Technology is applicable not necessarily to IT but also to various machineries in a factory or industry which will speed up production, reduce manpower and increase profitability.

The role of technology especially information technology has touched many aspects of our life and the professional arena is not an exception. In fact most of the technological changes have been introduced in the professional sphere. Today engineers and innovators are coming forward with latest software and machines to make the organizational development faster and accurate. Companies and organizations are willingly spending money and accepting latest technology in all sphere of business management for smooth running of an organization. Almost many of the organizations are acquiring and absorbing technology for the effective and flawless day to day activity despite its size and nature of the job. The prolonged use of latest technology help organization’s in simplifying the routine task.

The role of IT in managing business affairs has expanded a lot in the past few years. It has been crucial in automating processes by managing and using information with the help of computer technology. IT plays an essential role in accumulating, preserving and distribution of organizational information. Automation of information makes it easy to access and modify the data as and when required.

With the information technology tools like web mail, web conferencing and internet it is easy to break the wall of time and distance. Such innovation is transforming organizational environment and the organizational development as well.

The impact of IT on business and organization development is deep rooted; it is a need of time to go hand in hand with technology. Those who fail to absorb and acquire technology with the passage of time often close their door of success.

There are various factors that support the absorption and acquisition of technology in an organization and globalization, convenience and cost-effectiveness are major factors that support technology in organization management.

The usage of computer and internet has become an integral part of large number of organizations. Many organizations hire IT professionals to manage the technicality of the IT department and train the people in managing IT technicalities and educate how to use softwares for the proper running of the business.

Technology acquisition is a process of acquiring latest technology,, products, services by the effort of an individual or an organization. Organization could choose external technology acquisition or it could be an internal technology acquisition initiated and controlled by the organization itself for the betterment of the organization.

Technology acquisition is done in various ways and most popular methods are:

  • Outsourcing
  • Collaboration
  • Strategic alliance
  • Enterprise acquisition

The world of technology is moving fast and everyday a new technology is discovered by innovators to make human life easier. Many organizations prefer to go hand in hand with latest update and they choose to integrate the latest technological development in the organization or the benefit of the organization. The process of absorption signifies organization’s willingness to accept the development that is new to the organization but not to the world.

It is true that most of the technological innovation is designed and developed by information technology. The internet is working as a bridge to connect the world. IT world is playing a crucial role in the growth of the organization and many organizations expanding their business with the help of IT. Hire a good IT consultant or IT service provider and achieve organizational goals and automate processes by following the principles of usability, efficiency, customer related and a clear communication.

The process of technology acquisition is not an easy task and it is a complicated, time consuming task which requires in-depth strategic planning for the successful acquisition of the technology. An unorganized attempt to embrace the technology may cause loss to the fortune of the company.

To grow more one has to learn more and the skill to adapt new technology for the betterment of the organization and business is the need of the time. A good manager knows how to get maximum benefit from the latest development and how to utilize available resources for the growth of the organization. It is also the responsibility of a manager to recommend latest technology to the management in his or her functional area and take the approval for implementation. Introducing right technology increases the productivity and consequently profitability of the company.