How Technology Is Impacting Business

Technology is advancing rapidly, and virtually every facet of life has been impacted either positively or negatively. The world has changed so much that you may not even realize how disruptive technology has become. Technological advancements are happening rapidly all around us, from the Internet to Artificial Intelligence. If an organization lags with this trend, keeping pace with its peers will be challenging. By imbibing technological advancements in all business areas, it can significantly improve a company's performance. This rapid growth and development in technology can help improve the productivity of the labor force and also drastically reduce transportation costs, communication costs, distribution costs, and production costs.

We can boldly say that technological growth has a significant impact on business from the point of production to the point of delivery. Technology has changed the pace for businesses and raised the expectations of customers. The following are some of the ways in which technological factors are impacting business either positively or negatively.

Business Technology

Business technology is the increasing reliance on information technology by businesses of all types to handle and optimize their processes.
Business technology uses information technology to improve organizational performance and individual quality of life, and it also integrates information with business to create various and diversified opportunities.

Information Technology

Information technology manages, stores, processing, protects, transmits, and retrieves information from various sources. In the 1960s and 1970s, information technology was not a well-known phrase as only those who worked in banks and hospitals were used to this, as they stored up information on patients and clients. But as technology begins to advance, there has been a paradigm shift to computing technology as a means of storing information, and paperwork has been drastically reduced or, in some cases, done away with, as paperless work or digitized work is now the new normal.

With the advancement of technology in the 21st century, almost every child in the western world and many parts of the world can now operate a personal computer. This, in turn, has enhanced the advancement of communication from physical mail to telephone, fax, and transmission to nearly instant communication through instant messaging (IM). Platforms like Skype, Google mail, Twitter, Snap Chat, Facebook Messenger, AoL Messenger, Google Talk, and electronic email are the new standard procedures for communication.

Technological Impacts on Business

As technology keeps advancing, businesses that are able to adapt to new challenges may be able to achieve new rewards. Some of these examples are:
  • The Internet of Things (IoT): Companies can protect vast amounts of information from cyberattacks by promising software updates and using AI-powered monitoring aid analysis to detect threats.
  • The Personalization of Customer Experiences: Companies can experience adverse financial and reputational effects if data storage isn't protected. Companies can help mitigate this risk by setting up specialized cybersecurity teams, creating long-term performance incentives for IT teams, and investing in technical consultancy.

Advantages of Technology in Business

In today's world, with the advancement of technology, there are many positive changes, which are highlighted below:
  • It has helped to bring down the barriers of linguistic and geographical boundaries.
  • It has made communication quicker, cheaper, and more efficient.
  • Technological advancement has increased the employment rate by increasing productivity.
  • Sales have increased and improved through online websites, helping to market products from new sources.
  • It allows written or broadcast information to be shared more quickly and faster with fewer resources.

Disadvantage of Technology in Business

Apart from the advantages, there are few setbacks with the advent of technology in business, as well:
  • Security has become a significant challenge since the inception of technology. If appropriate measures are not taken, unauthorized individuals may access our confidential data.
  • The expenses of companies and business owners have increased. As new technology keeps evolving, companies need to stay updated with the trend in technology, which will require purchasing these new technologies. Most of the time, companies need to employ the services of an expert to assist with training of staff and monitor the latest technology that has been acquired.
  • Distraction is also a significant problem associated with the advancement of technology. For example, instant email, instant messaging, online games, music, and videos sometimes might distract us and decrease our productivity.

Types of Technology in Business

It does not matter what you are selling or offering as a service; you will surely benefit immensely from using different types of technology.
  • The Internet of Things (IoT): The concept of connecting any device to the Internet has created a giant network of connected smart objects with a vast number of use cases. According to a report by Forbes, 60% of business executives say the IoT has opened up new business lines. Furthermore, 70% of executives attribute increased revenue to the IoT.
  • Mobile Devices: Executives and employees use different mobile devices like smartphones, PDAs, tablets, computers, and laptops. With the use of these portable devices, workers can now stay connected and use different applications and tools for businesses like GPS locations, productivity tools, WhatsApp, etc. All of these are widely used by small and large enterprises globally.
  • Artificial Intelligence (AI): AI has enabled deep learning computers to reduce time spent on tasks, lower costs, improve flexibility and responsiveness, and power online Chabot to help facilitate customer engagement. According to Forbes, 29.5% of CEOs surveyed from small and medium-sized businesses said that AI is the new technology that will have the greatest impact on their business in the coming years.

Business intelligence and analytics, block chain, cloud computing, wireless technology, and office technology are examples of other forms of technological advancement. Business professionals should prepare to navigate the future of business in an ever-changing, high-tech business landscape where adaptability is the key. Future business leaders should learn to:
  • Adapt in an evolving workplace.
  • Developing skills that help meet the needs of today's market.
  • Learn industry-relevant technology.
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