Technology plays a vital role in business.

Over the years businesses have become

dependent on technology so much so that if we were to take away that technology
virtually all business operations around the globe would come to a grinding halt.
Almost all businesses and industries around the world are using computers ranging from the
most basic to the most complex of operations.

Technology played a key role in the growth of commerce and trade around the
world. It is true that we have been doing business since time immemorial, long before
there were computers; starting from the simple concept of barter trade when the
concept of a currency was not yet introduced but trade and commerce was still
slow up until the point when the computer revolution changed everything.

Almost all businesses are dependent on technology on all levels from research and
development, production and all the way to delivery. Small to large scale enterprises
depend on computers to help them with their business needs ranging from Point of Sales
systems, information management systems capable of handling all kinds of information such
as employee profile, client profile, accounting and tracking, automation systems for use in
large scale production of commodities, package sorting, assembly lines, all the way to
marketing and communications. It doesn't end there, all these commodities also need to be
transported by sea, land, and air. Just to transport your commodities by land already
requires the use of multiple systems to allow for fast, efficient and safe transportation of
commodities.

Without this technology the idea of globalization wouldn't have become a reality.
Now all enterprises have the potential to go international through the use of the
internet. If your business has a website, that marketing tool will allow your business to
reach clients across thousands of miles with just a click of a button. This would not be
possible without the internet. Technology allowed businesses to grow and expand in
ways never thought possible.

The role that technology plays for the business sector cannot be taken for granted.
If we were to take away that technology trade and commerce around the world
will come to a standstill and the global economy would collapse. It is nearly
impossible for one to conduct business without the aid of technology in one form or another.
Almost every aspect of business is heavily influenced by technology. Technology
has become very important that it has become a huge industry itself from
computer hardware manufacturing, to software design and development, and
robotics. Technology has become a billion dollar industry for a number of
individuals.

The next time you browse a website to purchase or swipe a credit card to pay for something
you just bought, try to imagine how that particular purchase would have happened if it were
to take place without the aid of modern technology. That could prove to be a bit difficult to
imagine. Without all the technology that we are enjoying now it would be like living in the
60's again. No computers, no cellular phones, no internet. That is how important technology
is in business.
 The technologies that have emerged in the past 20 to 30 years have affected
how businesses operate, including who they operate with. Technology has
provided businesses with new challenges, but overwhelmingly it has benefited
the business world.
Productivity
 Various technologies have boosted productivity across all business types. An
April 17, 2000, "InformationWeek" article points this out by noting that Weirton
Steel was able to produce more steel than it did in 1995, with half the employees,
thanks to technology, Chase was able to triple its customer call volume while keeping
staff levels stable, and KIAH Inc. cut its mortgage application approval process from
four to 10 minutes. Of 300 companies surveyed, 80% of companies said their
output or worker productivity was at an all-time high in the year 2000. Improved
productivity leads to better customer service and a higher product quality.
Data storage
 Image processing and similar technologies have allowed credit card
companies, banks, hospitals, utilities, airlines and insurers the ability to store and
access mountains of data previously on paper. Large corporations used to have
entire warehouses devoted to storing papers and employees to deal with paperwork
that is now all automated. This easy access to data has also allowed companies to
find more precise subdivisions that their customers belonged to and target them
with customized advertising.
Growth
 An April 9, 2003, article in the UK's "Telegraph" pointed out that businesses
using broadband were growing at twice the rate of other companies. Technology
allows businesses to expand their offering from brick-and-mortar sales to e-commerce
and from national or regional sales to international sales. E-mail enhances a
businesses relationship with their customers, allowing them more access and
quicker results.
Globalization
 The Internet, e-mail and videoconferencing are just some of the technologies
that allow companies to work with anyone, anywhere in the world. Data and
money can be transmitted in real time, allowing businesses to be able to operate
on a larger scale.

Read more: The Advantages of Technology in the Business World |

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world.html#ixzz18C4gZUmS

Emerging Technology in the Business World

By Aaron Lundstrom, eHow Contributor
 updated: September 24, 2010

Utilizing new business technologies may lead to substantial advantages. For example, "The

Internal Auditor" cites reduced costs and access to new markets among the benefits of
incorporating emerging business technologies into the workplace.
Examples
1. Successful implementation of advancing technology can be found among various major
companies, including United Parcel Service (UPS) and similar courier companies, using delivery
information acquisition device (DIAD) technology. About the size of a clipboard, these
small computers contain package, sender and recipient information and quicken the delivery process.
Advantages
2. One major advantage stemming from business technology comes from the Internet,
which reduces the need for traveling to meetings and quickens the transfer of information.
Further, Internet phone companies, such as India's World Phone, offers broadband phone service,
which reduces long-distance charges for businesses.
Future
3. According to "Emerging Business Online," a "new-generation technology" (as of
2010) called telepresence, is a videoconferencing technology producing high-definition, life-
size images along with surround sound capability which creates the illusion of physical
presence. This gives business executives and employees the option of attending meetings from
distant locations.

Read more: Emerging Technology in the Business World |

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What Are the Benefits of Technology

in Business?
By Osmond Vitez, eHow Contributor

updated: February 15, 2010

1. Technological advances in the past few decades have greatly

increased the competitive nature of the economic business world.
Companies have used software, computers and the Internet to transform
their businesses from local places of business to national and global
market competitors. Many companies have responded to these changes by
automating their business processes and capturing industry-related information
and using it to their advantage. Technology has also forced businesses to remain
flexible, adapting their operations to newer and better technological advances.
 Better Reporting Functions
2. Companies that have multiple locations, whether nationally or
globally, have used technology to implement better communication
services and software modules that communicate to a home base via the
Internet. This allows companies to penetrate new economic markets without
sacrificing the needs of communication or financial and operational reporting.
Additionally, companies can improve their management information system (MIS)
to capture information for specific locations when making business decisions.

