THE IMPACT OF DIGITAL TECHNOLOGY ON BUSINESS ACTIVITY

Document Type:Research Paper

Subject Area:Technology

Document 1

Statement of problem 3 1. Purpose of the research 4 1. Significance of the research 5 Theoretical perspective 6 1. Overall impact 6 1. Economic significance 7 1. In other words, businesses are making an effort to find easy ways in which they can execute their actual business activities within the shortest time possible in the most accurate manner ("Impact of Nationalisation on CSR Policy in Citadele Bank and CR Study of the Latvian Retail Banking Sector" 668). With this in mind, it would be easy to ensure efficiency and productivity, supporting the main intention of a business, which is gaining profits on a daily basis, exhibiting growth, and achieving the desired long term vision. The concept of incorporating digital technology has often provoked different debates. First, a good section of scholars have argued that it is a risk to human workforce which in most cases is replaced by machinery intervention for the purpose of ensuring accuracy and increasing efficiency.

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However, it is clear that the advantage of using different forms of digital technology in running business completely out way the concern of human workforce ("Impact of Nationalisation on CSR Policy in Citadele Bank and CR Study of the Latvian Retail Banking Sector" 245). The bank has a business network system that is actively engaged in activities of providing both wholesale and retail lending business services to the Farm Credit System (FCS) Associations that has its headquarters in the United States (Abuselidze 765). The bank offers a variety of services and products under four categories identified as; • Information services (IS) • Credit • Treasury and Financial Reporting • Farm Credit Foundations AgriBank has specialized in providing wholesale funding and other related services to their affiliated firms and associations.

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Other services that are offered under the function system of the bank includes providing credit facilities to rural water, telephone, and electric systems. A breakdown of all the functions and roles that are offered by the organization shows that there is an influence not only at the local level but on an international scale. The intensity of such activities that mainly involve funding a variety of projects within the locality of Vietnam and offering extensive services beyond the boarders shows that a series of stakeholders are engaged in the business. Institutions that control the spending and finances of individuals play a big role in shaping other businesses within the same economy. For instance, as a credit organization that offers a wide range of credit products to people, many other businesses are able to come up.

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People can access lending from AgriBank to startup businesses or invest in other sectors. Therefore, the choice of the case study would offer a wider coverage on the influence of various forms of digital technology. It would also offer a recap on what the future holds for businesses and human workforce when it comes to digital technology in the banking sector and other financial entities. The second concept is that if digital technology. Technological development is part of life and keeps changing and taking different dynamics in a rapid manner. It is important to reflect upon such changes as a society to determine how they affect life. Even though digital technology may come with greater benefits that are set to improve life in different spheres and make it manageable, it is important to reflect upon the challenges or risks that come along.

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The study then forms basis through which we can define all this components and determine threshold limits that must be held as we apply the concept of digital technology in business. In this case, reflecting upon digital technology in the finance sector would have a big social impact. People need to interact with reliable business entities that are able to deliver quick and effective services. For instance, most customers would be turned away with an organization that has laxity when it comes to customer service. The use of digital technology in business has been highlighted and among the factors mentioned, is enhancing communication between the individual players of the business. For management of a wholesale and retail lending institution, there must be effective flow of activities and communication from the customers and the business.

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Therefore, it can be inferenced that the use of digital technology in business will increase the income revenue generated and for that case stabilize a company. With a stable income net, a company can be able to engage in CSR, which in turn improves the social relationship with the people who live around the neighboring communities. Political effect The political state of a country is very critical when it comes to conducting business. It affects both local and international markets in situations where there is no political stability. For instance, for Vietnam to attract external investors, who in this case are among the customers of AgriBank through lending, there must be a sense of stability when in the politics of the country (Lo 860).

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Therefore, there is need to the Banking and Financial service organizations to gain a competitive base and for that reason; they are working on a daily basis to build on their Digital Banking Technology capabilities and other related digital technologies as a way of restructuring their business models. Such forms of development will ensure rich customer experience. Technological Analysis 1. Social media in AgriBank: Social media is a great concept that is being employed by most business facilities. In this case, AgriBank has widely adopted social media as one of the most influential tools of their operations. The company has a huge following of customers that are always online to seek updates and any new products that are in the market. For that case, the twitter handle of AgriBank is very aggressive when it comes to reaching out to their customers and maintaining a constant relationship.

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The social media platform is also used as a way of addressing the various issues or concerns clients may have about specific services or products that are being offered. LinkedIn is another form of social media that is used to connect with professionals in different fields. Through this medium, AgriBank is able to connect with professionals at both local and international levels. Therefore, one cannot assume the importance and function of such systems in promoting efficiency and productivity in the workplace. AgriBank makes use of surveillance system cameras that are installed for the sole purpose of overseeing activities that take place in the targeted regions of the company. The cameras are connected to an IP network system that offers the ability to watch by a security guard and other law enforcement agencies that work with the bank (Skilton 136).

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The specific camera video systems that are used have the ability of being retained for a period of 180 days. From this, the bank is able to provide evidence of any situations that may need to be addressed. AgriBank makes use of the internet as a form of technology to offer their customers online banking facility. With personal banking system or corporate and business, one can create secure long in portal that gives them an interface system with a variety of options. From this interface, customers have a variety of options that they can perform without having to visit the bank physically (Toor, et al. First, a customer has the ability of making transfer to other banks of the same company or other external branches based on a variety of charges.

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They can also withdraw the amount into their mobile money system and make use of it. In this case, they rely on different forms of technology to aid their communication and activities and keep each other updated on all the functions and activities that take place (Veit and Huntgeburth 226). This allows proper coordination and uniformity in everything that is undertaken in the organization. Cisco networking This is an IP based communication system that has been configured with the ability of integrating voice, data video, application systems, and mobility of products. With this system, AgriBank enables a more secure and effective communication that can easily transform based on the way people communicate through the system. The cisco networking system is very critical in AgriBank as it connects them to all their employers, employees, stakeholders, shareholders, and suppliers of all the necessary materials that are needed to run the daily tasks of the business.

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 5, no.  5, 2017, doi:10. abr. Bornemann, K. and F.  Recovering Financial Systems, 2006, pp.  208-225, doi:10. Lo, C. The Effectiveness and Impact of Intellectual Property Rights: The Case of Digital Content Industry of Taiwan.  Cultural Tourism in a Digital Era, 2015, pp. The History and Business of Digital Advertising.  Digital Advertising, 2017, pp.  11-25, doi:10. Nguyen, N. Restructuring an Emerging Market Banking Sector: The Case of Vietnam. Rus, S. The Behavior of Customers Regarding E-banking and Its Impact on Banking Sector.  2017, doi:10. epsbs. Skilton, M. et al. The Impact of E-Banking on Customer Satisfaction: Evidence from Banking Sector of Pakistan.  Journal of Business Administration Research, vol.  5, no.  2, 2016, doi:10. and S. Turnell. Cost Efficiency of the Banking Sector in Vietnam: A Bayesian Stochastic Frontier Approach with Regularity Constraints.

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 Asian Economic Journal, vol.  24, no.

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