You should spend about 40 minutes on this task.
Many big companies in the world are undergoing processes of modernization.
What are the benefits and consequences of this modernization?
Give reasons for your answer and include any relevant examples from your own knowledge or experience.
Write at least 250 words.
Modernization is now one of the prime objectives of almost every giant company these days. As a coin has two sides, this trend also has visible advantages and disadvantages, which are discussed in the ensuing paragraphs.
The prime advantage of this is that it enables a company to face competition more effectively. To be precise, a constantly updated company can withstand the challenges posed by their competitors by making use of the most modern advancements in technology. The second benefit is the improvement of the efficiency. The performance of many companies which adopted newer stages is seen far better when compared to those which hesitated to do so. Lastly, this will enhance the outlook of the company and this enhances the company’s goodwill.
On the flip side, a company might have to face some risks when they adopt these changes. Though newer changes appear good for many business giants, at times, they may fail. This may push the company far back than its competitors. The second major issue is the time taken to adapt to the changes. Reforms are usually seen with an eye of suspicion by most employees, and the delay in their part to adjust with these would prove such reforms less-effective. The final point is the financial liability. A considerable proportion of money is needed for implementing a change, and this happens right from its planning to its execution.
To conclude, it has become a fact that modernization is one of the crucial factors in a company’s success story. However, it is not free from criticism.
Word count: 259