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Impact of Technology in Business

Business is the platform to activate the economic system of any country. Today’s world market is becoming more competitive. Impact of technology in business is increasing day by day. Calculate the business transaction rapidly through the use of technology. Telecommunication and networking systems bring a vital change in the process of business.

Why Technology in Business is Important?

Business is the pillar of the economic growth of any country. The globalization process makes the world market as a village market by the use of modern technology. Multinational companies can communicate with their customers within a short time using modern communication apps like What’s app, Skype, Zoom. Recently, the Online market has become a busy business platform in the world.

The impact of technology in business has flourished in many sectors of business. It is used in online software-based markets like Amazon, Ali Baba used technology for doing business in the global market. Import and export business mostly dependent on the technology system. Money transactions, LC systems, the banking sector are performed by the use of technology. 

Technology is impacted by the various sectors of business. The impacts of technology in business are discussed below.

1. Automation Of Business Process

Information technology is a part of developing automated processes for the business. It is reducing the cost of operation and saves more time. In a short time, employees can do huge work within a short time. Collecting customer data, monitoring a certain processes, and tracking metrics.

2. Providing Customer Satisfaction

Customer service and satisfaction are essential aspects of all business. The Dimension of technology is used for customer satisfaction. The communication process with the customer is being more comfortable. Business communication is operated with customer leads easily.

3. Management of Resources

Technology plays a huge role in managing resources of business like financial resources, human resources, and so on. Big organizations face difficulties when trying to manage their resources. Information technology made it a short and easy format.

4. Working Remotely

Technological equipment provides the ability to work remotely. With the use of these elements, work can be done without a present in the workplace. 47% of the employees of the U.S are eligible to work remotely.

5. Computer Technology

Computer technology is essential for doing business. Business calculations counted rapidly by using computer technology. Communication with multiple business holders can easily perform with email communication. Without Computer technology, the global market can not perform demand and supply processes. The computer made the work comfortable and time-consuming in the long term. 

6. Accounting System

Accounting System at business is updated by the use of technology. Quick books are used in many small businesses for counting. The System of the computer makes the business process very easy. Big Companies use SAP Business one which allows integration and customization with other systems. 

7. Inventory Control System

All inventory business is controlled by an inventory control system. It is the system that can be counted stock, updating the system when the new inventory arrives as well as when it is sold and to keep accurate records.  The adequate and organized system should remain at companies to manage their inventory process.

8. Telephone Communication

The relationship with the customer deals with the telephone system. To communicate with the clients and customers, the communication process should be utilized properly. The telephone communication process made the system easy from an analog system. Internet protocol system upgrading day by day by the use of modern technology.

9. Networking System

The network system is essential for communicating with the client of the business market. The network system is connected with the officials to perform its duties properly. It is restricted within an office location or connected among numerous offices. A networking system is needed for building a relationship with the customers and partners.

10. Management Information System

Information systems from business holders to clients are managed by the use of technology. Collection and transformation are done properly by the management information system.

11. Role of Technology in Business

Technology played various roles in trade and commerce. The business system and concept have changed by the role of technology. In the era of technology, types of business are changing day by day. Business starts from the early stage of mankind. Barter system was the first process of business. It is upgrading day by day with the demand of humans. International trade mostly performed by the use of technology.

Conclusion

In recent times, the world market system is controlled by technology.  The impact of technology in business is increasing day by day.  Most of the businessmen use technology for doing their business. It made the global market the village market.

Reference

  1. https://www.oksbdc.org/why-is-technology-important-in-business
  2. https://en.wikipedia.org/wiki/Business_process_automation
  3. https://mydatascope.com/blog/en/the-relevance-of-technology-in-business
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