Business Essay Example: Nvidia's Case Study

The business world has experienced changes in the mode of operations rapidly. Specifically, the current trends have seen consumers be attracted to products and services that are produced using the latest technologies (Steenhuis & Joost de Bruijn, 2012). In this regard, continued inventions and innovations, especially in the technology has led to drastic changes in the way that firms are producing their goods and services. As such, the global trend has been towards moving away from paper and labor-oriented production towards paperless systems that prefer automation in an attempt of increasing the efficiency of the production process. Customer satisfaction has been the highest priority of firms globally. As such, competition has also shifted from the traditional capital and size-oriented to the internal competitive advantage-based competition.

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One of the sectors that have gained popularity is the technology sector. The techno sector refers to the industry that deals with business providers that are involved in the research, development, and distribution of technologically based goods and services (Rausser, 2016). As such, the tech market is classified based on the products and services they offer. Businesses in this sector manufacture electronics, create software, as well as dealing with other computers or products and services relating to information technology (Kaliscan, 2015). The technology sector has undergone significant growth over the past decade (Kaliscan, 2015). Currently, the variety of products available for the customers as well as other businesses include personal computers, mobile devices, wearable technology among others.

One of the companies belonging to the techno sector is the Nvidia Corporation. This is an American company whose headquarters is located in California. The company is a case of how markets, especially the techno market has developed. The company began as a provider of graphics to improve the gaming appearances in the 1990s (Nvidia, 2018). However, the company's continued investment in research and design (R&D) has made it to gradually transform into one of the leading players in the four markets: gaming, professional visualization, auto and data centers (Nvidia, 2018).

Technology and techno businesses are essential players in the current economies. Explicitly, the increasing adoption of technology by businesses has enabled firms to lower their overall costs of operations, hence making the techno businesses like Nvidia to be critical in the economy (Nvidia, 2018). The rate of efficiency has tremendously increased in the way companies meet the demands of customers, hence leading to the importance of such organizations. For instance, Nvidia's GPU system has been utilized in the Fujifilm's 3D mammography used in the scanning and handling breast cancer (Nvidia, 2018). In the same way, technology has led to the reduction of workforce required by firms to achieve the highest degrees of efficiency. For instance, a firm will only require few technicians to control a robotic system that operates the whole organization. Besides, the improved technology has enabled organizations to impeccably respond to needs like inventory control and management, thereby ensuring that no business stops due to shortages of the supply required (Kaliscan, 2015).

The advanced technology has further led to the creation of different and various job opportunities in the computer and telecommunication industries (Kaliscan, 2015). An economy's success is also determined by efficient and non-interrupted communication. The technology sector has also led to advancement in the communication systems of a country, hence further driving the economy forward. Besides, the innovations that the technology sector has continually provided has enabled firms in an economy to effectively create their enterprise software, effectively manage logistics systems, protect the database and generally would allow businesses to utilize software for important decision-making processes

From the above discussions, it is essential for businesses to adapt to businesses changes to fulfill customers' demands. Customer satisfaction is a critical aspect of business existence as customers are the primary stakeholders. As such, it is further essential for an economy to be characterized by techno firms as these firms play crucial roles in driving the success of the company.

References

Kaliscan, K.H. (2015). Technology Change and Economic Growth. Procedia - Social and Behavioral Sciences, 195: 649-654.

Nvidia. (2018). About Us: Nvidia's Invention of GPU. Retrieved from https://www.nvidia.com/en-us/about-nvidia/

Nvidia. (2018). Nvidia GPU Powers Groundbreaking Innovation in 3D Mammography from Fujifilm. Retrieved from: https://www.nvidia.com/content/quadro/quadro-case-studies/pdf/6684_Success_story_Fujifilm_Final_hires.pdf

Rausser, G. C. (2016). Structuring public-private research partnerships for success: Empowering university partners. Cheltenham, UK: Edward Elgar Publishing.

Steenhuis, H. & Joost de Bruijn, E. (2012). Technology and economic development: A literature review. International Journal of Innovation and Technology Management. 9. 10.1142/S0219877012500332.