Impacts of Technology in Business

Generally, technology plays a very vital role in the daily routine of a business enterprise. Technological infrastructure alters various aspects of goods and service delivery in business in multiple ways. It accompanies both visible and intangible merits. For instance, technology predicts how fast and effective the buyers and sellers meet upon a standard interface, thereby creating good cultural relationships between the two parties and ultimate service efficacy. This is achievable regardless of the size of the business, from a small-scale enterprise to large dynamic business schemes. There are myriads of advantages that companies take from the existence of technology.

Firstly, with the application of technology, there are reduced operating costs. Business firms use appropriate software and enterprise applications, working at the back office. This automates services like record keeping, real-time communication among the staff members, and reduced paperwork, which is often tiresome. Secondly, there is the ultimate security of Information and data. Businesses develop their digital systems secured with passwords to halt unintended access to the data. It ensures that consumers’ and businesses’ data and secrets are safe from reaching a third party (Oana-Georgiana).

Increased employee productivity is evident in this case. Technology helps employees to process and digest a large volume of data within a short time. This ensures proper time management in service and product delivery. It also opens more markets for a business; a business reaches new economic markets by the use of social media platforms in conducting marketing (al). This has enabled many people globally to order products online, regardless of their geographical locations.

Last but not least, it has accelerated collaboration and transfer of management skills among business enterprises. This leads to the mutual and uniform economic growth of businesses. Some of the demerits of technology including but not limited to the high cost of running the system software, massive cybercrimes, and reduced number of employees (Vitez).

Conclusively, even though there are some limitations to the use of technology in business, it is evident that most enterprises enjoy a lot of benefits from the application of technology in their firms. Technology is very crucial if an enterprise wants to realize its objectives within its stipulated scope of time and cost.

References

al, Jones O. et. Dynamic Capabilities in New Technology-based Firms. Thesis. New York: Hull University Business School, 2011. Document.

Oana-Georgiana et al. “Impacts and importance of New Technologies in Business.” Information technology in Business (2017). Document.

Vitez, Osmond. “Impacts of Technology Change in Business Activity.” Benefits of Technology in Business (2019). Document.