Effect of Technology on Global Business
Information, communication and computer technology have already changed the business world in several ways. Laptops and mobile devices offer more constant and efficient methods of communication that aid businesses in improving their networking skills in a global market, and new software and advanced applications help companies improve the way they conduct their research and develop their products and services.
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Accessibility
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Communication and mobile technology has introduced mobile devices like tablet computers and PDAs to the workforce, enabling employees to conference and chat with peers and customers anywhere in the world instantly. With a drastic increase in both the frequency and speed in which businesses can communicate and receive feedback from customers, contact peers and learn more about their competitors around the world, companies have become more accessible than ever.
Application
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Many businesses have maintained websites for years and more continue to join, aware that this technology increases global awareness of their existence. Now, more companies are also utilizing more recent advances in social networking technology by creating profiles on websites like Facebook, LinkedIn and Twitter. These tools help them share industry-related news and stay in direct and constant contact with their clients. Thanks to the interactive technology these websites provide, businesses receive immediate feedback from customers, increasing the speed of their research and development.
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Benefits
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Faster development plays a key role in staying on top of the competition, particularly in an increasingly global business world. Communication technology allows companies to utilize video conferences and create "mobile offices," which help to create a more equal opportunity for employers and employees because jobs that were once tied down to location are now open to a wider selection of potential workers. In addition, small businesses have the same access to the large pool of customers as big businesses if they develop an online presence.
Potential
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Because all forms of technology are advancing consistently, the global business world also continues to advance. New developments in advanced multi-media applications and software are constantly allowing companies new tools and methods with which to develop the effectiveness of their products and the quality of their services.
Expert Insight
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According to a study by the Center for Information Systems Research at the Massachusetts Institute of Technology, the three specific perspectives in which technology can be viewed in regard to the business world are those of improving a business, surpassing competitors and deciding whether or not to enter a specific business industry.
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References
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- Photo Credit business colleagues preparing for business meeting image by Vladimir Melnik from Fotolia.com
