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The Impact Of Technology On Business

1187 words - 5 pages

The Impact of Technology on Business

The word business, trade, exchange of commodities are all synonyms. In the early age of civilization business was carried out on the basis of Bata trade as currency came into existence and there were business set Ups our perception started to change towards business but more so since the last 50 yrs with the advent of the information technology the world has turned around. With the establishment of the Internet business has got globalize Businesses are now able to approach overseas market they are no more confined to their areas of their establishment.

Business today is inextricably intertwined with technology, from the smallest home office, to a multinational corporation with multiple monolithic legacy application. It is impossible to be in business today without confronting the issues of technology. The way we do business today is different than 30 years ago. Technology has evolved around the areas of telecommunication, travel, stock market, shipping even around our daily lives. E-commerce a system by which people can buy, sell and deal without even seeing the person on the other side has taken a front seat in improving the economy of countries around the world. Technology today has made it possible for monetary institutions to help locate the customers resources and help solve their problems at any given time through online banking. The Internet, a boon to all business, is playing a part of a catalyst; it links millions of customers to its suppliers and vice versa due to this, manufactures are able to cut the role of middlemen and are able to deal with the customers, giving them the ability for direct input from the customers about their choices and views of their product. The business of entertainment has taken a complete turn around due to technological changes. In terms of photography motion pictures can be taken, events and daily business reports can be stored and reviewed on tapes and compact disks. Video recordings can be made and surveillance can be kept in areas where very confidential materials are kept. With the help of telecommunication video conferencing can be set up saving valuable time and money of top officials in business. To mention a mere fact the most richest person in the world -Bill Gates has made his fortune by setting up a technology company -(http://www.Microsoft.com).

Technology today has closed the gaps between customers and suppliers in the book The Information Imperative Warren McFarlen has fore worded that due to technology "The pace of organizational life and decision making has dramatically quickened from several weeks to days some cases to minutes or even less". and "relationship between individuals, departments, and companies have been permanently altered". Technology has had an impact on all fields of business no one is left alone, Nonadaptors to this new way of leading life are driven away from the market. In their book both Cyrus and Barbara(1987) state...

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