Back in 90’s when we do not have access to technology, it was near to impossible to reach person few km’s away and now with the help of technology, we can almost reach anytime anywhere across the globe. It also has a major impact on business too.
A major chunk of business all over the globe has adopted the technology. However technology keeps on updating and with each update businesses need to update them with respect to technology and there comes the gap, hence to stay ahead it is necessary to keep up with the pace of technology. Technology in business is a growing necessity. As the years go by, the business world is leaning more and more toward it, making it almost impossible to separate the two from each other. Innovation breeds business, and since technology paves the way for it, it can be gathered here that business needs technology to be sustained.
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 catastrophic collapse if one were to take away technology from business since a majority of business operations and transactions somehow involve the use of technology.
TECHNOLOGY AS A BUSINESS NECESSITY
The role of technology in business caused a tremendous growth in trade and commerce. 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.
Some of the actions of technology in business include accounting systems, management information systems, a point of sales systems, and other simpler or more complicated tools. Even the calculator is a product of technology. It is indeed unfathomable to summon the idea of going back to the days where everything was done manually, which basically means starting all over again from scratch.
SECURITY AND SUPPORT
With the automated processes that technology can provide, productivity reaches a higher level. This is due to the minimal resources consumed in processing business activities, allowing room for better products produced and faster services delivered to more clients and customers.
Information is also stored with ease and integrity. With this, confidential and sensitive information are less prone to vulnerabilities. The said information can also be instantly retrieved and analyzed to monitor trends and make forecasts, which can be crucial in decision-making processes.
A LINK TO THE WORLD
Business involves communication, transportation, and more fields, making it a complex web of processes. The technologies pertaining to other fields only pushed business further. Globalization has been realized because of the wonders of technology. Anyone can now do business anywhere within being constricted to the four corners of his room. Technology in business made it possible to have a wider reach in the global market. The basic example is the Internet, which is now a common marketing tool to attract more consumers in availing products and services offered by various businesses.
Indeed, technology in business ultimately made living worthwhile. It cannot be denied though that technological threat to business is growing rampant, such as hacking and other malicious activities, so one has to be responsible enough for utilizing the power of technology. The good that technology brings has some excess baggage in the form of bad things that threaten to shake the business world. In the end, it is still responsible use of these that would further allow us to enjoy the benefits that technology can bring.