One important aspect of technology to business is the ability to increaseproductivity. Businesses have also benefited from technology in different waysranging from storing of information, sharing of information to improvements ofspeed and reduction of error.Technology have affected business operation in so many ways, be it a smallscale or a large scale business, both in tangible and intangible ways. Technologyhave also affected the relationship and culture of business. BENEFITS OF TECHNOLOGYSpeed and TimeBeing swift and agile is the way by which small business compete with largebusinesses. Inclusively, it is easier for a small business to adapt and respondto change faster than a big or larger business.
Since the birth of informationtechnology, sharing information has been easy and done at a very astoundingrate. Thereby saving time and offering the ability to make a quick decision.Communication with CustomersIn a busy business environment as one which we have today, it is a necessityfor employees to interact with clients easily, quickly and clearly. Forbusiness that provides writing service, communicating with your readers, youcan provide them with good writing andessay services. With the use website, it has become possible for customersto get answers to their questions almost immediately. With technology andcommunication with your client, the businesses now have a stronger publicimage. Easier StorageThe need for double or triple entry system has eliminated by technology, andthe need for large files and paperwork have been reduced, which at the sametime saves money for the cost of a storage space.
AutomationSince the birth of technology, it has been possible for small businesses toautomate certain functions that previously require the hiring of manpower. Withautomation like this, a small business can now focus on strategy and cut downlabor expenses.Efficiency ofOperationsTechnology has gone a long way in helping businessunderstand its cash flow needs, and at the same time conserving resources suchas time and physical space. With technology, meetings can be held by executivesover the internet instead of meeting at co-operating headquarters therebysaving time and cost.Business Culture and Class RelationsWith technology, it has been made easy for employees at different locationsto have a better interaction which will create a team dynamic within thebusiness. With a feature like this, social tension can become a nightmare forbusiness. Technology also at times helps workers put their different backgroundaside and focus on the task at hand.
SecuritySecurity treat and vandalism is one major problem of businesses of thismodern era. Technology can be used to protect confidential executive decisions,financial data and other proprietary information that leads to competitiveadvantage. By making use of a computer with passwords, a business can be surethat none of its forthcoming projects can be stolen or copied.
Research CapacityWith the available technology, a business can now research new opportunitiesthat will give them the edge over other. This will keep them a step ahead ofits competition. The cost of executive jets or the risk of building a factoryabroad have been cut down with the use of technology (virtual travel)Technology as a Business NecessityTechnology has played a big role in the tremendous growth in trade andcommerce. As a result of the birth or introduction of technology, businessmodels and concept have been revolutionized. This was made possible becausetechnology gave a better approach on how to go about with business. Technologyprovided a fast and more efficient and at the same time convenient way ofperforming business transactions.
Technology has taken some actions and played some role in managementinformation system, the point of sales system, accounting system, and anothersimple, or other more complicated tools as far as technology. A Link to the WorldThe main aspect of business involves transportation, communication, and morecomplex processes. Now it is possible for anybody to do business anywherewithout being constricted to the four corners of his room. Technology in business made it a dream come true to have a wider reach inthe market i.e global market. The internet with is the most basic and commonexample is a well-known marketing tool to attract more consumers. Increased Employee ProductivityEmployee’s productivity has been increased exponentially by the use ofcomputers and other business software packages.
These have been achieved byallowing employees to provide data entry function and automated reports.Instead of making use of the well-known manpower to create and assemble goods,machines can now be used to perform these functions. This method ortechnological improvements have increased capital expenditure, but at the sametime reduced or lessen the impact of consistent labor expenses. Now feweremployees (machine operators) are needed to perform more jobs.