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Impacts of Technology On Business Chicago Pracice

This document discusses the various ways that technology impacts business. Technology provides benefits like improved cybersecurity, customer support, communication, efficiency and productivity. It also allows for globalization through online platforms and e-commerce. Data analytics provides insights. Costs are reduced through cloud computing and remote work. Competition and innovation are enabled.

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kevinkipkirui89
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11 views4 pages

Impacts of Technology On Business Chicago Pracice

This document discusses the various ways that technology impacts business. Technology provides benefits like improved cybersecurity, customer support, communication, efficiency and productivity. It also allows for globalization through online platforms and e-commerce. Data analytics provides insights. Costs are reduced through cloud computing and remote work. Competition and innovation are enabled.

Uploaded by

kevinkipkirui89
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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IMPACTS OF TECHNOLOGY ON BUSINESS

Student’s name

Class

Date
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Impacts of technology on business


Introduction

Technology is the application of scientific knowledge for practical purpose and problem

solving. Technology hence has a lot of impacts to various fields. In the field of business for

example, technology has a wide range of function playing hence assisting businesses run smooth

and make profits. Technology has a number of fields and application. This fields include;

information technology, computer science, electronics and electrical engineering, aerospace and

aviation, healthcare technology, robotics and automation, material science and other fields. In

this case, technology help this fields to run smoothly. Hence technology also has influenced the

field of business in a number of ways.

Cybersecurity helps every business organization to information from being known by

other competitors, hackers, and any kind of damage. Storage systems or cloud computing system

make information accessible for all within an organization and cyber security protects this

information. Technology also offers support. Technology helps external customer service effort

and help individuals in the organization in their tasks1. It provides room for ease communication

as feedback is delivered at a short time hence the communication is straightforward. In case of

any technical issues technical support is capable of working on it. Also impacts on efficiency and

productivity in that technology ease the operation automates tasks and enhances productivity

therefore less time is needed to pursue tasks.

1
Frizzo-Barker, Julie, Peter A. Chow-White, Philippa R. Adams, Jennifer Mentanko, Dung Ha,

and Sandy Green. "Blockchain as a disruptive technology for business: A systematic review." International

Journal of Information Management 51 (2020): 102029.


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Globalization is another impact on the business. Due to the existence of global markets,

businesses reaches out to global market as technology facilitates that. Online platforms and E-

commerce has created opportunities for cross-border trade. This helps many businesses thrive

and make profits. Also in data analytics that technology has stepped in business, that advanced

analytic tools allows business to gain insights from vast amount of data. This helps in market

prediction trends, making decisions, and understanding customer behavior. Cost reduction

through cloud computing and virtualization reduces infrastructure costs. Working in remote and

telecommuting reduces overhead costs.

Market access is met on online marketplaces and digital advertisement provide contact

with the new customers hence reducing physical storefronts. This too reduces the cost of

transport. Environmental technology impact is met through energy- efficient practices that

reduces physical footmark2. Technology also regulates challenges leading to legal ethical

dilemmas for business. Also technology allows for competition as advancement in technology

ensures continuity of the business as competitive and flourishing. Supply chain management

reduces inefficiencies and ensuring delivery on time. It also progresses supply chain

perceptibility and coordination. Innovation also enable business to create new products, services,

and new models. Technology hence impact business in those above ways.

Bibliography
2
Weking, Jörg, Michael Mandalenakis, Andreas Hein, Sebastian Hermes, Markus Böhm, and Helmut
Krcmar. "The impact of blockchain technology on business models–a taxonomy and archetypal
patterns." Electronic Markets 30 (2020): 285-305
4

Frizzo-Barker, Julie, Peter A. Chow-White, Philippa R. Adams, Jennifer Mentanko, Dung Ha,

and Sandy Green. "Blockchain as a disruptive technology for business: A systematic

review." International Journal of Information Management 51 (2020): 102029.

Weking, Jörg, Michael Mandalenakis, Andreas Hein, Sebastian Hermes, Markus Böhm, and

Helmut Krcmar. "The impact of blockchain technology on business models–a taxonomy

and archetypal patterns." Electronic Markets 30 (2020): 285-305.

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