The impact of technology on 21st century Businesses
The impact of technology is visible in all aspect of life today, no matter what industry or sector of the world, the influence of technology is visible and it has changed the procedure we live our various lives. The business sector is one of the sectors influenced by the growth of technology.
Technology is the application of scientific research or method to meet an objective or solve a problem. It's a body of knowledge used to create techniques, develop skills, processes used in the fulfilling certain objectives such as scientific investigation.
Business can be referred to as an establishment or organisation that engages in commercial or professional activities. It can be for profit maximization or they can be non-profit organizations that operate to fulfill a charitable mission or further a social cause.
Technology has really changed the way business operates especially through the use of information communication technology popularly known as ICT. Information technology has changed communication in business, information sharing is very important in for every business to grow, technology has created a conducive environment to share information faster, easier and more efficient with the use of Emails, SMS or MMS, blogs and chat app. Thereby facilitating better communication with consumers. Using several types of information technology communication methods enable companies to penetrate into the economic market with their message. Business can also receive more feedback and reviews from the customers through these electronic communication methods.
Technology has also improved inter-office communication as well. For example, social intranet software like Microsoft sharepoint, Facebook,blink,etc gives employees a centralized portal to access and update internal documents and contracts and transfer relevant data to other departments instantly and sensitive information can be shared easily and more secured especially important business decisions which are meant to be private information also it reduces the operational cost by reducing the amount of money spent on papers since decision can be typed and stored electronically for further use and it can be shared easily when needed thereby boosting efficiency.
Also technology has increased employees productivity the use of Computer programs and business software usually allow employees to process more information and task faster than manual methods an employee can attend to many customers simultaneously especially if it's an online store also business owners can also implement business technology to reduce the amount of human labor needed in business. This allows businesses to avoid paying labor costs thereby increasing the business profits also technology give business varieties of business strategies to follow like remote working, workers can work from various places digitally this can be achieved through the use of video calls and other apps created for business interaction, workers can work from the comfort of their home.
Technology has really widen customer base, business now have access to reach new economic markets Rather than just selling consumer goods or services in their local area, businesses can now reach regional, national and international markets through online stores where products or services are displayed on the internet and potential customers can make orders. websites and apps are the most common way business advertise online, Websites represent a low-cost option that consumers can access 24/7 from the comfort of their homes. Also the use of broadcast media like television, radio, sms,etc has help in creating awareness of about a product.
Technology makes business digital or computerized this reduce the chances of any kind of mistake. All the data is accurately written and accurate statistics are obtained using advanced technology. The figures that we get in excel sheets is accurate and there are no chances of getting any error thereby improving business efficiency.