How Technology Affects Business

Unless you've been living under a rock for the last 20 years

, you can't have failed to notice the transformative impact technology has had on the way we do business and relate to one another. The internet, perhaps more so than any other innovation to emerge in the modern era, has had a truly revolutionary effect. For one thing, it's completely opened up consumer choice consumers can now choose to buy goods and services from businesses all over the world, putting immense power in their hands. The precise impact of technology on business is perhaps sometimes overlooked, however, so lets take a look at it in more detail.

For one thing, the emergence of the internet has really cranked up competitive pressures on businesses in all different sectors of the economy. Perhaps one obvious example of this effect is high street retail. Many bricks-and-mortar retail outlets have struggled to adapt to the increased competition and have had to close their doors permanently as a result. Others have simply set up an online presence and prospered by catering for consumers all over the world. Indeed, it's probably fair to say that any small business that fails to establish itself online is already at a major disadvantage when many of the competitors will have done so.

The decision-making processes of business have also been seriously altered by the technological changes of recent years. By making more information available to those in senior roles at businesses, the quality and speed of decision-making has been drastically improved at least in successful businesses. Other enterprises have found it difficult to adapt in comparison to their more flexible competitors, and this has turned out to cost them dearly in the long run. However, recent years have seen numerous start-up businesses come from nowhere to establish themselves as major corporations with a global reach.

Collaboration within businesses has also been transformed by the increased flow of information. All members of a particular group can now access a massive amount of relevant information, enabling them to innovate and compete more effectively than they did in years past. Of course, data management has taken on an increased importance as a result. Still, the opportunities presented to businesses by the internet and other major technological innovations have been immense. Those companies best able to adapt to a rapidly changing environment and carve out their own niche have been rewarded in the form of massive profits and a huge, global customer base.

by: tyler durdon

POST COMMENT

How Technology Influences Business The Benefits Of Business Technology The Effect Of Technology On International Business The Impact Of Technology On Business The Importance Of Technology In Business Use Feather Flag Banners To Enhance Your Business When Businessmen Prefer To Unwind And Show Up In Style For A Business Function: Ride An Airport Limo Businesses Of All Sizes Can Benefit From Colocation Make Money Even If They Say No To Your Business Or Products Businesses Need To Show Their Customers That They Are Advancing With Technology! Their Websites Are Business Owners In Breckenridge Co Need Breckenridge Sem Business Owners In Breckenridge Co Why Business Owners Need Sem