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Want to grow your business beyond your imaginations? Here you go, technology made it all easy by its never-ending contributions in the business world.
Technology has now become a crucial part of business innovation and management and is the need of every business in today’s world.
The positive and negative impacts of technology on business are almost staggering due to the reason that it has reshaped business management in both positive and negative ways.
A successful business needs efficiency and time management which is possible only through technology.
The growth of a business and its efficiency can be determined by the technological approach and the utility of technological advancements of that business organization.
Technology provided help in a variety of ways like planning business strategy and increased output. The need for technology in businesses will grow more in the future because of competition, customer relationships, and as a basic tool for management.
Computer technology and the internet changed the system of business work. Technology is both favorable and unfavorable for the business environment. Let’s have a look at how these favorable and unfavorable situations and their impact on business.
So stay stick to this article, we will be having a detailed discussion at both the positive and negative impacts of technology on business.
Positive and Negative Impacts of Technology on Business:
Businesses use technological advancements to grow their business and use technology to expand their ability and potential to take their business to a newer level of success.
Technology has created a new culture for business and is having ample and countless benefits for the business owners, employees, as well as customers at the same time, and all of them can be termed as the positive impacts of technology on business.
However, different concerns were also raised which are due to the vulnerabilities, ability of technology to get exploited for doing something wrong.
The misuse of technology in the business environment is a threat and hence is termed as the negative impacts of technology on business.
Now let’s have a comprehensive look at both the positive and negative impacts of technology on business one by one.
The Positive Impacts of Technology on Business:
Technology has shown a massive development in the field of business. The use of technology made the business processes fast and efficient which in turn shows the quality and productive outcomes.
Let’s have a comprehensive view of the positive impacts of technology on business;
Technology in managing time and resources of a business:
Managing your time and resources is often the most difficult task. Every small business has to make sure that they are properly utilizing their time and resources or not because this is the first and foremost towards the success of any business.
Technology has provided ease to manage the business. Employees can easily share the progress and report of their work in different software that is specifically created for business.
Technology provided a good grasp and control over the business. Excellent communication is an important factor in doing business. It was a very slow process before the advent of technology that required time and resources.
Technology is helping businesses in establishing simple communications. Businesses are saving time and resources by the use of the latest technologies.
Below are a few major examples of how efficient communication takes place in businesses by using technological advancements:
It is a method in which different business employees sitting at different places can arrange call meetings and share important information or solution to a business problem. Which would otherwise take time and cost money to arrange a meeting?
messaging is the simplest and instant source of communication in a busy work environment. Different people in a business can instantly share work progress or stay connected for assigning tasks or other works.
Emails like messages, an email is also a text form of communication we can also share pictures and important documents from a distant place instantly. Businesses use email for sharing official documents and instant applications for official work.
Different apps like Skype, WhatsApp, Messenger, etc. are excellent and instant sources of communication. It helps to share ideas and timely responses.
Technology in Growth of business:
Small businesses and enterprises can now easily receive more growth with the latest technologies and digital platforms.
Businesses can flourish from local to international customers due to ease in communication links through the internet. No need to have a big office and a big team to broaden a business.
Here I am going to share some of the most amazing tips and techniques that are almost used by everyone to grow their business:
billions of people around the globe use social media daily. A product or business can be promoted easily on social media websites.
It will help to introduce a business to people around the globe. Social media promotion can be a great help to expand a business.
Consumers search through the internet for the best deals on the internet. A good website with good and simplified content can excellently define business and help in improvement.
mobile apps can be developed for convenient access for customers. Mobile devices are used anytime anywhere by customers.
It helps in categorizing the products and services of the company. It creates customer satisfaction and helps build a good image of a business.
Customer support services:
customer satisfaction is necessary and it is made easier with technology. Customers from any corner of the world can access small franchises or contact the company’s web portals to a complaint or query a problem.
Technology in business payments:
With the advancement in digital technology and apps, transactions and payment processes are now much easier, safe, and without any inconvenience.
Payment can now be done online and the process is much faster in comparison to that of conventional.
A consumer can shop or conduct business deals from the comfort of his/her home. e-wallets encourage a customer to shop nationally as well as internationally via online stores.
Here I am going to list down some of the locals as well as international secure payment methods:
Technology and flow of business information:
Businesses are continuously evolving and the demands of the market keep on changing from time to time.
Internet technology provides the latest information and sources to learn new business and market strategies to avoid losses and to gain more and more benefits from the change.
This flow of information helps to understand the trend, competition, and demands of the target market of every business.
Below are a few examples of the flow of information which is available on the internet for all types of businesses.
- Business descriptions, needs, and services.
- Different projects and bids are advertised online.
- Jobs vacancy and employee recruitment are done online.
- Employees are recruited to companies from different countries for having the desired
- business or work knowledge.
Technology in business record keeping:
Businesses mainly depend on records The conventional method of records keeping was inefficient and laborious.
With the latest computers, electronic record-keeping and tracking are a much easier and convenient process. Large data of businesses and employees can be stored on a single computer.
Here I am going to list down some of the benefits and positive impacts of technology in business record keeping
- Electronic records can be copied very easily with single click
- It can be sent or shared very easily.
- It can be backed up very easily.
