Business Has Always Sought To Operate In The Most Efficient
Business Has Always Sought To Operate In The Most Efficient Way Possib
Business has always sought to operate in the most efficient way possible. Today technology is one of the most important factors in improving business efficiency. A way of measuring the impact of technology on efficiency is to look at labor productivity. Productivity is measured in terms of the cost of labor and the output of the business. It is easiest to measure in manufacturing companies, but it is also used to assess the results of service businesses.
Go online and research the impact of technology on productivity in the United States over the past ten years. Then, go to the Discussion Forum and engage in a dialogue with your classmates regarding the impact of technology on productivity. Be prepared to document your ideas with the results of your research. Please answer in 200 words or more . Use your own words - please do not copy and paste from a web site. Be sure, as usual, to reference your sources.
Paper For Above instruction
Over the past decade, technological advancements have significantly transformed productivity in the United States across various sectors. Automation and digital tools have streamlined manufacturing processes, reducing labor costs and increasing output. For example, robotics in factories have enhanced precision and speed, leading to higher production volumes with less human intervention (Brynjolfsson & McAfee, 2014). In the service sector, digital platforms, cloud computing, and artificial intelligence have improved efficiency by enabling faster data processing and customer service automation (Manyika et al., 2017).
Moreover, technologies such as big data analytics have enabled companies to optimize supply chains and better forecast demand, reducing waste and increasing overall efficiency. The proliferation of remote work tools also contributed to maintaining productivity during events like the COVID-19 pandemic, proving that technology can sustain and even boost output in challenging circumstances (Choudhury et al., 2021). However, despite these gains, challenges such as cybersecurity threats and digital divide issues persist. Overall, the last decade demonstrates that technological innovation is central to enhancing labor productivity, leading to economic growth and competitiveness.
References
Brynjolfsson, E., & McAfee, A. (2014). The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies. W. W. Norton & Company.
Manyika, J., Chui, M., Miremadi, M., Bughin, J., George, K., Willmott, P., & Dewhurst, M. (2017). A Future That Works: Automation, Employment, and Productivity. McKinsey Global Institute.
Choudhury, P., Foroughi, C., & Larson, B. (2021). Work-from-anywhere: The productivity effects of geographic flexibility. Strategic Management Journal, 42(4), 655-683.
Autor, D. H. (2015). Why are there still so many jobs? The history and future of workplace automation. Journal of Economic Perspectives, 29(3), 3-30.
Aral, S., Brynjolfsson, E., & Wu, D. (2012). Large Market Size and Speed of Diffusion Drive the Productivity Benefits of Business Analytics. Management Science, 58(5), 817-831.
OECD. (2019). The Innovation System and Productivity Growth. OECD Science, Technology and Industry Policy Papers.
Acemoglu, D., & Restrepo, P. (2018). The Race Between Man and Machine: Implications for Employment and Earnings. NBER Working Paper No. 24196.
Frey, C. B., & Osborne, M. A. (2017). The Future of Employment: How Susceptible Are Jobs to Computerisation? Technological Forecasting and Social Change, 114, 254-280.
Bloom, N., & Van Reenen, J. (2010). Why Do Management Practices Differ across Firms and Countries? Journal of Economic Perspectives, 24(1), 203-224.
OECD. (2018). Digital disruption and the future of work. OECD Digital Economy Outlook 2019.