THE ROLE OF TECHNOLOGICAL ADVANCEMENTS IN THE BUSINESS ENVIRONMENT
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- NGN 3000
ABSTRACT: THE ROLE OF TECHNOLOGICAL ADVANCEMENTS IN THE BUSINESS ENVIRONMENT
The study focuses on: 1) examining the impact of technological advancements on business efficiency; 2) evaluating the role of technology in competitive advantage; and 3) analyzing the challenges businesses face in adopting new technologies. A survey research design is suitable for capturing a wide range of insights. Using Taro Yamane’s formula, the sample size of 360 respondents, including IT managers and business executives, is determined. Lagos, with its thriving tech ecosystem, is the chosen location. A reliability coefficient score of 0.89 ensures the survey’s accuracy. Findings show that technological advancements significantly improve business efficiency and provide competitive advantages. However, challenges such as high costs and the need for skilled personnel persist. The study recommends that businesses invest in technology and training programs to leverage technological advancements for sustained growth.
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