Question

When Zaprogs, a start-up, used the e-wallet system to develop an application for easy cashless transactions, a majority of people completely switched to online banking. As a result, a number of organizations that relied on hard cash transactions began to lose their business. In the context of the general environment, this scenario best illustrates the effect of the _____ on organizations.

Answer 1

Answer: Technological components

Explanation: Technological components are interconnected systems that transport, transform, or control resources for specific purposes. Technology has become a massive part of all businesses today. Technological advances affect the efficiency, effectiveness, culture and relationships of busineses. And this is quickly growing to new heights presently and for future generations to come. As businesses adopt more and more technological components, they are not only improving upon their operations, but they also put pressure on their competitors to do the same, all the while attracting more customers who are also like - minded. This is evident in the scenario listed, as multiple organizations began losing business as Zaprogs found an improved and more convenient way for customers to engage with them.