Impact of Technology on Business (2024)

Technology has revolutionized business as we know it, and companies across numerous industries are looking to harness it to improve their workforce, build brand recognition and bolster the bottom line. Some areas in which technology has transformed businesses include accounting, data collection, sales and digital promotion.

Let’s take a look at some specific ways in which technology has influenced businesses:

Globalization

Information technology has enabled businesses to attain a greater reach. Now more than ever, it’s easier for companies to do business across the world. Emails, text, instant messaging, websites and applications have made global communication quicker and more effective than ever.

Collaboration and Access

Businesses have advanced internal communications quite a bit as well, making it possible for employees at many companies to work from home throughout the coronavirus pandemic. Communication networks enable managers to access and share data within their department as well as throughout their organization. Businesses have relied on advanced collaboration tools to complete work that usually only occurred in person.

Storage

The thought of organizing and storing paperwork makes most employees cringe. Fortunately, much data is stored electronically now, making it easier for retrieval when the information is needed.

More organizations use cloud storage to supplement their facilities, which is made possible by cloud storage. Users can remotely upload and view content, store and retrieve data as needed. This is a much more convenient way for organizations to access information. Now instead of purchasing internal servers, hard drives and thumb drives, you can access information almost anywhere.

Cybersecurity

Every organization has information that they want to be protected from competitors, hackers and others trying to damage the company, which is why cybersecurity is a major priority for businesses.

Virtual storage systems or cloud computing systems make information accessible for all within an organization, and cybersecurity protects this information. Cybersecurity professionals are continually working to update systems to keep the information safe from unwanted intrusion.

Support

Technology makes it possible for businesses to support external customer service efforts as well as help individuals within the organization. There are hundreds of platforms that streamline the workflow but also facilitate the work process. Getting feedback is also easier since communication is also more straightforward.

For example, IT help desk departments have streamlined their work thanks to ticketing systems that provide timely and accurate information. The remote work boom during COVID-19 has demonstrated that not only can employees work remotely, but that technology support is capable of dealing with just about any technical issues that may arise.

Mobile Technology

Thanks to mobile technology, it has truly become easier to take your work anywhere. If you don’t have a laptop or pad at your disposal, it is now possible to use your phone to complete your work. Mobile technology has picked up momentum owing to its convenience, efficiency, and speed. You can have your work with you in your back pocket!

The trend of BYOD (Bring Your Device) is on the rise at many organizations, where employees can bring technology that they use at home. Some of the benefits include:

  • Improvement in productivity
  • Boost in employee satisfaction
  • Lower enterprise costs
  • A perk that could attract prospective employers

Technology has driven a lot of advanced processes in many businesses. As technology becomes even more advanced, its role with businesses will continue to grow.

* Bureau of Labor Statistics (BLS), U.S. Department of Labor, Occupational Outlook Handbook 2022. BLS estimates do not represent entry-level wages and/or salaries. Multiple factors, including prior experience, age, geography market in which you want to work and degree field, will affect career outcomes and earnings. Herzing neither represents that its graduates will earn the average salaries calculated by BLS for a particular job nor guarantees that graduation from its program will result in a job, promotion, salary increase or other career growth.

Impact of Technology on Business (2024)

FAQs

What are the impacts of technology on business? ›

Enhanced productivity and efficiency are hallmarks of modern business operations, thanks to sophisticated automation tools and software, showcasing the impact of technology on business. These technologies have revolutionized traditional workflows, significantly reducing the time and resources needed for routine tasks.

What is the impact of technology on business essay? ›

The communication aspect of technology has also enabled businesses to utilize the local and international business environment by outsourcing their functions. This has helped businesses in concentrating on their core business leading to reduced costs, more productivity and more profitability in the long run.

How do you start a technology speech? ›

Speech on Technology
  1. We are in a generation, where technology has surrounded us from all sides. ...
  2. A warm welcome to everyone gathered here today. ...
  3. Technology comes in the form of tangible and intangible properties by exerting physical and mental force to achieve something that adds value.

How technology will change the way business is run? ›

Artificial intelligence and machine learning

AI allows machines to learn how to do things on their own without being explicitly programmed, which can have an enormous impact on the way we do business. Tasks can be automated to help improve the customer experience and increase data research.

What type of technology has the greatest impact on business? ›

Artificial Intelligence (AI) has been one of the most significant advances in business technology in recent years. AI systems can learn and adapt, making them practical tools for businesses seeking a competitive edge.

What is the impact of technology? ›

The positive impacts experienced are extended lifespans, increased productivity, better access to information, and time-saving. The negative impacts include low communication between people, less personal time, and the spread of misinformation. Technology also has positive and negative environmental effects.

How does technology affect business and why? ›

Efficiency

Technology helps increase the efficiency of systems, products and services. It helps track and streamline processes, maintain data flow and manage contacts and employee records. In fact, this increased efficiency in operation helps reduce costs as well as enable the business to grow rapidly.

How technology has positively impacted business? ›

The effectiveness of systems, goods, and services is improved through technology. Maintaining data flow, managing contacts, and streamlining operations are all made easier by this. Actually, the business is able to grow quickly and cut costs because of this improved operational efficiency.

What are the negative impacts of technology on business? ›

The positive effects include improved efficiency, enhanced communication, global reach, customer experience, and collaboration. However, companies must also be aware of the negative impacts, including job displacement, increased competition, security risks, cost, and over-reliance on technology.

What is a short paragraph about technology? ›

Technology is a necessity of the modern lifestyle. Every day there are new ideas and advancements in the technology as the world becomes more involved in discovering and utilizing the potential of natural resources. Technology has improved human lives significantly by providing convenience and efficiency.

What is technology 10 lines? ›

Technology is the study of scientific knowledge in order to create tools and processes that may be used to change the world by increasing efficiency in nearly every aspect of our lives. Technology has made our lives easier, and all human beings have become entirely dependent on technology.

How important is technology in our life? ›

Technology is an essential part of our daily lives, and no one can do without it. Communication technologies, the Internet, smart phones, applications, smart devices, computers and many other tools have contributed to changing the way we live and made the world more connected and cooperative.

What would businesses be like without technology? ›

Here are a few reasons why businesses without technology may struggle: Operational Efficiency: Technology can automate repetitive tasks, streamline processes, and improve efficiency. Without technology, businesses may have to rely on manual methods, which can be time-consuming, error-prone, and inefficient.

How technology is the future of business? ›

The role of technology will have an even more profound impact on business in the future. Automation and digitisation will continue to surge, further streamlining processes and diminishing human error which further enhances operational efficiency.

How does the technology create value for businesses? ›

One example of how technology can be used effectively and efficiently to create value for customers is through the use of personalization. Companies can use technology such as artificial intelligence (AI) and machine learning (ML) to analyze customer data and create personalized experiences for customers.

What are the positive and negative impacts of technology on business? ›

The positive effects include improved efficiency, enhanced communication, global reach, customer experience, and collaboration. However, companies must also be aware of the negative impacts, including job displacement, increased competition, security risks, cost, and over-reliance on technology.

What are the positive and negative impacts of technology on business activities? ›

On one hand, this transformation from traditional to automated systems has yielded a plethora of positive outcomes – such as increased productivity and convenience. On the other hand, it's also created negative ramifications for businesses, ranging from security threats to financial instability.

What is the future impact of technology on business? ›

The role of technology will have an even more profound impact on business in the future. Automation and digitisation will continue to surge, further streamlining processes and diminishing human error which further enhances operational efficiency.

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