Technology is generally defined as the practical application of scientific knowledge in the commercial and industrial field. Have you ever tried to imagine how the business world would function without technology? Everybody will agree that technology is indeed essential for all businesses whether they are small or large. Businesses depend on technology in many ways ranging from research, development, production and even in delivery. Small businesses use computers for their Point of Sales systems and information management systems that contain information on the employee, clients and their accounting. Therefore, technology and business cannot be separated since business needs technology to thrive.
Technology has brought with it several advantages to the business world. It has increased the speeds in which we transact our business operations since with technology manual work is considerably reduced. With the help of the Internet, e-mail interactions have greatly substituted the use of phone calls, memos and faxes. In large scale businesses, Workflows and Automated tasking systems are used to stream line operations adding speeds to interactions and therefore increase productivity.
With phones such as Blackberries and smart phones that enable one to connect and monitor one’s business network, one is no longer required to be at the office at all times. This networking helps one respond quickly to matters that need one’s attention but when he is out of the office.
Technology has enabled people in different geographical locations all over the world to virtually meet, communicate and also seal deals using conference calling, video conferencing and Skype all with the help of the Internet. This way the world is reduced to a global village enhancing variety in business view points, talents and capabilities. This also means that cost in transportation get to be seriously cut down. The Internet has also given businesses the opportunity to enjoy a greater amount of customers since all one needs is a click on the business’s website to purchase an item.
With technology, information is stored with ease eliminating the bulkiness of paperwork. Retrieving this information is easier than if stored on paperwork. It also reduces vulnerability of confidential information by use of security passwords. On security, more advances have been made using the Radio Frequency Identification (RFID) technology where microchips which store information are attached to a product. This technology enables companies to track these products. Other businesses also insert these chips into in humans to enhance security whereby access control readers detect them allowing one entry at the door.