The Impact of Technology on Business

1185 Words3 Pages
bulb-icon

Recommended: Advantages of technology

The Impact of Technology on Business The word business, trade, exchange of commodities are all synonyms. In the early age of civilization business was carried out on the basis of Bata trade as currency came into existence and there were business set Ups our perception started to change towards business but more so since the last 50 yrs with the advent of the information technology the world has turned around. With the establishment of the Internet business has got globalize Businesses are now able to approach overseas market they are no more confined to their areas of their establishment. Business today is inextricably intertwined with technology, from the smallest home office, to a multinational corporation with multiple monolithic legacy application. It is impossible to be in business today without confronting the issues of technology. The way we do business today is different than 30 years ago. Technology has evolved around the areas of telecommunication, travel, stock market, shipping even around our daily lives. E-commerce a system by which people can buy, sell and deal without even seeing the person on the other side has taken a front seat in improving the economy of countries around the world. Technology today has made it possible for monetary institutions to help locate the customers resources and help solve their problems at any given time through online banking. The Internet, a boon to all business, is playing a part of a catalyst; it links millions of customers to its suppliers and vice versa due to this, manufactures are able to cut the role of middlemen and are able to deal with the customers, giving them the ability for direct input from the customers about their choices and views of their product. The busi... ... middle of paper ... ...tune magazine on May 2000. In one of the interviews with Kurt Kammerer, the writer Justin Fox contends, "The core of his business is software that uses intelligent agents to arrange business transaction online"(Fortune, 2001) business is also changing the traditional way of doing things,there are virtual markets like(http://www.ebay.com)where by which people are buying and selling products Today there are no limitations to what technology can do to change the way we do Business. From online malls like(http://www.mall.com) to sites likeE-Bay technology has changed the way we do business. What we can conceive we can achieve. What is coming up next might impact our ways of doing business but the major impact, the major changes have began and what will lead now will be enhancing those changes. We have discussed many ways that technology has impacted our businesses.

Show More
Related

  • Analysis Of The External Environment Of Business

    1591 Words  | 4 Pages

    ...al change has transformed businesses activates which has brought huge economic advantages to many businesses. We have seen new markets develop through the increased use of the internet and countries prosper through the development of the global communications network.

    Read More

  • Predictive Policing

    1183 Words  | 3 Pages

    Information technology has advanced in multiple ways in society, where organizations has implement the structure into their work environment. Industries have outsource their manufacturing to other places in the world and rely on telecommunication to keep the marketing. The geographic distribution has changed significantly by reducing the distance it takes to complete an operation, due to information technology. These are just a couple of examples of how this advanced technology has reshape our society and continuing.

    Read More

  • Cross-Cultural Awareness

    951 Words  | 2 Pages

    Communication is the key to an organizations success and has a significant attribute to culture. Communication is important to receive and send messages. It is the process of interacting and understanding others. Without the communication tool, a business could not successfully execute daily operations. Communication can be verbal and/or nonverbal. When communicating with international business, being able to effectively communicate can diminish and/or increase a company’s chance for success. Utilizing cross culture resources is prudent for those companies that wish...

    Read More

  • Saturn Research Paper

    1094 Words  | 3 Pages

    Although Saturn is one of our biggest planets it is the least dense out of them all, and is composed of gas, which means anything that lands on it will sink through. Saturn is the gas giant, which contains hydrogen, helium, ammonia, methane, and

    Read More

  • Report on Cross-Cultural Management

    1139 Words  | 3 Pages

    This paper is a report on cross-cultural management, with the issues related to cross-cultural management being discussed in the paper. Additionally, the report has produced the future way of cross-cultural management, including how it can be improved in offices relying much on this strategic approach.

    Read More

  • How the Internet Changed Business

    1717 Words  | 4 Pages

    Ten years ago, the Internet as we know it hit screens. It was 1995 when Explorer and Netscape emerged as the leading browsers for Internet users. Of course, a lot has changed since the days when it took several minutes to load one Web page. Today, URLs are as common as phone numbers for most businesses.

    Read More

  • How the World-Wide-Web Impacts the way of Doing Business

    956 Words  | 2 Pages

    Since its comet-like boom in the nineties the internet has attracted myriads of companies to do business on this boundaryless media. And the boom does not seem to stop. eCommerceis a catchword, which stands for a whole branch of new types of businesses that mushroomed up in the last couple of years. Retailers, all sorts of companies, even law offices are using the web for their daily business. There seems to be no comparable other way to develop and exploit global markets. The internet is more and more used as a fast, innovative and cost-saving tool to gain and serve customers where they feel most comfortable and relaxed, namely right in their office or at home (Jonscher, 1999, p.204). In the following there are just three examples of companies, which base a significant fraction of their business on the web.

