Impact of technology on business

Why it is important to understand the impact of technology on business

Technology is our most favorite word. We love to talk about our latest smartphones and cars. However, technology is more than what we can see or experience and its impact is much more than what the latest models of refrigerators or mobile phones show. Just look at the music industry to understand how technology can affect business. From music cassettes to compact discs to iPod and now pen drive – the music industry faced huge upheavals just because of technological innovations. This is true for other industries too.

How technological change affects business

To answer this question, first we have to understand what technology is. We can define technology as the art of making things and it comes from application of knowledge. As our knowledge about making products increases, technology changes and we actually improve the products. Ever since internet came in, the print media, radio and television faced the heat. Today, newspapers and books are getting redundant just because we have got a better way to read them in our handheld gadgets.

Over the last ten years, businesses have witnessed maximum changes due to technological progress. The explosion in the use of internet and mobile technology has played a major role behind this change. In fact, some business experts at our Myland Business Institute opine that this is just the beginning.

What we are witnessing is just a part of the possibility of mobile technology. It has already started picking pace and once it goes with full throttle, you just don’t know how many it will slay. Just get ready to see more and more brands breathing their last as they could not stand the test of time.

However, there are other positive changes also. Internet and mobile technology has redefined shopping. Consumer has emerged more powerful in this battle. Even small businesses are gaining as they can utilize technology in a better way.

Most markets now see entry of new players everyday and technological advancements have reduced the barrier to entry. A small home grown web hosting company can now compete with big daddies just because it has technological advantage.

Similarly, local players are increasingly appearing on global fields with their specialized products. All that matters is now customer satisfaction. With increase in use of internet, the cost of operating a business has reduced. Automation is on the rise which is a big boon to the big companies.

From agriculture to nuclear science, there is not a single industry which has been left unchanged by technology. At Myland Business Institute, we try to give our students a complete view of the changes that are sweeping the market and be aware of it advantages so that they can reap the benefits too.

For more information about the qualities of Impact of technology on business or entire business courses in the Myland Business Institute, please, contact us.

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