Technological advances in the past few decades have greatly upsurge the competitive nature of the economic business world. Companies have used software, computers and the Internet to transmute their businesses from local places of business to national and global market players.
Sumera B Reshi
It has been rightly said that innovation breeds business, and since technology paves the way for it, it is plausible to say that business needs technology to be sustained. Technology in business is a growing obligation in today’s world. As the human race advanced, the business world is leaning more and more toward it, making it almost impossible to separate the two from each other. Business has always existed since the early times of man. Even though it only began with the simplistic barter system, business would not be the same as it is today without the advancements in technology. All the major industries would fall into a cataclysmic collapse if deprived of technology from business since the majority of business operations and transactions somehow involve the use of technology.
With the inclusion of technology in business, tremendous growth in trade and commerce was witnessed. Business concepts and models were revolutionized as a result of the introduction of technology. This is because technology gave a new and better approach on how to go about with business. It provided a faster, more convenient, and more efficient way of performing business transactions. Examples are accounting systems, managing information systems, sales and other works. Can one imagine the days when even a simple computing was done manually on fingers, pieces of marble and so on? Now it would be impracticable to go back to old days as ours is a battle with the time.
So to attain higher productivity levels, technology has provided us automated processes by consuming minimal resources and faster services delivered to more and more clients and customers. Confidential and sensitive information is stored with ease and such information can instantly be retrieved and analyzed to monitor trends and make the forecast.
Today business involves communication and is interconnected to many fields, making it a complex web of processes. Globalization has been possible because of the miracles of technology. One can do business anywhere within being constricted to the four corners of one’s room. With the help of technology, it is possible to reach to the wider clientele and global markets. For instance, the internet has become a common marketing tool to attract more consumers. Not only the products but services are also being offered through the internet. We have Jabong, Myntra, Mirraw, Amazon and eBay which sell a product online with the help of internet.
Undeniably, technology in business has made living exciting. Technology surely has benefitted us in multiple ways. In today’s competitive business environment, speed holds the key for all the businesses. Without the use of technology, the business process would be inefficient and ineffective. Information technology has enhanced the communication which in turn has enriched businesses.
Globalization of the world economies has boost the value of information to business organizations, which has brought success and new opportunities. In today’s world, all types of businesses have to compete for a greater slot in the market and for this reason, they need to adapt to the technology to handle information systems. The more steadfast a company is in introducing a product or services, the more it can control the market and the customers and this advantage is impracticable without technology. Further, for advanced customer service, easy information retrievals, quick preparation of financial transaction, the easy building of strategic alliances, IT plays a key role.
Information technology and Business World:
All the business process rely on computers for automating and computing. Businesses nowadays use a wide range of database, management information systems, information sharing platforms, data sharing networks, internet and intranet, machines and equipment rely on computers. Today computers are used everywhere and in every field like finance and marketing, medical industry, human resource departments, inventory control management systems etc.
Our smaller as well big business operations are dependent on computers. Take an example of a warehouse, where all transactions are feed in a computer. If the system is not around, then the process will be tedious and time-consuming. It will require more manpower and resources to record the transactions, thus it can delay production. So speed has a significant value in this competitive business world. Computers have increased in power and decreased in price that even small electronic gadgets like computers in the workplace have become available to small businesses. No matter what kind of industry one is running, it can take advantage of the advances in technology to increase profits, streamline processes and open up new markets.
Technology no doubt has doubled the success of the businesses but its biggest achievement has been increasing in productivity. The use of computers has allowed employees to collaborate effectively, even across great distances and the adoption of mobile computing devices like laptop and tablets enable employees to work almost everywhere. Companies as diverse as Walmart, UPS, and Uber found ways to leverage the technology to create profitable new business models.
Encourages Innovation and Creativity:
In order to create innovative business ideas, people can use different business technologies which can improve business growth and expansion. Internet technology is been used to innovate ways to promote business online. Social enterprise networks like Yammer.com can be used by employees to socialize and interact with other creative employees from different organizations.
Furthermore, business strategies have evolved immensely over the years and it has been possible by the assimilation of different types of technologies. Take an example of mobile technology. Mobile technology is one such component which has taken the business world by storm. Presently, businesses rely on mobile marketing as well and in fact, the mobile users have increased over a decade. Today we have 4.77 billion mobile users by the end of this year (https://www.business2community.com/tech-gadgets/impact-mobile-technology-business-communication-01704702). Mobile communication and connectivity have been changing the business landscape. It is very easy to communicate and disseminate information about the products and services.
Improved Customer Experience
With the rise of mobile phones, businesses are constantly exploring ways to use it as an easy marketing and communication tool. The mobile application has been developed in such a way that it is easy to use the website on the mobile phone. eBay, Amazon, Souq.com etc. to name few are mobile friendly and take the consumer to the home page even they browse it on mobile. Many businesses have produced a new market for retailers. For example, the real estate industry has introduced 3D mobile apps. With the help of these apps, the real estate industry delivers the concept and the layout of a property to their buyers before the actual construction has even started. Similarly, buyers /clients can provide instant feedback as well. Thus helping to maintain a clear two-way communication process.
E-commerce Booms with Increased Purchases, Payments, and Shopping
There has been a significant surge in online shopping on laptops and mobile devices. Thanks to technology and its associated tools like smartphones and tablets. People don’t find time to shop around, thus e-retail has given people the power to buy. Keeping the trends in business and technology in view, mobile e-commerce is rising day by day. It is a norm nowadays and more people are abandoning their desktops for the convenience of mobile devices and online shopping as a whole. Hence, retail business will continue to take advantage of the boom in mobile shopping and businesses everywhere. Also, vendors will find the value in mobile advertising to reach customers.
Marketing and advertising have been easy because of mobile phones. Mobile technology has added a new dimension to advertising and marketing for the business worldwide. An industry can advertise its product or services on mobile phones through a variety of mobile marketing technologies like SMS (text) messaging, mobile website, mobile apps. Banner ads, QR codes, IVR messaging etc. to increase its viewership and presence in the market.
Moreover, these ads can be customized to reach a specific consumers/audiences. This has been possible due to a software that reads the website or any information an individual seeks on their mobile phone. Marketing, therefore, has become more effective by the customization as most clients /customers have a mobile device handy, they are exposed to lots of advertisements.
No doubt entrepreneurs are able to conduct business at a much faster pace in the era of the internet and cloud devices. In the older days businesses were dependent on pen and paper, physical and capital investments but today enterprise technology is an absolute necessity. Enterprise technology and digital ecosystems help businesses grow and are considered the very foundation of the modern economy. Information sharing and communication with clients has been aided by enterprise technology, thus making processes cheaper and more efficient.
Businesses have been at the forefront of technology for ages. Anything that can speed production, will draw more business. In order to reap the benefits of technology, businesses needed to adapt and change their infrastructure. For instance, American Airlines started using a computerized flight booking system and Bank of America adopted an automated check-processing system.
Noticeably, most business is conducted over personal computers and offers companies a way to organize database to store essential information. As information travels faster, barriers of distance disappear and businesses are experiencing how easy it is to outsource overseas jobs. Today not only can a company outsource duties but it can outsource fast-food restaurant services.
Additionally, another technology which has revolutionized business is radio frequency identification (RFID). RFID is infiltrating and changing business significantly. Microchips store information like number equivalent of the barcode can be attached to the product which helps companies to keep a track of their inventory. Even some businesses have started to use RFID chip implants in humans to tighten security. An access control reader detects the chip’s signal and permits the employees access to the door. In a nutshell, modern technology is constantly changing various industries and pushing them to thrive and survive in a better way.