Monthly Archives: October 2017

Importance of Technology in the Business Field

Technology is generally defined as the practical application of scientific knowledge in the commercial and industrial field. Have you ever tried to imagine how the business world would function without technology? Everybody will agree that technology is indeed essential for all businesses whether they are small or large. Businesses depend on technology in many ways ranging from research, development, production and even in delivery. Small businesses use computers for their Point of Sales systems and information management systems that contain information on the employee, clients and their accounting. Therefore, technology and business cannot be separated since business needs technology to thrive.

Technology has brought with it several advantages to the business world. It has increased the speeds in which we transact our business operations since with technology manual work is considerably reduced. With the help of the Internet, e-mail interactions have greatly substituted the use of phone calls, memos and faxes. In large scale businesses, Workflows and Automated tasking systems are used to stream line operations adding speeds to interactions and therefore increase productivity.

With phones such as Blackberries and smart phones that enable one to connect and monitor one’s business network, one is no longer required to be at the office at all times. This networking helps one respond quickly to matters that need one’s attention but when he is out of the office.

Technology has enabled people in different geographical locations all over the world to virtually meet, communicate and also seal deals using conference calling, video conferencing and Skype all with the help of the Internet. This way the world is reduced to a global village enhancing variety in business view points, talents and capabilities. This also means that cost in transportation get to be seriously cut down. The Internet has also given businesses the opportunity to enjoy a greater amount of customers since all one needs is a click on the business’s website to purchase an item.

With technology, information is stored with ease eliminating the bulkiness of paperwork. Retrieving this information is easier than if stored on paperwork. It also reduces vulnerability of confidential information by use of security passwords. On security, more advances have been made using the Radio Frequency Identification (RFID) technology where microchips which store information are attached to a product. This technology enables companies to track these products. Other businesses also insert these chips into in humans to enhance security whereby access control readers detect them allowing one entry at the door.

Like everything else in this world,technology is not perfect. Concerns of security have been raised since hacking and other malicious activities are brought to life by technology. Privacy issues arise for those whose bodies have the microchips insertions. All in all, the advantages that technology has brought to the business world outweigh the negative allowing us to reach to the conclusion that technology is indeed important to the world of business.

Negotiating Technology Contracts in Health Care

Technology spending for hardware, software and consulting services accounts for a significant portion of most health care providers budgets today, especially since the Obama Stimulus Plan and HITECH Act are incentivizing providers to implement electronic health records. In a perfect world, technology works perfectly, improves efficiency and the quality of care and makes life easier for the provider. However, the real world is not perfect and things can, and do, go wrong with technology products and services after you purchase and/or license them from third party vendors. Technology contracts generally are written by the vendors and consultants. Unfortunately, many technology contracts fall short of giving providers adequate protection and often contain hidden pitfalls and costs. Despite this fact, many providers never give these contracts to experienced health lawyers to help them negotiate better terms and protections for their high-tech investments BEFORE signing. This is a potentially costly practice. Every health care provider should be concerned with at least the following FOUR KEY ISSUES, which should be addressed in any technology contract:

Warranties and Limitations of Liability: Despite elaborate sales presentations, technology contracts typically disclaim most, if not all, warranties and limit the liability of vendors to only refunding all or part of the purchase or license price paid for the technology. Such refunds are inadequate to protect the average provider when problems arise. A technology vendor should be required to give a written warranty in the contract that its product will perform in accordance with documented standards and for a reasonable period of time. At a minimum, this time period should be long enough for the provider to evaluate the technology in its operations. A better solution is to require a warranty for the useful life of the technology, or as long as there is a support and maintenance service agreement in place. A vendor also should not be allowed contractually to limit its liability on default only to return of the purchase price. If a provider suffers actual damages caused by the technology, the vendor should be required, in writing, to stand behind its product and services and reimburse such damages. A reasonable compromise is to require the vendor at least to tender the limits of its insurance coverage, which creates minimal additional risk to the vendor while better protecting the provider.

