Technology's Impact on Business
As society emerges into a period of scientific acceleration, the business world prevails. The definition of business has evolved from strictly physical commerce to an ambiguous construct. Many companies have taken advantage of this opportunity, especially those coming out of the scientific sector. In a dynamic world of unknown challenges and heightened curiosity, companies like Surfacide are on the frontlines of Corporate America’s newest endeavors.
Since 2010, Surfacide has put safety at its forefront in order to conquer a recently revitalized priority: sanitation. Different from their competitors, they offer a three-towered robotic system trademarked as the Helios System. Their innovation is proven and trusted by over 350 hospitals across the country (Surfacide, n.d.). Hospitals and other businesses can be assured of the best quality through evidence-based UV-C decontamination that has proven effective against a multitude of organisms such as C.diff, MRSA, VRE, CRE, and Acinetobacter (Surfacide, n.d.). The Helios System delivers this success by reducing shadows, for a more effective decontamination, providing greater coverage, and decreasing time and labor (Surfacide, n.d.). Since the pandemic began, they have expanded their business beyond the healthcare division and into more public affairs such as hotels and collegiate sporting facilities. This expansion is opening new doors for their business (Surfacide and Riccioli, n.d.). With the confidence that the Helios System can conquer and decontaminate the coronavirus, industries across the nation are interested and the team at Surfacide is ready to capitalize on that.
The pursuit of knowledge has negated the boundaries of Corporate America. As we have seen, innovation has a key effect on the success and competitive advantage of a company. The combination of science and business tools can advance both sectors through mutualism. Business itself is a science, so pairing it with a scientific product or solution can promise its own favorable results as well. For example, if a pharmaceutical company discovers a new medication, they can exploit their findings through a marketing team. Once Surfacide developed their technology, they constructed their business around that and have been able to gain profitability from it. Other companies like Surfacide are taking advantage of the heavy necessity of science in our current economy. Another example of this would be virtual assistance. In 2011, Apple, Inc. introduced Siri, which led them to stand out from their competitors and pave another path toward autonomy (Young and Sauter, 2020).
This dynamic duo of science and business is no surprise. As companies invest in innovation and technology, science has been utilized to enhance business for over a century. From a broader perspective, science has influenced business beyond just product creation. Dating back to the creation of the assembly line in factories, science has complemented business measures. Though technology has advanced since the early twentieth century to look much different than the technology of today, science is constantly altering the way corporations go about their business. For example, Zoom and other video chatting technologies have enhanced the way businesses have communicated within the past year and have revised a new strategy for future business communications. In addition, behavioral sciences have been implemented within companies for decades, enabling more effective and efficient business procedures. An example of this would be Maslow’s Hierarchy of Needs that is utilized to understand human relations within the workplace. With science, business has become more inclusive and effective.
Business barriers to entry have lowered to external parties and technology can be thanked for that. The door has been swung open, especially to science, for those interested in marketing their inventions and solutions. However, this easy access could also have a negative effect on companies. As the “golden age for startups” has arrived, it is more difficult for companies to survive. It is predicted that the average life of a S&P 500 company will fall all the way down to 12 years by 2027 (Baxter, 2020). This is in comparison to the previous 24 years that was projected in 2016 (Baxter, 2020). This fleeting timeline can be owed to the “rapid innovation” encrypted in new business culture.
Two theories have been explored to explain this. The first is that of Joseph Schumpeter who says that initially “monopolies emerge, seemingly invincible, customers remain loyal” but then, with barriers to exit being low for the consumer, the company must keep up with an ever changing business model and when they didn’t, “the businesses failed” (Baxter, 2020). Similarly, Clayton Christensen’s theory of the innovators' dilemma states that “dominant firms can lose their position of power because they failed to spot the change” (Baxter, 2020). This change can look differently depending on the issue. Sometimes new technology emerges, leaving the current out of date, or out of fashion (Baxter, 2020). Ultimately, the demise of these startup firms can be owed to the lack of new ideas materializing.
As we look forward, the business field is becoming increasingly competitive and it will take next-level technology for firms to remain at the top. Companies such as Surfacide demonstrate the expansion that the business field has had in recent years and hopefully what is to come for future innovators.
Works Cited
Baxter, M. (2020, July 21). Technology is lowering barriers to entry, but increasing barriers to exit. Retrieved February 26, 2021, from https://www.information-age.com/golden-age-of-startups-technology-lowering-barriers-to-entry-increasing-barriers-to-exit-123483996/
“Helios.” Surfacide, www.surfacide.com/helios.
Surfacide, and Jim Riccioli. “This Pewaukee Business Makes UV-Light Robots That Rid Surfaces of Coronavirus Matter.” Surfacide, Milwaukee Journal Sentinel, 11 Feb. 2021, www.surfacide.com/news/this-pewaukee-business-makes-uv-light-robots-that-rid-surfaces-of-coronavirus-matter.
Young, Angelo, and Michael B. Sauter. “3D Printing, E-Cigarettes among the Most Important Inventions of the 21st Century.” USA Today, Gannett Satellite Information Network, 9 Jan. 2020, www.usatoday.com/story/money/2020/01/09/21-most-important-inventions-of-the-21st-century/40934825/.
