The Impact of Technology on Business
Businesses, small or large have been seen to incorporate and adapt to the revolutionary changes that technology brings inconsistently. These changes have been known to set businesses at different levels of progress, depending on how they are put into play by business owners. Technology brings in techniques, skills, methods and process which are used in the creation of goods and rendering of services for businesses, organizations and industries.
In the world today, when asked, “how has technology impacted your business?” business owners tend to have different responses which show the diversity of the influence of technology and its elements on the business world today.
For small businesses, technology has provided an avenue for the reduction of business costs, for example in accounting/bookkeeping by providing portable software that aid in carrying out this function, therefore, keeping track of expenses within and outside the business and creating an understanding of cash flow needs
Small businesses can reach out to prospective clients/customers through social media platforms that have been possible with the help of technological innovations. These platforms allow for easy advertising and marketing of products and services to a large network of people with interest in different products and varied service provision. In this situation, business owners get to expand their clientele easier and fast without having to go meet individuals one after the other in a bid to advertise their business.
It is also possible to spread the word on business achievements and next steps, connect with a similar business to form partnerships, and share ideas or information with millions of people through these media platforms.
Communication has been made easy within and outside the business environ. Meetings can be held over communication platforms without having to meet in person, this can save time, money and physical space for businesses. Also, the use of emails and corporate communication platforms eases the transfer of information from person to person. This can also improve the efficiency of operations significantly.
Businesses these days are prone to security risks and sabotage, but with technology, this can be significantly reduced by protecting financial data, decisions critical to the business that are confidential, assets, ideas or information that will be beneficial to that success of the business and maybe of competitive advantage for business owners. Therefore, business with computers that are password enabled gives this vital information some form of protection from being tampered with by external forces.
A very key aspect that shows the impact of technology is Research. Research which is essential to a business has been simplified in that just with the click of a button, you could access any information, so long as it is not protected by the owners. This gives better insight into the market size, market competition etc. for business owners. It allows knowing how to improve the business and what steps need to be taken to bring about effective and efficient marketing techniques.
There are many more ways by which technology has significantly impacted businesses. Though it may have its disadvantages, we can see that in promoting small businesses, it does more good than bad. It should be kept in mind that it still depends on business owners to meritoriously use all these platforms and systems provided through technology. They would not work well except been put to good use. Therefore, when starting up a business, strategically put together technology tools that would help grow that business and put them to good use.
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