduct electronic surveillance over the internet. It was largely understood for sweeping out antiterrorism basically implied government has the right to see any information over the web. This can once can prevent their privacy from being stolen either by not using electronic media completely or just accepting the fact that the entire information goes on the internet will be seen by the government anytime. To know about business law, take assistance from SourceEssay essay writing help experts any time.
Who Is Taking Information Available on Internet?
Knowledge is power. There is numerous governmental and non-governmental organization are collecting or seeing information since its leads to knowledge helps them to create strategies and connecting unsolved puzzle. Julian Assange, co-founder of WikiLeaks said, the internet is the greatest spying machine. Including National Security agency, Twitter, Facebook Google is proactively collecting data from the internet to check the pattern and looking over consumer behaviour.
NSA has grown as one of the largest government institutions for staffing and funding discretely has the authorization to spy on an American citizen without any warrant followed by the 9/11 terrorist attack. They can spy on both national and international people without an uproar and sometimes are seeing spying on the international leaders who are even allied one
In consideration with Google and Facebook, these organizations track the consumer’s profile, accumulated a number of data sets, and sell user data to the advertisers. These are not the only websites, they have a lot to do with privacy. Even if you are searching for anything, they track your position and show you add deems to be relevant.
Hackers are the subset using personalized information for their personal usages. These hacks have more malicious intent than legitimate services like Google and Facebook even NSA. The core difference is while the Google, Facebook compile the user data and sells them off to advertising firms, Hackers tend to steal the data and use for threat purpose. Many people object to NSA because they are afraid of data being stolen or hacked from NSA databases.
Microsoft Privacy Statement
Microsoft offers a wide range of products including serves that help the business operates. Microsoft has made legitimate privacy statements applied to the Microsoft has interaction with you and by displaying it with the product. Microsoft collects the data from the interaction with its users sometimes collects the data from third parties. The company provides the column to the user whether they want to provide personal data or not. If they don’t want to do so, they can simply deny the notification. Similarly, company use the data collected to analyse its performance, meeting legal obligation or conducting product development research. The process of information collection comprises both manual and automated data. On the company website, it has been mentioned company takes personal data only to complete the transaction at times share the data with legal authorities if there is any legal obligation company needs to overcome. The company provides access to the user to control the personal data for internet-based advertising through accessing a clear set of data from the Microsoft privacy dashboard. Microsoft uses web beacons to gather information and analysing performance.
This study examined the influence of technology on business viability by offering various kinds of solutions, covering legal obligations, privacy statement, ethical considerations and much more. However, when a comprehensive study has done, it was revealed modern business faces immense challenges cultivating in house experts giving the enterprise a major competitive edge. Since AI, IoT and other techniques require more specific, clear data to make decisions, in house and tech experts needed to relocate the changes. Therefore it can be concluded technology plays a vital role in different business areas also build responsible decision around its sphere, it firmly contours what firms owe to society as technology expands.
OECD. 2018. IMPLICATIONS OF THE DIGITAL TRANSFORMATION FOR THE BUSINESS SECTOR. Conference summary. Available at-
Gibbons. S. 2019. The Technology Of The Future Is Changing Business Today. Available at- https://www.forbes.com/sites/serenitygibbons/2019/09/19/the-technology-of-the-future-is-changing-business-today/?sh=2de4a6944fe1
Alexander, J., 2015. How Technology is Killing Privacy.
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Hoffman, A.J., 2018. The next phase of business sustainability. Stanford Social Innovation Review, 16(2), pp.34-39.
Martin, K., Shilton, K. and Smith, J., 2019. Business and the ethical implications of technology: Introduction to the symposium.
Microsoft.2021. Microsoft Privacy Statement. Available at- https://privacy.microsoft.com/en-us/privacystatement