CHAPTER II

Review of Related Literature

Technological advancements have dramatically reshaped industrial technology

management practices, leading to increased efficiency, improved decision-making,
and enhanced collaboration. Automation, data analytics, and advanced
communication tools have enabled businesses to streamline operations, gather real-
time insights, and adapt quickly to market changes.
According to Manimohanraj Abirami, et at., the purpose of this study is to
examine the influence of technological advancement on business management
techniques The Theory of Digital Transformation is considered in order to have an in-
depth understanding on technological advancement in business. Theoretical
framework: A primary quantitative research method is used to develop the study.
Design/methodology/approach: The study graphical representation of the collected
data in order to analyze respondents’ opinions and interests. The need to undertake
technological advances is deemed critical to formulate business management
techniques. Findings: The study offers detailed analysis of advanced technological
implications which complements organizational growth, understanding the
effectiveness of technology and societal progress altogether. Research, Practical &
Social implications: The value of the study is based on business strategies developed
by the management to enhance their firm productivity through the introduction of
technological advances. Originality/value: This research paper presents a unique
perspective on the impact of technological advances on business management
techniques, combining multiple theories and a mixed-methods approach to provide a
comprehensive understanding of this complex relationship. The findings have
implications for businesses, policymakers, and academics, offering valuable insights
into the challenges and opportunities associated with technology-driven management
practices.
It’s no secret that technology is a critical component of success for modern
businesses. New technologies such as the Internet of Things (IoT) and artificial
intelligence (AI) are opening the doors to the digitisation of individual processes and
data aggregation. In fact, 80 per cent of Australian industry leaders believe that AI
will have a transformative impact of their business.
 Technological advancements continue to reshape traditional management
practices. This means that businesses must develop strategies to introduce digital
technologies and meet organizational goals. One of the first things businesses should
do, even before defining a clear digital strategy, is to understand how technology
impacts operations. Then, they can use this information to examine their existing
environment to identify gaps that digital transformation processes can improve. By
doing this, organizations can decide what they want to accomplish from a digital
transformation strategy and create a path to achieve those goals.
Konica Minolta has identified five ways technology impacts management
practices and employees. These are:
1. Drives better decision-making
Making decisions is one of the most important components of a manager’s
role. Decision-making helps organisations step ahead of their competitors and helps to
redefine visions and achieve goals. To stay competitive, modern businesses are
implementing new technologies to improve the speed and quality of data collection to
help management teams make decisions faster and more efficiently. What’s more,
technology can help people across teams to collaborate and execute well-informed
joint business decisions.
2. Automates repetitive processes
Time-consuming tasks that were previously done by employees can now be
automated with the use of technology. By automating repetitive tasks, employees are
free to complete more valuable tasks, which not only eliminates inefficiencies, but
also saves money by reducing manual handling and consumables like electricity and
paper. For example, through automation, Konica Minolta was able to help The Smith
Family manage its influx of paperwork and digitise student profiles, which can be
saved into Microsoft SharePoint for easy access.2 In addition, automating tasks
provides management with greater insights from data and processes, giving
businesses the oversight that they need to be as efficient as possible. Solutions such as
business process automation (BPA) can help organisations streamline processes such
as employee onboarding, accounts payable, and contract management.
3. Increases collaboration
Technology has completely changed the way modern businesses communicate
and collaborate. Not too long ago, the formal conference room was the best way to
bring employees together to discuss business matters. However, remote and hybrid
workforces have completely changed the way companies collaborate. It’s now
possible for management and employees to collaborate even when they’re not in the
same room. Now, workplaces can hold meetings remotely with video-conferencing
technology and work on shared documents with cloud-based file-sharing tools that
sync in real time to keep track of changes. For example, real-time collaborative
software such as Microsoft Teams and Slack streamlines business tools into one
centralized place, letting businesses connect and achieve more together.
4. Intelligently stores, organizes, and manages content
For many years, businesses battled with disorganized documents, with
employees spending extended time tracking their whereabouts and wasting company
resources. Now, technology has helped businesses effectively manage, retrieve, and
organize documents, not only increasing productivity, but also reducing storage and
operational costs. Enterprise content management (ECM) is a system designed to
manage the complete life cycle of information, streamline business processes, and
make day-to-day operations more efficient.
With an ECM platform, Konica Minolta helped Drakes Supermarkets
automate its invoice processes so that all invoices are scanned for each store into a
watched folder on the company network. By managing business processes from
beginning to end, Drakes has fewer payment errors and experiences significant cost
and time savings.
5. Improves efficiency of employees
Recurring and monotonous tasks performed manually by employees can
increase the chance of human error, lower employee morale, and reduce workplace
productivity. Having the right technology in the workplace can increase employee
engagement and, as a result, achieve business goals and help drive the organization
forward. Konica Minolta provided Byford Secondary College with a fleet of
multifunction devices (MFDs) and managed print services to minimize costs and
complexity. By improving fleet management, administrative staff no longer had to
spend time ordering consumables and track printing and could focus their efforts
elsewhere.
Strategy, not technology, drives digital transformation and maturity. A good
digital strategy starts with identifying the gaps that exist within the organisation.
Then, businesses should explore technologies available and map out a manageable
path for transformation.
 According to Konica Minolta, we help businesses tackle specific challenges
by providing a custom-designed plan for a seamless digital transformation. Some of
the solutions we offer, including ECM and BPA, can help businesses systematically