- It can be stored in different locations in different files to avoid theft and mishap.
- It can be studied easily.
- It can be edited easily.
- Calculations are done by computers so fewer chances of mistakes.
Technology in business data Analysis:
Business data analytics is a broad and important aspect of businesses. Technology backed up statistical tools, Software, and devices that are available now that accumulate and compile the business data.
Data plays an important role in conducting business. The compiled data is needed to track the progress to achieve goals and analyze business affairs. Business data analytics is a necessity and can not be compensable if data is lost.
Here I am going to list down some impacts of technological advancements that helps businesses to analyze their data efficiently:
- It takes less time to analyze data
- Bring to light the hidden facts of business
- Analysis of cost, production, and employees for better business management
- Better estimates the profit or risk of a business
- Helps to understand the business well
- Helps in making business strategy
- Helps to understand the inputs and outputs of a business
Technology in business Safety and Security:
Safety and security always remain at the top of the priority list. The most positive and useful impact of technology that can satisfy a business owner is the safety and security of his/her business empire that they build by working hard day and night.
Technology helped a lot in securing and saving businesses in different ways. It can be divided into two kinds that are:
It includes all digital technology devices which helped safeguard business property from natural, physical attack and theft. The examples of such devices are:
- Security cameras for securing the business property from theft.
- Fingerprint devices allow only authorized persons to sensitive areas of business property.
- Sensors that alarm in case of fire and emergency to immediately control the situation.
With the latest encryption technology, classified business reports and documents are safeguarded with strong passwords from competitors and other frauds.
It can be safely shared or kept secret on computers. Examples of technology to safety and security of business are:
- Encryption of business data to protect it from unauthorized users.
- Firewall to control traffic on a business website for safety.
- Fingerprint software to open sensitive business data.
- Cloud storage backup provides a storage facility for files to protect them from blunder and loss.
The Negative Impacts of Technology on Business:
The negative impacts of technology regarding businesses are usually in the form of loss in business, social security, and cut down on the progress of employees.
The negative effects of information technology can vary in different businesses and what technology is being used for more or less important work.
Let’s have a detailed discussion at some of the worrying negative impacts of technology on business:
Business dependence on Technology:
Dependency on technology is a huge concern. A variety of digital devices and apps have been developed for remote business operations and to conduct business.
We are using technology so often that we have changed our business habits and it is having negative effects on our business so badly.
Even a small glitch in technology can cut off the process of business. A very good example will be the use of the internet for online shopping.
If there is any issue in the webserver of the online store then it would be cut off from the customers and the business process will stop because of no alternate way of business.
In the modern world, technology is determining the ways for us to live. And we have shaped our lives according to it.
Examples of such dependency are credit cards, cryptocurrency, mobile transactions, and robots for production and processing.
Expanses on new technology:
Modern business relies on technology for multiple purposes. The dependency has reached a point that technology has to be upgraded to keep up with the competition.
Technology evolves continuously with time. Existing technology will outdated and needed upgrades result in a great expense.
There is not only an upgrade that will cost you money but also the maintenance.
Usually, tech tools can not be sustained by local mechanics. The providing company or firms will provide maintenance service at a high cost.
Security risks due to technology:
Businesses depend on the use of computers and digital devices for operations. The dependency on technology has exposed businesses to security risks.
The majority of business deals and transactions are made through computers and the use of the internet.
Any carelessness from employees or workers can expose your business information to your competitors, hackers, or online frauds.
Your business could be just at a click apart from being theft or other cyber attacks
Cyber attackers are always in search of vulnerabilities to attack and fraud you in business. According to a survey in 2016, 32% of businesses are affected by hacking.
The hackers can steal valuable information, passwords, and information on bank accounts that can result in millions of losses. According to a recent survey, hackers in 2011 earned more than $10 billion.
The worst victim of the 2011 hacking was the Sony company. In April 2011, hackers shut down the Sony PlayStation network was shut down by hackers and stole information such as user names, addresses, and credit card information which cost sony $171 million.
Interruptions in the workplace due to technology:
Employees are using technology to increase productivity and efficiency. But this technology is also driving their focus and attention away from work.
As we all surf continuously through the web and social media and we are addicted to using mobile phones for different purposes.
The notification alerts from different social media apps and emails on phones can interrupt in the middle of work and the hours which are assigned for work are spoiled in socializing through apps and emails or text messages which in turn devastate your productivity level.
Employee productivity is negatively affected by these interruptions and can reduce progress.
On average, it is estimated that office workers can have more than 100 emails a day. That many emails can digest a good amount of work time.
Work overload due to technology:
The expanding competition has caused work overload on the employees as well as business owners.
The race of being on top has caused the business employees’ and owners’ health issues because they are connected to the business or work on phones and laptops every time.
This bond of technology and work at any place anywhere has increased the overload of work.
The sufferers can not maintain work and home balance which leads to depression and stress. So instead of making life easy and convenient technology leads to depression and stressful life.
Thus from the above-mentioned impacts of technology on business, it is clear that technology is both beneficial as well as harmful for business growth.
The proper and controlled use of technology makes it favorable for our business and proves beneficial for sure and the uncontrolled use is truly an alarming situation for both business and the person who uses it.
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