Republic of the Philippines

POLYTECHNIC UNIVERSITY OF THE PHILIPPINES

OFFICE OF THE VICE PRESIDENT FOR BRANCHES AND SATELLITE CAMPUSES
STO. TOMAS BRANCH
OFFICE OF THE ACADEMIC HEAD

“Technological Development: An Innovation”

Lintan, Ranah Pauolynne L., Maghirang, Prencess A., Oruga, Paula Beatrice T., Tatlonghari, Kaycee G.

I. Background

Technological Development relates to really anything in regards to inventions or

innovations (Leslie, 2020). Furthermore, Innovations play a significant role in the
Philippine Business Economy and have always been associated with improved
productivity and competitiveness. The past years have shown how our ways of doing
things have undergone intense transformation, especially as a result of innovations,
particularly technological innovations.

The Philippine business landscape has been developed and evolved since the
early days of trading. Before, we used to just talk to our neighbors about our products and
then roam around town to be able to sell them. We have no other option to advertise our
product than to bring them personally to the market. If it hasn't been completely replaced,
the previous method of product promotion and sales has altered. Many practices in selling
have been introduced along with the expansion of different technologies. It is easier now
to let your target market know your products, even internationally. There are also many
ways now to innovate your products to suit your customer’s needs. Presently, there is this
technological innovation that leading the business landscape known as e-commerce.
Governments are conscious that innovation is an important driver for sustained economic
growth and development, as well as a key to finding long-lasting solutions to
socioeconomic and environmental challenges, such as creating new jobs for a continually
growing population and promoting energy efficiency.

In business and industry, innovations consist of radical developments or many

small changes in product design and quality, production processes and management, and
marketing or maintenance practices that collectively, modify products and processes,
bring costs down, increase efficiency and productivity, enhance customer welfare, and
ensure environmental sustainability. The role of government is crucial for establishing and
maintaining the proper climate for innovation.

Poblacion 2, Sto. Tomas Batangas Phone: 043-7783508

E-mail Address: acadoffice_pupstotomas@pup.edu.ph
“ THE COUNTRY’S 1ST POLYTECHNIC U”
 Republic of the Philippines
POLYTECHNIC UNIVERSITY OF THE PHILIPPINES
OFFICE OF THE VICE PRESIDENT FOR BRANCHES AND SATELLITE CAMPUSES
STO. TOMAS BRANCH
OFFICE OF THE ACADEMIC HEAD

II. Effect in Philippine Business Economy

Technological business today continues to impact the world profoundly. It has

played a big part in the tremendous growth in trade and commerce we are currently
experiencing. And have helped create jobs, but there is a concern that technology could
displace workers in the future.

The old and traditional way of doing business in general perspective has truly gone
and was replaced with much easier, accessible, and efficient technological innovations
that are beneficial for every business. The Philippines has seen significant growth in the
e-commerce sector. Both the government and private entities’ goal now is to enhance our
competitiveness in this landscape, especially in uplifting the productivity of the country’s
entrepreneurs. The proliferation of smartphones, improved internet connectivity, and the
emergence of online marketplaces like Lazada and Shopee for example, both are e-
commerce platforms, have made it easier for businesses to reach a broader customer
base and for consumers to access a wider range of products and services online. They
are similar to other e-commerce platforms like Amazon and eBay. Such types of business
innovation and technology have been slowly grasped here in the Philippines. This is very
helpful, especially for the country’s micro, small, and medium entrepreneurs which is the
backbone of the country’s economy. These entrepreneurs can’t afford to shell out much
of their budget for marketing activities, and through such platforms, they can easily reach
their intended market. Since everything can now be accessed online, Filipino businesses
are taking advantage of it and it is proven to be effective as online purchasing has been
growing tremendously.

Other things that have gained popularity over the past five years are mobile wallets
and online banking services, reducing the reliance on traditional cash transactions. The
adoption of digital payment methods and fintech solutions has increased, making financial
transactions more convenient for businesses and consumers. It had a significant and
transformative effect on the Philippine business economy. These digital financial services
have made financial transactions more convenient for both businesses and consumers.
Individuals can pay bills, transfer money, make purchases, and access financial
information through their mobile devices or computers, eliminating the need for physical
visits to banks and payment centers. These technological developments provide a secure
and convenient way for consumers to make online purchases leading to the growth of the
e-commerce sector, and increased e-commerce activity and online sales for businesses.

Poblacion 2, Sto. Tomas Batangas Phone: 043-7783508

E-mail Address: acadoffice_pupstotomas@pup.edu.ph
“ THE COUNTRY’S 1ST POLYTECHNIC U”
 Republic of the Philippines
POLYTECHNIC UNIVERSITY OF THE PHILIPPINES
OFFICE OF THE VICE PRESIDENT FOR BRANCHES AND SATELLITE CAMPUSES
STO. TOMAS BRANCH
OFFICE OF THE ACADEMIC HEAD

Change is constant and inevitable, especially when we talk about technology.

Even before you finish talking about a particular technology, a new version of it is being
released and tested by professionals.

Technology has grown in significance for modern businesses and blends

increasingly with the corporate landscape. The connection between technology and
business innovation is now so strong that they are nearly inseparable. Success in
business hinges on innovation, and since technology plays a crucial role in enabling this
innovation, it can be deduced that business requires technology to thrive.

Since the dawn of time, business has been a constant presence. While it originated
with basic barter systems, the business world would not be the same today without
technological advancements. Given that most business activities and transactions are now
thoroughly linked with technology, all major industries would face major collapse if
technology was removed from the equation.

References

8 Benefits of technology Solutions for business. (2020). The AME Group.

https://www.theamegroup.com/8-benefits-of-technology-solutions-for-business/

Chris Leslie. (n.d.). Quora. https://www.quora.com/profile/Chris-Leslie-20

Maquiraya-McPhee, F. (n.d.). TECHNOLOGY INNOVATION IN PHILIPPINE BUSINESS AND

INDUSTRY. www.linkedin.com. https://www.linkedin.com/pulse/technology-innovation-
philippine-business-industry-florabel-maquiraya?trk=read_related_article-
card_title&fbclid=IwAR0LOs8gtFGmEY5lPExMBuXIXHffLlEp-zjbw-
px3E2LWrF51kmwiB88Trc

Onpassive, & Onpassive. (2022). Positive and negative impact of technology on business.
ONPASSIVE. https://onpassive.com/blog/positive-and-negative-impacts-of-technology-
on-business/

PricewaterhouseCoopers. (n.d.). Innovation and digital transformation: How are Philippine

MSMEs performing? | Business Unusual. PwC.
https://www.pwc.com/ph/en/publications/ph-columns/business-unusual/2020/innovation-
and-digital-transformation-how-are-philippine-msmes-performing.html

Poblacion 2, Sto. Tomas Batangas Phone: 043-7783508

E-mail Address: acadoffice_pupstotomas@pup.edu.ph
“ THE COUNTRY’S 1ST POLYTECHNIC U”