Understanding the impact of technology on business

Business News | 4 Nov, 2018 |

There’s no denying that we live in the age of technology. No matter what industry or aspect of life today we look at, technology influences it in some way or another.

It’s changed the way we look at and do everything, especially in business.

What is the true impact of technology on business? Is it helping us or hurting us in the long run?

Read on to find out the good, the bad and the ugly associated with the impact of technology on business today.

The Good Impact of Technology on Business

One of the greatest benefits of technology is convenience. We can now shop while sitting at home in our underwear, while driving, or anywhere else we choose.

Information is just a click away. People have instant access to everything they could possibly want to know.

Businesses can reach potential customers around the globe, no matter how big or small their operation is.

Helps Businesses Be Competitive

Technology can help small businesses compete with multi-million dollar corporations without anyone realizing just how small the company is.

Everything is faster and easier to access because of technology.

Anyone with an Internet connection can have tools like the best roboadvisors at their fingertips.

Education, financial advice, e-commerce tools, and security software help companies flourish and keep their customers engaged.

Technology Increases Productivity

Technology can improve productivity, whether you have one or thousands of employees.

AI (Artificial Intelligence) allows companies to look like they have an entire team working to satisfy customers. It saves on overhead costs and expands business capabilities.

Teams can interact in real time from anywhere in the world. This allows for greater flexibility, giving more people the opportunity to work remotely. In fact, 70 percent of individuals now work remotely at least once a week.

The Bad Impact of Technology on Business

One of the biggest complaints about technology’s impact on business is the lack of human interaction. It’s more difficult to build a loyal and trusting relationship with clients and business contacts when you may never meet them face to face.

A company can have clients for decades without ever actually interacting with them. The personal touch is much harder when competing with millions of other websites for a customer’s loyalty.

Many aspects of a business are made easier with every technological advancement. This also means that there are upgrades, software, training, and other expenses attached.

The Ugly Impact of Technology

It’s easier for something to go wrong, information to be stolen, and your business to be compromised through technology.

Many municipalities and businesses have had their entire operation held hostage by hackers wanting to ruin them.

Security is harder to manage when you don’t know that you’re being attacked. Before the Internet, businesses would hire a security guard or install security cameras in offices to protect them from being robbed.

Sure, you can always hire security experts to protect your online business. The problem is that as technology becomes more sophisticated, so do thieves and hackers. Most companies don’t even develop a recovery plan until after a data breach, malware, viruses, or other harm occurs.

Make Technology Work for You

The impact of technology on business can be good, bad, and ugly. There’s no doubt that technology will continue to be a part of the business world with every advancement made.

Your business can have success beyond your wildest dreams if you embrace and understand all that technology has to offer you.

For more resources and tips for business and life, check out the rest of our articles today!

 

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