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Impact of Digital Technologies - Coggle Diagram
Impact of Digital Technologies
Explain the term Digital Technologies-
Technologies that use digital data (binary code: 0s and 1s)
Enable the creation, storage, processing, and sharing of information electronically
Commonly rely on computers, the internet, and software systems
Identify a range of digital technologies used by enterprises-
Hardware: computers, tablets, smartphones, servers
Software: accounting packages, payroll systems, CRM systems
Internet & Networks: websites, email, cloud computing
E-commerce platforms: online shops, payment systems
Digital communication tools: video conferencing, messaging apps
Data technologies: data analytics, AI, automation
Marketing technologies: social media, digital advertising, SEO tools
Describe the benefits to an enterprise of using digital technologies-
Increased efficiency and productivity
Faster communication and decision-making
Improved record keeping and data management
Cost savings in the long term
Enhanced customer service and engagement
Ability to operate remotely or flexibly
Outline the possible costs to enterprises of using digital technologies-
Initial setup and installation costs
Ongoing maintenance and upgrade expenses
Training staff to use new systems
Cybersecurity and data protection costs
Risk of system failures or technical issues
Explain the opportunities for enterprises to use digital technologies-
Access to global markets through online trading
Business growth and scalability
Innovation in products and services
Data-driven decision making
Competitive advantage over less digital competitors
New business models (e.g. subscription services, online platforms)
Appreciate the impact of digital technology on consumers-
Greater choice and convenience
24/7 access to goods and services
Faster communication with businesses
Personalised marketing and recommendations
Increased price transparency and comparison
Concerns around privacy, data security, and digital overload