Impact of Technology on Business
Impact of Technology On Business
Q) What is the impact of technology on business? Explain with the suitable example of financial service sector.
Ans) Introduction
Technology affects almost every aspect of our lives. Just look around you and you'll see how wired we are. Thanks to the Internet, virtually anything you desire can be delivered to your door in a matter of days. You can even trade stocks or file taxes online. But as much as our personal lives have changed, the business world has revolutionized almost beyond recognition in the past few decades. Technology and the advances in communication and information technology have changed the face and the pace of business.
As communication and information travels faster and faster, the world seems smaller and smaller, and this has large implications for the way we conduct business. Storing important in files on a computer rather than in drawers, for instance, has made information easily accessible. Using e-mail allows businesses to communicate and send these files quickly to remote locations outside of an office.
Wireless Internet, Video Conferencing and BlackBerries have made it easy to work from home or for that matter, from the beach. The fact that it's easy to work from the home compels people to do so. In this way, technology has made life easier.
So, exactly how has technology changed the way we do business? In countless ways, but we'll highlight the major ones as under.
Effects of Technology on Business
Businesses have been at the forefront of technology for ages. Whatever can speed production will draw in more business. As computers emerged in the 20th century, they promised a new age of information technology. But in order to reap the benefits, businesses needed to adapt and change their infrastructure. For example, American Airlines started using a computerized flight booking system, and Bank of America took on an automated check-processing system.
Obviously, now most business is conducted over
Q) What is the impact of technology on business? Explain with the suitable example of financial service sector.
Ans) Introduction
Technology affects almost every aspect of our lives. Just look around you and you'll see how wired we are. Thanks to the Internet, virtually anything you desire can be delivered to your door in a matter of days. You can even trade stocks or file taxes online. But as much as our personal lives have changed, the business world has revolutionized almost beyond recognition in the past few decades. Technology and the advances in communication and information technology have changed the face and the pace of business.
As communication and information travels faster and faster, the world seems smaller and smaller, and this has large implications for the way we conduct business. Storing important in files on a computer rather than in drawers, for instance, has made information easily accessible. Using e-mail allows businesses to communicate and send these files quickly to remote locations outside of an office.
Wireless Internet, Video Conferencing and BlackBerries have made it easy to work from home or for that matter, from the beach. The fact that it's easy to work from the home compels people to do so. In this way, technology has made life easier.
So, exactly how has technology changed the way we do business? In countless ways, but we'll highlight the major ones as under.
Effects of Technology on Business
Businesses have been at the forefront of technology for ages. Whatever can speed production will draw in more business. As computers emerged in the 20th century, they promised a new age of information technology. But in order to reap the benefits, businesses needed to adapt and change their infrastructure. For example, American Airlines started using a computerized flight booking system, and Bank of America took on an automated check-processing system.
Obviously, now most business is conducted over