External Influences - Technological

Technology is all use of material / digital tools to increase productivity, quality and usability of goods and services. Technological change is a constant threat to existing business models. The rate of change and advancement is increasing. 

A business that has the most efficient operations (best breakthrough technology) is able to have the lowest prices to capture higher market share.

Robotic technology is utilised in mass production facilities; office technologies / software bots are reducing the requirements of large back-office functions. 

Typically, new technology replaces human labour (more efficient, better quality), resulting in job losses.

Businesses that design / utilise new technologies have an edge (resulting in increased revenue / lower costs / higher profitability).