The Impact Of Technology On Business

Bearing in mind the immense reach of technological innovation

, there can't be a business anywhere in the developed world that hasn't been affected by the rapid pace of change over the last few years. The internet, in particular, has been at the vanguard of a real revolution in consumer behaviour. Instead of having to choose from businesses in their local area or perhaps nation, they can now choose to buy goods and services from firms all over the world. This has exerted massive competitive pressures on businesses and the more recent advent of mobile commerce seems to suggest that this trend is unlikely to change any time soon.

The massive change in consumer behaviour couldn't have failed to have an impact on business, and sure enough, companies in all different sectors of the global economy have had to respond to the rapid evolution of technology. Many processes once carried out manually have been automated, thereby improving productivity by freeing up workers to carry out other tasks. Likewise, the rapid transmission of data has been particularly transformative in the world of business. For one thing, it has made it far easier for companies to reach out into new markets all over the world, whilst rapidly relaying relevant information back to their main office. This, in turn, can shape the way businesses approach different markets and provide them with valuable local knowledge.

Indeed, the ability to expand into new markets in foreign countries is one of the hallmarks of the technological revolution of recent years. Businesses are now able to tout their wares all over the world instead of being caged in to a local, regional or even national market. Purchases can now be made with the click of a mouse, while the greater ease of communication not just email, but also through social media has also served to make consumers more accountable to their customers.

Of course, the technological transformation of recent years hasn't been entirely free of problems. The sheer volume of data being exchanged over the internet has raised a number of security-related questions. Indeed, many users have raised concerns about who obtains their personal data and what they use it for many are simply unaware about where their data actually goes and this, quite understandably, gives them cause for concern. Nevertheless, the overall impact of technology both on business and on consumer choice has been overwhelmingly positive and it leaves one wondering where technological innovation may take us next.

by: tyler durdon

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