Impact of Technology on Business

Topics: Bank, Online banking, Banking Pages: 7 (2296 words) Published: February 18, 2012
Impact of Technology On Business

Q) What is the impact of technology on business? Explain with the suitable example of financial service sector. Ans) Introduction
Technology affects almost every aspect of our lives. Just look around you and you'll see how wired we are. Thanks to the Internet, virtually anything you desire can be delivered to your door in a matter of days. You can even trade stocks or file taxes online. But as much as our personal lives have changed, the business world has revolutionized almost beyond recognition in the past few decades. Technology and the advances in communication and information technology have changed the face and the pace of business. As communication and information travels faster and faster, the world seems smaller and smaller, and this has large implications for the way we conduct business. Storing important in files on a computer rather than in drawers, for instance, has made information easily accessible. Using e-mail allows businesses to communicate and send these files quickly to remote locations outside of an office. Wireless Internet, Video Conferencing and BlackBerries have made it easy to work from home or for that matter, from the beach. The fact that it's easy to work from the home compels people to do so. In this way, technology has made life easier. So, exactly how has technology changed the way we do business? In countless ways, but we'll highlight the major ones as under. Effects of Technology on Business

Businesses have been at the forefront of technology for ages. Whatever can speed production will draw in more business. As computers emerged in the 20th century, they promised a new age of information technology. But in order to reap the benefits, businesses needed to adapt and change their infrastructure. For example, American Airlines started using a computerized flight booking system, and Bank of America took on an automated check-processing system. Obviously, now most business is conducted over personal computers or communication devices. Computers offer companies a way to organize dense databases, personal schedules and various other forms of essential information. As information travels faster and faster and more reliably, barriers of distance disappear, and businesses are realizing how easy it is to outsource jobs overseas. Outsourcing refers to the practice of hiring employees who work outside the company or remotely and even halfway across the world. Companies can outsource duties such as computer programming and telephone customer service. Another technology that's starting to revolutionize business is actually not very new -- it's just cheaper these days. Radio frequency identification (RFID) technology is infiltrating and changing business significantly in a few ways. Microchips that store information (such as a number equivalent of a barcode and even an up-to-date history of the chip's travels) can be attached to product, and this helps companies keep track of their inventory. Handheld devices like BlackBerries have become wildly popular for businesses because they let users check and send email from anywhere, and browse the Internet. 5 Ways Technology Has Changed the Way We Do Business

In technology, it’s not about the last 10 years. It’s about the last 3 years. In the past 3 years, the rate of change in regards to technology has increased drastically. Businesses processes have changed and made organizations more efficient. At the same time, technology has opened lines of communication, allowing businesses to communicate and collaborate beyond borders with ease. 1. Technology has made business faster

It is undeniable that technology has made business move much faster than before. Personal computers and the Internet have revolutionized the way we work. E-mail interactions have replaced memos, phone calls, and faxes. Smartphones can connect you with your entire business network while you are out of the office, allowing you to respond quickly....
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