Technology can be defined as the making and usage of materials, tools, systems and machines in order to enhance production or solve problems in organizations or in individual situations. A business can be defined as a group of people, an individual or an organization involved in the trade of goods and services at a profit. Technology has been heavily involved in facilitation of business processes and has lead to a dramatic evolution of business practices and competition strategies worldwide.
The Importance Of Technology In Business
Technology is involved in several roles when it comes to business and business practices. One role is making informed decisions. With proper calculation strategies using computers and scientific calculators, plus the vast sources of information in the internet, decision making has now become faster and more precise, easily boosting the businesses speed and performance. People were normally forced to take lengthy moments of time in business meetings to come up with solutions but with the advancement of technology, this has eased the burden by far.
Another role of technology in business is improving transport and communication. Infrastructure is a vital necessity for a business to be successful. Technology has improved transport by making more efficient and economic means of transport. The boosting of computer systems in airlines, ships and vehicles has made it easier for business people to travel thus making business processes faster and more efficient. Communication has been made better, especially through the use of mobile phones and the internet. Nowadays people can hold meetings in different locations by the use of teleconferencing and thus speeding up the rate of communication. A sub-role of technology in communication is through the use of radio frequency identification. This is the use of electro-magnetic fields in radio frequency form in the transferring of data and information. This has made it a lot
The Role Of Technology In Business
Easier for business people to communicate thus improving the efficiency of business processes and data findings
Technology has lead to the use of “digitized information”. This is the use of technology, especially through computers, hard disks, flash disks and any other storage devices, to securely save files and folders. The use of computers in offices also leads to better file and folder presentations and it’s also faster than using manual means to get work done. Through this, businesses are able to save office space that would have been used to store files, made it easier to locate files needed for referencing purposes and also reduced the amount of work labour required by reducing the numbers of secretaries involved.
Another role of technology is increasing market boundaries. Through the internet, marketers are able to reach customers and clients in a worldwide base. Globalization has led to reducing the world into one global village and this makes it easier for business marketers to sell their products to more customers. This also leads to increased competition with other businesses so marketers opt to use more advanced forms of marketing such as the use of social networks such as Facebook and Twitter.