Impact of technology on business
Along with the advancement of science and technology, technological innovations also grew, resulting in the appearance of new equipment and devices. No matter how big or small your company is, technology provides both intangible and tangible benefits to becoming profitable and meeting 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 work. 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, it is impossible for them to live with it.
Commonly used high-tech equipment:
- computers
- Photocopy
- telephone
- 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 business environment, it is vital for them to engage with customers regularly and quickly to gain their trust and retain customers. With the use of the Internet and online social networks, companies interact with consumers and answer all their queries about the product. Establishing effective communication with customers not only creates a good relationship with them, but also creates a strong public image. It allows commercial companies to reduce and reduce carbon dioxide emissions.
- Business operations. With the use of 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 virtually travel to unknown markets.
- Corporate reports. With the technology, business companies communicate effectively with their branches to deliver quality financial and operational reports.
- Industrial Productivity. Through the use of enterprise software programs or software packages, it has automated the traditional manufacturing process, reduced labor costs and improved manufacturing productivity. It allows companies to increase efficiency and production.
- Business mobility. Technological innovations 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 carry out studies in various companies to gain knowledge about new trends in the market and how to avoid them.