Payments & Performance: A provider should not agree to pay the full purchase price up front, as is often a contract requirement, leaving the vendor with little incentive to complete its responsibilities. The parties should mutually agree in advance upon a project timetable with milestone targets for delivery and implementation of the technology. Payments should be made in installments conditioned upon reaching the targets. In addition, providers should build in testing rights, in order to evaluate whether the technology is performing as promised. The provider always should have the final say in whether a test provides a successful outcome and whether the final payment should be made to the vendor.

Support and Maintenance: A technology hardware purchase or software license is only as good as the support and maintenance that goes along with it. The vendor should be willing to provide support for at least a defined useful life of the technology. Several questions should be answered in a written support agreement. Are updates or upgrades provided without additional charge? Will the vendor perform on-site or off-site support and maintenance? Will the provider pay a monthly fee plus an hourly charge or is there only an hourly charge? Does the hourly charge differ depending on when or what level of support is needed? Do the charges increase over the term of the support agreement? What is the vendor agreeing to support? Will changes made to the technology by the provider automatically terminate the warranty or support obligations? Unless the contract is specific regarding essential issues, a provider may find itself paying for less or different support and/or maintenance services than needed or expected.

Confidentiality: Confidentiality of patient health information is a critical issue. Federal HIPAA law has a variety of privacy and security rules providers and their business associates must follow. In addition, some states, including Florida, have enacted legislation that requires entities that conduct business in the state and which maintain computerized data that contains personal information to provide notice to any resident if there is a breach of security. A technology contract should specify if the vendor will have access to any of the confidential patient information. A health care provider must require the vendor and its employees to maintain the confidentiality of such information under federal and many state laws. The technology contract also should expressly protect the confidentiality of provider trade secrets and other proprietary information to which a vendor or consultant may have access.

Although technology contracts may appear intimidating, as they frequently are presented by vendors in small print and columned format, leading providers to believe they are non-negotiable forms, this is not the case in most instances. Investing the time and resources to have a health law attorney experienced in technology contracting review and help to negotiate contracts for hardware purchases, software licenses, maintenance and support, as well as technology consulting services, can save providers significant expense, disappointment and damages should the technology products or services not perform as promised.

 

How Technology Creates Wealth

Markets create energy because they are dynamic. They are constantly evolving in response to changes in the economic, political and technological environments. Understanding what causes a market to evolve helps you predict where opportunities will emerge; how fast they will develop, and when and whether mass adoption will occur. If you can capture this energy, you can use it to drive the sales process.

Dynamic systems create energy. If left unchecked, any systemic change tends to grow. A snowball rolling downhill gets bigger. Growth creates momentum. As the snowball grows bigger, it goes faster. Momentum creates energy. The faster the snowball rolls; the bigger it gets; the harder it hits the tree. Energy drives change. (Source The Fifth Discipline)

You can use the energy sources created by an evolving market to motivate prospects to buy your solution. Persuading people to try out a new technology is an uphill battle. You have to invest a lot of your precious energy – sales resources, capital, technical expertise, etc. – into convincing prospects they can benefit from using your technology to support their business. However, if you understand what is driving market change- an increasingly mobile workforce, higher need for personal security, faster access to global markets – then you use the energy created by the market to motivate prospects to buy. Thus, you need to invest less of your own resources and you can sell more productively and efficiently.

Technology markets create abundance.

There are two laws that explain why technology-enabled markets generate extraordinary amounts of energy.
1. Moore’s Law predicts that technology is going to improve in the future and cost less.
2 Metcalf’s Law states that technologies become more useful as more people use them.

The combination of these two laws creates an economy of abundance that is unique to technology markets. As Moore’s Law predicts an endless supply of ever-increasing resources and Metcalf’s Law promises that innovations will be quickly adopted, the nature of the economy changes.

