The techno-entrepreneurship is using technology to the advancement of business operations. It’s evident that business landscape has changed rapidly in the recent past.
We can see the changes in every area in a business including business conduct, in the marketing approach and in the business model concepts. The sustainability of the business should be another concern when formulating a business in the early stage.
Due to this rapid change taking place in the business hemisphere, business people are more concerned with how to make the biggest impact to their customer base or to their market. The importance of techno-entrepreneurship comes in handy at this place. There can be many reasons as to why techno entrepreneurship framework is to be established in today’s businesses in the Sri Lankan scenario.
Effective communication between business and consumer
Today, there are more instances where ongoing dialogs between the two parties of a business can result in fruitful business dealings. Suppose, a consumer may want a product that can only be illustrated in a pictorial format. The technology warrants online transfer of data supporting any picture between two parties involved in a business.
In the same way, the transaction details can also be communicated via the internet or using applications in the mobile devices. The benefits can be in many ways. The time involved in the business is much less due to the less time involved in the communication stage. The customer is not only stress-free but knows that his requirements are being fulfilled in the proper way.
In business transactions too, the customer is well secured over his transactions and recording of transactions are much easier. Here, the technology eases the operation of a business and the customer is satisfied over the procedure involved in the business.
Using technology as an advertising tool
It is not uncommon today to send messages to a majority of people by just a click of a button. The online real time messages can be passed to the consumers illustrating the company’s latest offerings or its new products.
The messages can be sent using the internal database of a business or to an identified target audience. The messages influences a particular target of business audience to products or services. The cost involved is minimum compared to the traditional paper advertisements.
Technology-an online surveillance watchdog
The rise of digital monitoring and online surveillance pave the way for more security in businesses. The digital options like infrared scanners, motion sensors, heat sensors and water vapour sensors add more security to the business premises. The theft of goods can be minimised if not eradicated by using these options.
Online procurement and order processing
The technology advancement related to this field is tremendous. Ordering of an item in a certain store in Sri Lanka can be a reordering level for a local supplier and the same batch operation trigger the supplier about the quantity and other variations of the product. The same scenario can happen irrespective of country borders and different custom procedures involved in the countries.
Analytical tool in identifying consumer buying patterns
A techno-entrepreneur associates with unusual analytical tools to identify certain and on-going customer buying patterns and behaviours. The various levels of analytical tools including facial recognition and online surveys are being conducted to verify the real concern about the customers. This data is crucial in knowing exact customer requirements and how to align the company products to match them.
Research and development of products
The technology can transform a company to its maximum potential if a new breakthrough is coming under way by its Research and Development (R&D) arm and that is why companies are investing heap of money. The entrepreneur in this aspect can communicate the breakthrough in science by way of a product offering that has new benefits bundled in them. The entrepreneur can even make the offering a habitual product for the current generation and can create a cult among the present generation.
It is so much of a concern in today’s business about the applicability of techno- entrepreneurial culture among the business people. The fact is that culture could shape the people. At the same time, the technology can transform people.
One could see the extent to which people have been changed by a single business entity named ‘Facebook’. It has proven that new technology can make a difference and change people’s attitudes and their beliefs to a certain extent. It is evident that technology can change people and it impact is based on association; willingness to accept or reject it.
In the same argument, the technology associated with businesses can make a difference to the business conduct and the overall success of the business entity.
In Sri Lankan scenario, many people are reluctant to change their thinking and is cornered. The rise of technology can create waves among the existing businesses and the need to change and be updated with the technology is thoroughly highlighted in this instance.
Business people should not be in their comfort zones thinking that pathsw travelled is safe and secure. You probably do not know the instance where technology could be an impact on you.
The un-travelled path is the path that you need to follow and be concerned with. If not, you would be wiped out from your business by a storm of events where you will not have any time to think about.
The writers are students of Sri Jayewardenepura University, reading for the Masters of Entrepreneurship at the Department of Entrepreneurship.
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