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Impact of technology on business

Along with the advancement of science and technology, technological innovations also grew, resulting in the emergence of new equipment and devices. No matter how big or small your business is, technology provides intangible and tangible benefits to become profitable and meet growing customer demands and needs. Technological innovations affect business efficiency, culture and the relationship between employees, customers, suppliers and consumers. The type and quality of technology used affects the security of confidential business information.

Due to the burden of administrative tasks such as inventory, accounting, and record keeping, both large and small businesses rely on computers to perform their administrative jobs. The birth of the Internet and online social networking sites dramatically reduced the costs of doing business. It also makes it easier for companies to use Six Sigma management methodologies. Some companies have switched to outsourcing instead of hiring their own staff due to the low costs associated with it. Due to the huge impact of technological innovations on companies, they find it impossible to live with it.

Commonly used high-tech equipment:

  • computers
  • Photocopy
  • phone
  • computer printer
  • Internet
  • Paper crusher
  • media projector
  • touch screen monitors
  • computer mouse
  • laptops

Advantages of technology for companies:

  • Relationships with customers. Technology affects the way companies communicate and build relationships with their customers. In a fast-moving and business environment, it is vital for them to interact with customers regularly and quickly to gain their trust and customer loyalty. Using the internet and online social media, companies interact with consumers and answer all their product queries. Establishing effective communication with customers not only builds a good relationship with them, but also builds a strong public image. It allows commercial companies to reduce and reduce carbon dioxide emissions.
  • Business operations. Using technological innovations, business owners and entrepreneurs better understand their cash flow, how to manage their storage costs well, and save time and money.
  • corporate culture. Technology allows employees to communicate and interact with other employees in other countries. It establishes cliques and prevents social tensions from arising.
  • Security. Modern security equipment enables companies to protect their financial data, sensitive business information, and decisions.
  • Research opportunities. It provides a place to conduct studies to stay ahead of the competition. It allows companies to travel virtually to unknown markets.
  • Corporate reports. With technology, business enterprises effectively communicate with their branches to deliver quality financial and operational reports.
  • Industrial Productivity. Using enterprise software programs or software packages, he automated the traditional manufacturing process, reduced labor costs, and improved manufacturing productivity. It allows companies to increase efficiency and production.
  • Business mobility. Technological innovations have improved business sales and services and shortened delivery and receipt times for goods and services. It allows them to penetrate multiple markets at the lowest cost.
  • Research capacity. It allows them to conduct studies on various companies to gain knowledge about new trends in the market and how to avoid them.

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