The Implication of Technology on Business
Whereas business is any commercial activity that exists to make profits, technology refers to the use of the available scientifically proven skills and methods. In a nutshell, the use of technology in business implies the use of justifiable scientific skills and tools to engage in profitable ventures. Technological advancement is a time-related activity. It grows with the increased needs of the population. In general, the implementation of technology in business enhances their chances of success. A case of ZARA is an example here.
ZARA is a fashion and clothing company that has survive the murky waters of business. For the record, the company is double in size right now than it was ten years ago. Their main secret is the incorporation of technology in their strategy. They can monitor the changing trends in the market with ease. They then affect the most appropriate changes that are in line with customer needs. Technology has been a critical tool in the monitoring and evolution of the changing trends in the market. It works well since they can get direct feedback from customers and act on it. Among other benefits, the technology significantly contributes to the growth of your business, as discussed below.
Through technology, communication has is completely simplified. It is easy for business owners to relay information to employees through the available devices and platforms. Accessories such as telephones allow people to communicate all over the world. Widely opened social media platforms are also vital in holding meetings and discussing business issues(Luftman et al.). Business managers and employees can hold conferences by use of Skype without necessarily meeting physically. This is especially important in cases where there are urgent matters that need attention, while decision-makers are not readily available.
Furthermore, technology is a boost in the set mechanisms for the business to soar high. For instance, businesses connect with customers’ world over easily through the available platforms like Facebook, Twitter, and Instagram, among others. Through such, people can inquire about the products sold. Most of them get interested in the long run, and they decide to purchase the items. The overall sales and the customer base of the business increase significantly.
Hiring highly qualified staff and working with disabled people is possible. Currently, most job adverts are on websites and social media platforms. Interested persons with the stated qualifications make applications. The number of people who apply for such positions all over the world is exceedingly high. With such a massive number of applicants, your business will be able to get highly qualified employees(Richardson). Disabled persons with polished skills can also be employed since they can work from wherever they are.
Businesses grow faster at minimal costs. Business growth is due to an increased customer base and less advertising and operational expenses. Therefore, the returns are very high. Entrepreneurs can take advantage of this and decide to open up as many branches as possible within the shortest time possible, just like ZARA Company. In the end, profits become exceedingly high.
Even with the many positive impacts, there still exist some adverse effects of technology in your business. There is always overdependence on technology such that when a new technological technique fails, you tend to go back instead of improving on the new one. This leads to more losses. Consequently, there is data insecurity due to the existing risks of cyber attacks(Siddiqui, and Singh). The company may lose essential information. Advanced technology also comes with additional costs due to increasing training needs. Employees need to undergo training every other time.
In conclusion, you must incorporate technology into your business if you have to succeed. Doing this in the right way enables your business to grow fast within short periods. However, you must be aware of the negative implications and address them accordingly for you to survive.
References
Luftman, Jerry et al. “Enhancing The Measurement Of Information Technology (IT) Business Alignment And Its Influence On Company Performance”. Journal Of Information Technology, vol 32, no. 1, 2017, pp. 26-46. SAGE Publications.
Richardson, Kathrine. “Attracting And Retaining Foreign Highly Skilled Staff In Times Of Global Crisis: A Case Study Of Vancouver, British Columbia’s Biotechnology Sector”. Population, Space And Place, vol 22, no. 5, 2015, pp. 428-440. Wiley.
Siddiqui, Shabnoor, and Tajinder Singh. “Social Media Its Impact With Positive And Negative Aspects”. International Journal Of Computer Applications Technology And Research, vol 5, no. 2, 2016, pp. 71-75. Association Of Technology And Science.