Technology’s Impact on Business M Simmons
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Technology has significantly impacted how businesses operate and communicate. It now allows businesses to (1) connect instantly through various methods like smartphones, (2) conduct real-time business such as purchasing items using barcodes scanned on smartphones or receiving updates through applications, and (3) perform tasks like remote meetings, e-commerce, and worldwide marketing without geographic constraints.
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Technology’s Impact on Business M Simmons
- 1. Technology’s Impact on Business We began communication thru telegraphs, telegrams, and later thru telephones. We advanced to fax machines in order to transfer files. Today we are able toconnect with others through various methods instantly. Smart phones are enabling the world to conduct business in an even more astounding way. Bar codes presented on a Smart phone are scanned to purchase items or services. Smart phones also connect us to applications that allow us real-time information updates in the world of business.
- 2. Technology Today Technology enables us to: Communicate instantly across the world Have documents arrive instantly Conduct business meetings hundreds of miles apart Perform E- commerce Attain worldwide exposure through Internet Marketing
- 3. Video Conferencin g Video conferencing is another important communication tool for businesses. A doctor can access and diagnose a patient in the middle of the night without having to make a physical appearance at the hospital. A company can communicate with other businesses worldwide without having to travel.
- 4. The Future of Technology Before your computer will allow you access to the internet, you must have an iris or fingerprint scan confirming your identity. This could help businesses deter embezzlement, inventory shrinkage, and identity theft.
- 5. Acceptance and Growth Businesses should embrace and grow alongside technology in order to reap its full rewards.
Editor's Notes
- Technology has a crucial impact on the way we conduct business today. Years ago, we were never able to send documents or communicate instantly across the world. The evolution of business communication has been an amazing process. We began communication thru telegraphs, telegrams, and later thru telephones. We advanced to fax machines in order to transfer files. Today we are able to send documents via text messaging, instant messaging, or email and have them arrive almost instantaneously. Smart phones are enabling the world to conduct business in an even more astounding way. Bar codes presented on a Smart phone are scanned to purchase items or services. Smart phones also connect us to applications that allow us real-time information updates in the world of business. You can instantly buy, sell, or trade stocks. You can conduct e-commerce from anywhere in the world. All of these opportunities wouldn’t have been possible without the advancement of technology.
- Imagine a life without technology for a minute, in order to comprehend its importance in our everyday operations. Imagine not having an outlet for presentations, for example. How would you propose your ideas to your potential customers or investors without them being able to visualize it? We could revert to the old ways of drawing boards, but technology allows us to be more advanced, to provide a clearer, faster presentation. Imagine if you have a business meeting to attend in New York, but your flight has been delayed for several hours. If you miss this meeting, you will lose potential investors. What would you do in this situation? No need to panic thanks to technology. You have your laptop with you that has a built in webcam. The airport is equipped with Wi-Fi, and you can conduct your business meeting over the internet.
- We rely on technology in almost every business transaction today. Whether it’s purchasing an item in a grocery store, searching for information needed to make investment and purchasing decisions, communicating to other businesses or promoting your business worldwide, technology makes it all possible. Video conferencing is another important communication tool for businesses. A doctor can access and diagnose a patient in the middle of the night without having to make a physical appearance at the hospital. A company can communicate with other businesses worldwide without having to travel. E-commerce wasn’t possible before the internet. It was harder for businesses to sell their products or services internationally. Today a business is able to achieve worldwide popularity and marketability.
- Technology will continue to improve the conduction of business in the future. Information exchange and e-commerce will become even more efficient. Business can be conducted at lighting fast speed internationally. Business may even be solely conducted via the internet. Identification may be required in every level of business to help maintain integrity and deter identification theft. Let’s think about this for a minute. Imagine you are conducting business online or checking your bank account. Before your computer will allow you access to the internet, you must have an iris or fingerprint scan confirming your identity. We already have some of these programs in place but imagine how mandatory identification procedures would eliminate identity theft or inventory shrinkage.
- The possibilities are endless with the advancement of technology. Businesses will continue to be become more reliant upon advancing technology. Businesses should embrace and grow alongside technology in order to reap its full rewards.