How Has Technology Changed the Way We Conduct Business?

Posted on Aug 11 2014 - 10:29am by Editor

The era of technology has completely transformed every aspect of our lives personally, professionally and socially.

The impact of technology has led to a revolution in the business world significantly altering the way business is conducted. Use of computers, wireless devices, Wifi available at every corner and a multitude of applications and services all contribute to a world that is in constant motion where information can be shared easily and quickly throughout, making the world a much smaller and more accessible place.

Internet and computer

The list of what impacts technology has had on businesses can be a very long one so here is a brief rundown of some of the more important points:

1. Internet 

A combination of both Internet and computer has literally changed the world completely. If you have access to both these technologies, there is nothing you can’t do. The Internet has impacted every kind of business imaginable:

  • Flights, holidays, cars, and hotels can all be booked online;
  • Online signatures;
  • All companies have websites;
  • Banks have become more automated and offer online banking and online support;
  • You can buy, sell and trade stocks online;
  • The Internet has facilitated the process of starting up a business online and for many start up companies that’s the first step, they only choose to expand to physical offices if they do well online while others opt to remain online businesses for good;
  • Looking to take some courses at work or for school? The Internet eliminates the need for classroom trainings. All sorts of tutorials and courses are available online.
  • A huge part of advertising is done online through social media and online marketing. Online digital services and quality printing services such as are great for printing booklets, brochures, manuals and other promotional items. They are both fast and cost effective.


2. Invention of the Computer 

Try to picture a life without one (if you can). How lost would you be if you didn’t have access to a computer at some point during your day?

Aside from using computers to actually conduct your work on a daily basis, computers have also allowed things to become automated.

It has also allowed businesses to outsource whole divisions such as customer service or ordering services to other countries or cities. By outsourcing companies are able to cut back anywhere from 30% to 70% of their actual costs.

An added benefit to this is that outsourcing helps to provide employment in developing countries to people who might otherwise be unemployed. It’s a win-win situation for everyone involved.

3. Wireless Devices

By using smartphones, laptops, tablets, blackberries people are constantly available. Conducting business is no longer restricted to a specific time frame, opportunities can be sought and deals can be struck at any time of the day or night with lighting speed.

It has also become possible to have virtual offices with the help of all these wireless tools. Many people who have businesses work from home and use applications like Basecamp or Dropbox or Cloud to manage their virtual offices at home or even globally.

4. RFID Technology

Companies can tag their products with these microchips that store information allowing them to keep tabs and control their inventory and supply.

There’s a buzz that RFID tags might even be used in grocery stores where your shopping cart will keep track of what you put in it. Say goodbye to waiting in long lines!

5. E-Commerce 

Technology has had a huge impact on:

  • Online only businesses;
  • Facilitated online shopping and selling;
  • It’s changed the music industry, which is good for Itunes but bad for music stores;
  • It’s allowed companies to take their business to the international market easily and efficiently

As you can see technology is all around you and if you spend a few minutes just carefully looking around you’ll see how much of what you do is impacted because of technology.

Observe your actions at work, how is your own business environment changed with technology?