Contemporary Management Practice (with IT focus) - Assignment 2 Essay

Contemporary Management Practice (with IT focus) - Assignment 2 - Essay Example advantage over others by gaining markets and customers, organisational managers must now deeply study complex scenarios and technology as well as technology change to allocate organisational resources in a strategic manner. This essay presents a discussion about the impact of technology on the way in which organisations are now managed. I certify that, except where cited in the text, this work is the result of research carried out by the author of this study. The main content of the study which has been presented contains work that has not previously been reported anywhere. Within the recent past, the practice of management has undergone a change which was brought about as a result of intense competition, globalisation and developments in technology including information technology, e-commerce and the Internet etc (Tassabehji, 2007, Pp. 15). Computing power that was made available as a result of advances in technology on a broad front made it possible for managers to use tools of corporate finance and capital market analysis as well as management information systems and decision support systems to assist them to make better and more informed decisions (Kochan, 2003, Chapter 1). Computer modelling based on operations research and statistics became an important tool for the modelling of complex situations to provide a feel for the human decision makers. Database technology enabled organisations to maintain, process and to rapidly access huge quantities of data that was of interest to organisations. It is now necessary to manage technology and the process of technology innovation, with work taking on a new meaning and management-employee relations being guided on the basis of principles of economics and behavioural science. Knowledge management is now important and the rapidly escalating prices of energy and food pose new challenges for business. Technology is now said to be moving towards a convergence of information science, life science and nanotechnology.