Scientific invention and innovation in technology has affected modern global business environments.
Technology development can be traced from the 20th century but in the few years of 21st century. The world has drastically adopted more accustomed technologies. With the developed of computers, there was the internet that has connected the world to a global village. Business trends have been affected by the internet positively and negatively. This paper discusses how technology has affected global businesses.
With technology, there is facilitated effective communication within business and outside a business. An organization can develop effective communication methods through the adoption of modern communication systems. With good communication within an organization, then a company enjoys a better flow of information, with flow of information orchestrate teams are developed. Intranet has been used as form of transacting internal business information and facilitating accountability. With the internet, has been used to share information across borders a factor that has facilitated adoption of better business systems and strategies.
When information is shared across borders, a company learns what other countries are doing thus it can polish its processes further.
Technology has made business faster and offers far reaching solutions
With technology, making a business transition is on a click of button, businesses in different parts of the globe can make business transition sitting in the comfort of their offices; the enabled business management process is cheaper than traditional business where a trader needed to physically be available when making a business transition. Costs incurred in production of goods and services have a negative effect on profits a company enjoys; when there are reduced costs, then a company gets higher returns from business transitions. The creation of virtual teams offers relevant information from different part of the world and from experts for strategic decision making.
Technology has flattened the marketplace
With technology and the internet particularly, trade among countries has been facilitated; when countries trade amongst each other, they increase the market base of their locally made products. An increased demand for goods and services leads to efficiency in resource management and have increased markets for goods. The market place has been flattened since companies do not need to transport their goods to foreign markets to display them for selling purposes they only need to have a website where they advertise their goods.
The cost of running a website is relatively the same so no company stands to benefit than the other. With technology a company can build its brand name easily and differentiate its products.
Technology in business encourages innovation
Technology facilitates innovation directly and indirectly; with the technology, companies aim at developing better means of conducting business since they have the system set in place; they can built on the system for better methods of solving their problems. Other than innovating on business products and processes, the internet has offered a platform where companies can communicate with their clients and get their feedbacks on particular issue. Customer feedback is vital for decision making and development of strategic policies to improve customer experiences.