Technology has shown vast changes in the lifestyle of mankind over the many years. It has contributed to a lot of revolutionary ideas and changes in the structuring and functioning of society. It has made its presence felt in every area of human existence. Therefore its contribution to the world of commerce is no less. Economy forms the major backbone of any society. So, the emergence of technology in the field of business automatically affects the whole dynamic structure of the entire civilization.
The impact of technology is huge on the competitiveness among the different business industries. Companies are undergoing major transformations in their organizational and working aspects. It has become an integral part of their working methods. Today companies have made it necessary to have a completely computerized office where every little organizational aspect is taken care of using gadgets like computers and other machines. Moreover, the internet allows companies to expand its wings from a local or national forum to that of an international one. Thus globalization of business empires is possible due to technology. Businesses that are dispersed all over the world depend on communication technology to stay in touch with one another.
Emails and video conferencing has almost become an important feature of business communication today. These allow businesses to gain access to a wider market without losing out on their traditional operating areas. Increased productivity is an added advantage to business transactions as employees have easy access to the internet which increases their efficiency. Technology has facilitated team networking to ensure proper achievement of company goals by the employees. In the field of manufacturing, machines have enhanced the production of goods. Mechanization of most industries ensures quality goods at a faster rate. This reduces the pressure on traditional methods of working that needed high manpower resources s technology has taken over most factories. The impact of technology is slowly making its mark on business.
Customer care and ensuring customer satisfaction has also gained emphasis as employees are provided with data analysis and reports of the functioning administrative system, which points out regions for scope of improvement to better the prospects of that company. A lot of softwares today assist in brainstorming and troubleshooting any organizational glitches in the company. Electronic mobility which was introduced by advancing technology has changed the face of commerce. Marketing strategies today are being planned on the basis of technological help that they can access. Telecommuting has worked wonders to raise sales of various businesses and has made collaborations and sharing of resources with other organizations easily possible over the years.
Despite the very commendable innovations technology has brought into the world of commerce, it has its drawbacks in the form of encouraging crime. The whole idea of businesses going online has increased cyber crime, like hacking and internet fraud. Embezzlement of large funds is possible through high end technology in itself which is a major negative impact of technology on commerce. Also sharp increase in the competitiveness in the market due to impact of technology can sometimes be very fatal to society.
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