Financial reporting has also benefited greatly from technology; rather than
sending external auditors to multiple locations, it is possible to create a
centralized accounting office to record and report financial transactions. This
improves financial reporting and lessens the expense related to external audits.
Increased Employee Productivity
3. Computers and business software packages have exponentially
increased employees' productivity by allowing them to provide data entry
functions or review automated reports. Companies have automated several
traditional manufacturing processes; instead of using manpower to manually
create and assemble goods, machines and/or robots now complete these
functions. While these improvements may increase capital expenditures, they
lessen the impact of consistent labor expenses related to productions. Fewer
employees are needed to monitor the machines and ensure they are working
properly.

Other areas, such as customer service, accounting and administrative support,

have also seen an increase in employee productivity. Employees now review and
report electronically collected data to ensure they are accurate and timely, rather
than manually gathering information.
Improved Business Mobility
4. Technology has also improved companies' sales and service
departments by allowing employees to use personal electronic devices to
create sales displays and transmit orders and customer information to the
home office. These electronic devices shorten the lead time companies spend
on receiving and delivering goods or services, creating an instant competitive
advantage in the industry. Companies can also send sales representatives to
multiple markets at the same time, allowing them to penetrate multiple markets
with few overhead costs. Companies may allow their internal employees to work
from home using a company Internet connection, reducing the fixed overhead
expenses from a large corporate office.
Read more: What Are the Benefits of Technology in Business? |
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Benefits of Technology

The term ‘Technology’ is derived from the Greek word ‘Technologia’ – ‘techne’ means
‘craft’ and ‘logia’ means the ‘study of something’. Technology is a very broad concept
and is used to refer to several braches of science and study. Some examples are
information technology, medical technology, biotechnology, etc. As the term technology
branches into various fields of science and study, so do its benefits. Let us look at the benefits
of technology in some major areas of day-to-day life:

Benefits of Technology in Business:

The days when the Chief Information Officer (CIO) took implementation decisions and passed
the responsibility down the line are passé. Today, the CIO is an individual who possesses
business as well as technical skills, understands the new IT issues facing a business, and
drives the IT changes from the top down. This is a clear indicator of the benefits businesses are
enjoying through the implementation of technology. Today technology is an integral part of
any business right from the purchase of computers and software to the implementation
of network and security tools. This helps businesses to:

 Remain up-to-date
 Drive business forward
 Sustain and survive competition

In short, technology has become one of the significant factors that maximize an
organization’s ROI.

Benefits of Technology in Communication:

From hand-held computers to touch phones, technological advancements in the field of

communication are endless. The means and the modes of communication are unlimited.
Some of the benefits of technological advancements in the field of communication are:

 Speed – time is no longer a constraint in communication

 Clarity – With megapixel images and video, and high fidelity audio systems clarity
in communication has become a never-before experience
 Proximity – technological advancements have made the world a smaller place to
live in
  Dissemination – whether spreading information, broadcasting news, or sharing
knowledge, technology has made it faster, easier, and smarter

Benefits of Technology in Education:

Technological advancements in the field of education are fast evolving. Today, e-learning
is a familiar and popular term. Some of the benefits of technology in this field are:

Personalized learning experience: Learners are able to take control and manage their own
learning. They set their own goals, manage the process and content of learning, and
communicate with peers.
Immediate response: Most e-learning programs provide immediate feedbacks on learner
assessments. Similarly there are features such as chat, discussion boards, e-libraries, etc that
allow clarifications at a faster pace than in traditional classrooms.
Self-paced: Learners can chart courses at their own pace. This ensures higher levels of
motivation both in terms of completing the course as well as in performance.
Greater access: Technological advancements have opened education to learners with learning
disabilities and in remote locations.
Benefits of Technology in Healthcare:

The marriage between medicine and technology has reshaped healthcare and revolutionized
the medical profession. Some of the major benefits are:

Secure environment: Technology allows physicians and patients to interact in a secure and
comfortable environment to discuss sensitive issues.
Flexibility: Physicians can answer routine and less critical queries at a convenient time.
Cost- and time-saving: Physicians can follow-up, provide advice, and re-direct patients to
resources on the Internet. This saves cost and time by reducing office visits.
Medical devices: Medical aids allow patients to continue recovery at home reducing their
hospital stay.
Vulnerable population: Technology aids the very young, elderly, and patients with complex birth
defects, chronic illnesses, and disabled children by alleviating their problems so that they can
continue living in their homes.
Benefits of Technology in Society:

Today technology pervades almost all aspects of our daily life from shopping, banking, making
travel arrangements to university admissions. Some of the benefits are:
Convenience: Provides a great deal of convenience in expediting personal and business
transactions be it shopping, banking, or simply paying bills.
Speed: From sending gifts to making payments everything gets a done with a few clicks.
Communication: The world is a smaller place and technology allows everyone to keep in touch
with their families and friends at a more affordable cost.
Accuracy: Technology has reduced errors in mundane and monotonous chores, saving time
and cost.
Development: Technology has brought about development in many fields such as medicine,
government, business, education, etc.

Technology has evolved and transformed our lives and society. Overall, it has brought about
tremendous growth and benefit to mankind.