Page 16 - eBook: EXIM for Beginner
P. 16
a) d) Technological factors
Changes and breakthroughs in technology that
may have an impact on your business are known as
technological factors. Technology is constantly
changing, and these developments can be beneficial
or damaging to your company. These aspects include
market technical awareness, research and
development, and the advent of new technologies.
New technologies have the potential to
significantly reduce inflation and recession. New
machines have the potential to reduce production
costs. Advances in information technology have
enabled companies to plan global supply chains,
allowing them to produce better products at lower
costs and distribute them more efficiently.