    Read More

  • The Importance Of Cross Culture Management

    730 Words  | 2 Pages

    Effective teamwork is very crucial for the success of an organization, however, cultural differences can be sometimes challenging and create barriers to effective interdisciplinary teamwork as you deal with people with different values and beliefs. One of the challenges that managers face in a multicultural setting is to figure out the root cause of a cultural conflict and using the right strategic interventions to help the team move forward and be able to resolve future dilemmas. After conducting a research on conflict resolution, the authors discovered that managers’ ways of intervening on a dispute could either sideline importance team members or create resistance that can lead to poor team performance. Another challenge mentioned in the article was related to communication style. It was noted that communication challenges were either direct or indirect, meaning that, in western cultures, for instance, communication is more direct and explicit while in non-Western culture, communication is more centered on the meaning the message is presenting. This means that they might be a communication challenge in terms of both parties wanting to get the conveyed message. The non-Western person might understand the Western person’s message while the Westerner might not due to their cultural

    Read More

  • Rise of Technology-based Capitalism

    756 Words  | 2 Pages

    The rise of the Internet in the last decade has brought about a new form of business that has revolutionized the way in which the companies of today operate. There are many possible explanations for the rise of this form of business in society, and all of these explanations are debatable. The rise of digital information and information technology has created a powerful tool that mutually enables consumers and companies to bring about the transformation of traditional capitalism. Companies such as eBay, an online auction site, have created a virtual marketplace for the collectivity of buyers and sellers, improving the dynamics of capitalism. These companies leverage the accessibility, efficiency and information-richness of electronic commerce using the Internet as a tool for the transmission of information. The capitalistic system remains constant in the traditional physical market place, as well as on the Internet; the difference lies in the efficiency of information transmission.

    Read More

  • Cross-Cultural Etiquette In Global Business Summary

    2019 Words  | 5 Pages

    In the wake of the current globalization trend, modern organizations need to improve their communication and cross-cultural communication in order to enhance chances of surviving global competition. One of the ideal ways through which multinationals can attain this objective is through training global managers. It is important for the training to encompass both human resource management and complexities inherent in global culture. In addition, global businesses should be more culture sensitive via such means as understanding and appreciating other people cultural

    Read More

  • Technology And World Commerce

    1554 Words  | 4 Pages

    One of the fundamental factors that has affected the process of economic globalization is the improvements in the technology of transportation and communications. This has reduced the costs of transporting goods, services, and factors of production and of communicating economically useful knowledge and technology. There is no doubt that advances in information and communications technology are the most important technological advances of the past quarter century (Mussa, 2000). By far, the most important and business altering advancement is the internet. There is evidence everywhere that the internet has greatly affected international trade. The internet has opened up the world, and brought it right into everyone's home and business. In addition, technology and the internet have greatly reduced the costs of doing business. Even the smallest operation can now go global via the internet at almost no cost. However, there are still some problems that face these e-commerce activities. These problems are shot-term challenges and can be met. The key issues center around two areas:

    Read More

  • E-Commerce Essay

    1094 Words  | 3 Pages

    In summary, E-commerce and M-commerce have not yet reached their full potential. New electronic and mobile businesses must follow the already established steps to even have a chance for success. By identifying e-business initiatives, understanding the functional scope of an e-business initiative, exploiting the benefits from e-business initiatives and prioritizing initiatives; a company improves its percentage to compete in their specific market. E-commerce and M-commerce is an integral part of our society and will only continue to grow as the years go by.

    Read More

  • Essay On Information Technology In Business

    1537 Words  | 4 Pages

    There is no doubt that the present time is the Technology era when the use of technological inventions dominates all different aspects of life: computer, cellular phones, world wide web, radio and satellites. That is, technological inventions have improved. Storing information, sending and receiving messages, electronic governments, distance education, health services and business. With the intervention of Information Technology, the means of communication in business which is a very important field in modern societies including banking, shares market, marketing, trading has been intensely changed. This essay will argue that Information Technology has positively changed communication in the business world. Information Technology implications have enhanced the ways businesses communicate in business areas including marketing, stock market, shopping and banking.

    Read More

  • The Importance Of Cross-Cultural Communication In International Business

    1538 Words  | 4 Pages

    Cross-Cultural Communication has become strategically important to companies due to the growth of global business, technology, and internet. Understanding cross-cultural communication is very important for all the companies which have different workforce or plan on conducting global business. It is an organizational deal by understanding different business communication strategies, customs, and belief.

    Read More

  • The Impact of Information Technology on Individuals, Society and Organizations

    1188 Words  | 3 Pages

    The Impact of Information Technology on Individuals, Society and Organizations Information systems and information technology are important in supporting, maintaining and enriching many aspects of livings. They bring benefits to lives of individuals, operations of business and the functioning of society but there are also drawbacks associated with technology and information system. Both good and bad impacts of information system and technology to individuals, organisations and the society will be discussed in detail in the following paragraphs.

    Read More

More about The Impact of Technology on Business

Open Document