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Role of Technology in Management Functions
Role of Technology in Management Functions
ISSN No:-2456-2165
Abstract:- This research paper attempts to review the leaders in retail sector. Can we question here that ‘Was
incorporation of technology in the process of there lack of Management at Wal-Mart?’. Obviously, the
management and its impact on different functions of answer will be ‘No’ .But one can suspect the lack of
management. The success of business is directly related technology to achieve the positive impact of the
not only to the management but the management management process used by Wal-Mart. This clarifies the
integrated with technology. Although for the perfect importance of integrating Technology into Managerial
technological advancement, its management is utmost functions and procedures.
necessary, other way round as per the title is required
.In other words although Management in Technology II. FUNCTIONS OF MANAGEMENT
plays a vital role, Technology in Management is not
something to be overlooked. The latter is going to create A. Marketing Management
a strong positive impact on the result of management Everything you would like to understand about
procedures. marketing management. Marketing Management performs
all managerial functions within the field of selling
Keywords:- Management; Technology; Impact; .Marketing Management identifies market opportunities and
Advancement. comes out with appropriate strategies for exploring those
opportunities profitably.It has to implement marketing
I. INTRODUCTION programme and evaluate continuously the effectiveness of
marketing-mix. it's to get rid of the deficiencies observed
In today’s dynamically changing era and as such the within the actual execution of selling plans, policies, and
rapidly going industrial or corporate sector, some positive procedures. it's after the marketing system of the enterprise.
change is the continuous need of the hour. And of course,
this change relies on the hiring of better management B. Financial Management
practices. Traditional management practices includes Financial management refers to planning, organizing,
Marketing, Human Resource, Financial Management, directing and controlling financial activities, such as the
Operations Management in a more traditional way. The purchase and use of corporate funds. This means applying
emerging trends in management are coming up with the general management principles to corporate financial
newly known Technology Management. Obviously, there is resources. Financial management usually involves the
a great need of technology, however for proper utility and procurement, allocation and control of related financial
applicability there should be management acting as a resources.
precursor before the technological advancement.
Functions of Financial Management:
On the other hand there lies a scope for carrying out
the management procedure with the help of technological Proposed Capital Requirements:
integration. The resulting changes thereby will show the The finance manager must estimate the company’s
effectiveness of the management procedure or in other capital requirements. This will depend on the expected
words there will be improved management results. Of costs and profits as well as the future plans and policies
course, there has been a history when the technology was concerned. It must be estimated in an appropriate manner to
used for proper managerial functions. However, there has to increase the profitability of the enterprise.
be plans, systems , procedures for continuous
implementation of technological based management Capital Mix Calculation:
decisions. Once an estimate is made, the capital structure must
be determined. This involves short-term and long-term debt
One reason for the failure of most of the corporate equity analysis. This will depend on the proportion of the
giants could be the failure to touch the other side of the company's share capital and the additional funds that must
management functions. The other side necessarily means be raised from outside parties
shortfall of technology into the decision making process.
The traditional ways of carrying out the functions could Funds allocation:
assist in sustaining the organization. However, today’s era The finance manager must decide to allocate the funds
requires competiveness for the sustainability. By the way of to profitable companies to ensure the safety of the
such kind of integration, there can be one way to be investment and the possibility of regular returns.
competitive advantageous. Wall Mart was one of the