govern the flow of information across their organization and accelerate how work gets
done with technology to automate repeatable, day-to-day tasks.
As a technology innovator, Konica Minolta can deliver inspiring solutions to
transform your business environment now and in the future. To measure and upgrade
your business’s digital capacity, take our free digital readiness assessment today.
According to Mateusz Brodowicz, the modern industrial sector has benefited
from technological advancements in a number of ways. Many commentators argue,
however, that the impact of these advancements has not been as widely felt as their
potential might allow. The adoption of new technologies has been steady but not
rapid, while growth in productivity has often been achieved at a high social cost,
including high levels of unemployment and gross income inequality. This book will
critically examine this process of technological change and focus on those structural
changes that would mitigate the obstacles to the wider diffusion of the benefits of
technological change. Indeed, some industrial sectors have shown degrees of
declining employment in manufacturing and weaker growth in productivity, with low
rates of return to capital and thus a lower advantage to the diffusion of the resulting
profits over other sectors and countries. The services sector has, meanwhile, benefited
from these changes. However, the development of 'post-industrial' ministries has been
slower than initially anticipated in the 1970s, and many high-wage and high-skill jobs
continue to be provided by the industrial sector. Given the potential profits to be
appropriated by those companies that succeed in the most promising sectors, it is
imperative that all national political economies adopt the most up-to-date
technological advancements. Similarly, it is of no less urgency that all citizens have
the chance to learn the most productive skills with which to obtain such jobs. The
government should thus work to foster the production of industrial products, assist in
the move up the quality ladder, and reinforce the subsequent export prospects by
widening technical and educational skills throughout the workforce and individuals.
The fields of industry and technology have been integrally connected
throughout human history. Models forerunners of the factory can be traced back to the
ancient Greeks, but it was during the Industrial Revolution that the adoption of
factories reached a critical mass, liberating many from the yoke of pre-industrial
drudgery and vastly broadening the scope of productivity at the same time. In turn, the
Industrial Revolution was built on technological advancements in all areas of
economic activity. Although this historical overview is by no means neat and was not
a smooth, gradual progression everywhere, technological advancements throughout
human history have tended to enable greater productivity. Increased productivity has
the ability to decrease poverty in many areas and at the same time, make certain
populations better off, bringing wider economic plenty, even as it made some
previous lines of work less important and consequently caused some level of transient
pain. With the notable exception of the adoption of agriculture around 10,000 years
ago, human society as a whole has nonetheless always benefited from the use of
technology in economic activities.
In this section, we describe some technologies that are expected to deeply
transform current production systems, reviewing relevant works in this respect
pertaining to studies conducted at different geographic and economic scales. Our aim
is to consider the pertinence of these technologies for industrial activities in order to
examine whether their introduction in manufacturing and logistics processes may
cause a radical transformation of the sector, having an impact on the dynamics of
spatial agglomeration on the urban system through the development of radically new
socio-economic models. A vast number of valuable works have studied some of these
technologies; an early survey was presented in 2013 by Heilala, Calmels, and
Herrmann. In this survey, beside an examination from the sociological and economic
perspectives, the authors proposed to distinguish between enabling technologies and
technology boosters. The former are the changes used in communications, energy
production, and energy storage that enable the widespread adoption of a set of
innovative technologies that may increase long-term expectations in terms of
productivity (e.g. in the fields of health, environment, leisure activities) if compared
with the present ability of firms to organize and manage production processes in a
flexible way. Technology boosters are discrete technologies, including industrial
technologies allowing faster development of production activities, and consumer
technologies aimed at satisfying the immediate needs of citizens.
Technological advancement in Industrial Sector have benefits. It reduced cost
and time the arrival of technological advancements in the industrial sector can lead to
the development of more sophisticated units through excellent support from
technology. It is possible to develop futuristic and advanced units when technology's
advanced support is taken into account within the industrial sector. When there is a
reduction in the number of people working in a given sector, reduced costs and time
can be automatically obtained. Human workers depend on several popular problems,
such as rest and need cash for their family earning methods. When automation takes
place, the number of operating costs and the amount of work will then decrease.
When the particular organization or work is expected to be carried out, the personnel
will not be allowed. This can be achieved through robotic operations such as haulage,
mining and removing versatile programs. This saves the costs and time required to
accomplish these activities through automated machinery or automated types. Helpful
in keeping the economy growing With technology in various production activities, the
substantive economic progress can also be seen. The productivity will gradually raise
the actual economic system if the load of employment raises. The industrial sector
within the actual financial system is therefore always growing with a significant
portion of the overall GDP within the economic situation. The region should be in a
comfortable economic position in order to get a better benefit. This may make an
integral contribution to the positive contributions of the given professional sector,
producing outputs and services that people need in everyday life. The technology
emphasizes both variations and the dictionary. No one else should depend on the
lower-paying jobs, as long as the technical progression is made. Finest technologies
can offer individuals with higher-paying economic prospects at a detailed glance.
[1] https://www.industry.gov.au/data-and-publications/australias-artificial-
intelligence-action-plan/focus-1-developing-and-adopting-ai-to-transform-australian-
businesses

[2] https://www.konicaminolta.com.au/news/case-studies/customer-success-story-the-
smith-family

[3] https://www.konicaminolta.com.au/news/case-studies/drakes-supermarkets

[4] https://www.konicaminolta.com.au/news/case-studies/byford-secondary-college