Welcome to November: How Has Technology Changed the World of Business?

Technology is advancing at an unprecedented rate and tech-based innovations are becoming a necessity to run a successful business in this highly competitive world. It doesn't matter the size of a business technology is influencing business activities at all levels, from manufacturing and logistics to purchase, sales, and delivery. Let’s look at a few ways in which technology has impacted businesses.

Impact of Technology in Business Operations 

Tools and avenues such as mobile phones, e-mails, apps, social media, cloud services, and many more innovations have changed the way businesses work. These tools help ease business operations.

For example, the availability of software programs has made administrative tasks much easier by taking the load off of people (finance, accounting, email distribution, data processing, recording data, data analytics and more).

Similarly, technology has transformed communication within businesses with the help of tools like web-conferencing apps that allow for face-to-face communication digitally (Microsoft Teams, Zoom, Google Meet and more.). Business owners can also communicate easily with customers via websites and digital media to market and promote or advertise products and services, address complaints, and more.

Technology helps improve recruitment. For example, job advertisements can be posted online and on job boards with very little human involvement. Employers can also use online testing methods and video interviews for screening and hiring candidates.

Yet another business area where technology has made an impact is through inventory management and stock control. This is especially helpful for e-commerce. Software and programs help with the management of orders, monitoring of stock levels, and make it easy for the business owner and customers to know what is available when.

Technology can also enable businesses to be more sustainable, safe, and efficient. Examples of such technological innovations are the use of electric vehicles to transport goods, use of renewable resources in manufacturing units, use of high-tech options for recycling and reuse, zero-waste technology, biometric security systems, etc.

Technology has advantages in terms of increased productivity and efficiency; however, there are also some disadvantages if not used judiciously.

Possible Drawbacks of Technology in Business

The use, overuse, or misuse of technology in business can have certain drawbacks. Some such examples are mentioned below:

  • Increased dependence on technology which if a system-wide shut down happened everything would come to a screeching halt;
  • The latest technology often comes with huge costs that many small businesses or start-ups cannot afford, and could create something similar to a digital divide;
  • Excessive use of technology by businesses can also result in employees losing their jobs;
  • Lastly, data breaches and data security are very real concerns facing businesses that make use of high-tech solutions for their needs.

It would be safe to say that the use of technology and innovation in business has its pros and cons. However, it is also true that technology has become imperative to businesses today. One just needs to keep in mind what’s best for their business and use technology wisely.

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