Gordon Moore, the founder of Intel, said, “Every 18 months processing power doubles while the cost holds constant.” The implications of Moore’s Law are that every 18 months technology is going to cost half as much and be twice as powerful. Moore’s Law has held true for over 30 years. Previous economies were based on the laws of scarcity, where you have a limited amount of resources and value is based on how scarce they are – gold, oil, land, etc. The more you use up the resources the less energy you have.

A technology-based economy is based on the laws of abundance. According to Moore’s law, there will always be cheaper resources tomorrow. This ever-increasing pool of resources enables customers to implement new business strategies. If it isn’t possible today, it will be possible tomorrow. Improved technology is constantly fueling the market, creating energy.

Furthermore, thanks to this simple formula technological obsolescence is only a few months away. Customers can never afford to sit still for fear that a competitor will be able to leapfrog ahead of them if they adopt the next generation of technology faster. This anxiety is another powerful source of energy that you can use to drive your sales.

Metcalf’s Law also has a powerful effect on developing markets. Robert Metcalf, the founder of 3Com, said “New technologies are valuable only if many people use them… the utility of a network equates the square of the number of users. ” This means that the more people use a technology, the more useful it becomes. If there was only one fax machine in the world, it wouldn’t be useful. With two fax machines you can send mail back and forth faster and cheaper than if you send it through the post office. With 2,000,000 fax machines, you never have to wait in line at the post office again.

According to Metcalf a technology’s usefulness equals the number of users squared. If two people use a fax it is four times easier than using the postal system. If 20 people use the fax machine, it is 400 times easier. This creates a geometric increase in the technology’s utility, which is just another way of saying why customers would want to buy it. So if 2 people want to buy a fax machine today; 4 people will want to buy it tomorrow; 16 people will want to buy it the day after tomorrow; 256 people will want to buy it next week, and 2,147,483,648 will want to buy it by the end of the month. That is a lot of potential customers lining up to buy your product, which is what market energy is all about.

Abundance creates demand for your technology. Since technology markets create abundance they are not subject to the constraints of scarcity. They have unlimited growth potential and consequently unlimited potential to create wealth.

Environmental Technology

During this century, technology has its top place since people always try to seek for better technology support for their lives. Technology has been used to make the life of people become simpler and easier. Time, money and efforts have been devoted to invent new and higher level of technology. This technology enables people to do lots of outstanding achievement such as flying to the moon and discovering new star on the sky. However, there are two different opinions about technology. One side says that technology is the best tool to create simpler and easier lives while another side says that technology is harmful for the environment. In fact, those two different opinions are just to be true. Technology can be helpful but harmful at the other side.

As an answer of these two different opinions, there is a huge need of green technology or environmental technology. Green technology here means technology which is able to conserve natural environment and resources. Green technology makes people’s lives simpler and easier without providing harmful effect to the people and their surrounding environment. Green technology helps to reduce the effect of prior technology that has made the environment damaged or destructed. This technology repairs the damaged part of nature. Green technology also helps people to maintain and preserve the environment such as purifying water needed in rural areas. Moreover, green technology is also meaningful to absorb the chemical toxic in the air which results in better air for people.

Knowing the facts that green technology is very helpful for people’s life, individuals and companies have sought many ways to use this technology wisely. The problem about energy which is limited has always become the problem of every person in every year. Therefore, people now think that green technology [http://www.letmegreen.com/category/green-office] will help people reducing the consumption of energy itself so that they can be economical on energy consumption. Most companies seek for this kind of technology in order to minimize the budget spent for technology and also to provide better working environment for the workers. This will help the company a lot to be sustainable in this global financial crisis. That is why the companies and individuals try to find best application that can reduce the energy consumption. The use of green technology is believed as the best and only way to overcome energy crisis lately. It is also provides simpler application. Now, it is your own choice whether you want to take the complex and difficult technology or green technology which is proven to be less energy consumption.