“Any sufficiently advanced technology is indistinguishable from magic.” – Arthur C. Clarke
The business world is changing fast so is the technology and it has now become a growing necessity. Many businesses are using technology to gain high profits and high positions in the market. It is offering newer and better approaches to the business. Small businesses managed to earn competitive advantages over well-established businesses using technological innovations. Exclusive and extensive use of technology has impacted positively, therefore, changing the game of business. It has offered more convenient and efficient ways of doing business. Thus, we can say that role of technology in business has caused tremendous growth in trade and commerce.
PRODUCTION & PRODUCTIVITY
With technology, the productivity of the business elevates to a great extent. This is due to maximum output in minimal resources in various business activities.As a result, better products and services are reaching more and more clients and consumers. Therefore, technology assures production of fine and equivalent quality products at an adequate price.
Most of the businesses are now prone to threats and uncertainties. Using technology secures and keeps the vulnerable and sensitive information with ease and integrity.It helps to protect confidential financial data and other information that can be fruitful to the rival companies. And along with easy storage, it is an effortless job to retrieve past data’s and information for monitoring and analyzing for crucial decision making.
COMMUNICATION & TRANSPORTATION
The business comprises of communicating, connecting and transporting thereby, making a very complex network of processes. Technology has helped the business to have a wider reach in the broader global markets. The best example for this is the Internet. Using the Internet especially for marketing any business can attract consumers from any corner of the world. In addition to this, communication is essential for any business. To reach out to the large group of mass, various communication tools such as websites, videos etc. are used. This allows the business to interact with the consumers quickly and clearly. Therefore, technology helps the customer to solve their queries easily and make their choices accordingly. This also helps the business to adapt to the consumer’s or client’s preferences and changing choices.
For a business to grow and survive among every new competition every day, it needs technology. It ensures the business to flourish and offers new opportunities. With its appropriate use, every company can expand the business with proper research on future scope and opportunities.
Technology enables efficient and organized performance of the staffs. With its virtue, staffs can systemize their daily work and achieve time, cost, and energy efficiency and deliver maximum output for the business. As a result, it helps the business to function smoothly and compensate lack of staffs and other factors affecting the performance of the business. It also enables the monitoring and evaluation of staffs and workers. Technology creates better dynamics and ensures proper coordination between the employees of the business. With its appropriate utilization, resources and labor can be managed logically. And it also assures speedy problem-solving in business. Due to this, technology supports the business to reach the specified and target customers easily and systematically place and promote their product among the intended customers.
One of the best examples for the systematic use of technology in business is of AMAZON. Amazon is one of the largest internet retailer companies which have reached every corner of the world using it. It has provided a platform for small-scale businessmen to promote their products to their target customers. Amazon provides quality products anywhere in the world at optimal time and cost.
The success of the well-planned use of technology can be measured by the popularity and acceptance of Amazon among the customers. There are innumerable examples like Amazon which has achieved high value and market position with proper utilization of technology in their functioning.
To conclude, technology has played a very important role in data analysis and different business applications. It has helped to predict or foresee the future opportunities and threats and plan the business accordingly. With its use, we can actually save the business from huge losses and make smart changes to gain maximum profit. Thus, more and more technical innovations have led to rebuild and reshape the business to achieve maximum gain and survive in the competing business world.