Moonlightballroom

Technology can affect any industry or business. The internet is a prime example of how business models get transformed. This can be seen in the newspaper industry which is resulting in a migration to electronic delivery. Changing consumer preferences and tastes is also one of the primary drivers of organizational change. Companies are forced to keep pace with the changes in customer demands or risk being outsmarted by superior competitors. For this reason it is important for companies to engage in research and development to ensure that they remain aware of emerging trends and do not fall behind industry developments.