It wouldn’t be wrong to say that technology has an effect on absolutely everything today. Whether it be our daily commute, how we entertain ourselves in our free time, what we eat, how we communicate, and just about anything else, technology plays a role, big or small. When talking about technology’s effect on business, things aren’t any different. Technology has affected business in more than a few ways, both positive and negative. On one hand, technology has facilitated business growth and advancement, and provided startups to form and grow with limited resources. On the other, the rapid technological change and advancements are also some of the biggest challenges faced by businesses today.
As mentioned above, technological change happens fast, and businesses have to adapt accordingly. This is the reason why keeping up with the latest technological trends and happenings is both necessary, and a challenge for businesses today. Startups up to date on the latest technologies have managed to be successful overnight due to this very reason. Companies that have existed for years that failed to update and innovate themselves lost all their customers to new players in the market and had to close down as a result.
Technology has made it extremely easy and affordable to start a business today. Limited resources and a limited budget are no longer a problem today. Smaller businesses have gained a much-needed boost when competing in large markets against larger competitors. As a result, we see more startups and new businesses than ever. This means that older and more well-established companies have increased competition, healthy for everyone involved. The businesses strive to innovate and be the best while the customers get quality products and services as well as more options to choose from.
Lower Operation Costs
Businesses small and large alike can use technology to reduce business running costs. Technology has made a lot that used to be expensive, cheaper. Enterprise software enables firms to automate many of their recurring and back office functions like record keeping, accounting, payroll, billing, etc. Mobile technology and applications have enabled offices and field representatives to interact in real time. Additionally, cloud applications enable users to carry their office with them by logging into their accounts through any device at any time and from anywhere. Convenience, speed and that too at affordable costs are somethings that have only been achieved due to the advancements in technology.
Communication is faster, better, and significantly cheaper than it once was for everyone today. This has benefitted businesses as well allowing them to communicate through more than just text or voice media to their clients, customers, workforce, etc.
Advancement in technology also comes with advanced threats. The more we let computers and digital devices into our lives, the more we have to be careful about data privacy and protection against cybercrime. For businesses, protecting the data of their customers is extremely important. Cybercrime activities have also advanced to dangerous levels, requiring even small businesses to be vigilant and serious about cybersecurity.