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42 TECHNOLOGY AND BUSINESS RESEARCH

Information gathering, communicating, and decision making go hand in hand.
The information age has allowed managers to collect even voluminous data in a
short time frame and make sound decisions based on their analyses and inter-
pretation. Apart from the obvious examples of companies whose very survival
hinges on research—biotechnology and chemical firms, to cite a few—almost
every organization has to engage in research at some level or the other to stay
competitive. Companies gather data on a continuing basis, both from within and
outside the organization, whether or not they term such activities research. For
example, firms do engage in the first step of the research process when they
gather data from the external environment to assess market trends, competitive
practices, and new products. It is also research when they review the effective-
ness of internal policies and procedures, or assess their own product perfor-
mance. Other internal areas of information gathering that a typical business
resorts to relate to accounting, administration, budget, finance, sales, marketing,
human resources accounting, employee surveys, and the like. Internal and exter-
nal sources of information often overlap, as when external research on customer
preferences, financial markets, and economic indicators determines internal deci-
sions regarding product lines, marketing strategies, and distribution systems.
The methods used to gather, analyze, and synthesize information from the
external and internal environments are becoming more and more sophisticated
owing to the immense scope of technology, which makes possible timely and
efficient research vital to the survival of companies. We will now broadly exam-
ine a few of these.

COMMONLY USED TECHNOLOGIES IN BUSINESS RESEARCH

Digital technology has come in handy for research, especially in collecting, stor-
ing, and analyzing information. These include all electronic interactive media
such as CD-ROM, the DVD, the browser, the Internet and the Intranet, and search
engines. Computerized databases on compact disks are available, especially for
research in the finance area.

The Internet

The Internet, which is a vast global network of computers connecting people
and information, has opened up tremendous possibilities for advancing research
and expanding the realm of business opportunities throughout the world.
Because the Internet connects us worldwide, any needed research data can be
collected from any country through the Internet. For example, customer prefer-
ences for packaging a product can be determined and pricing strategies devel-
oped for each country, if so desired.
If we want industry information or published materials on any topic of inter-
est, the Internet comes in handy. We can easily download secondary data and
print them, for leisurely examination. We can also conduct computer-interactive
surveys very efficiently with large global audiences, where the computer will