The Advantages of Technology in the Business World

Technology has many advantages in the business world.

The technologies that have emerged in the past 20 to 30 years have affected how businesses operate, including who they operate with. Technology has provided businesses with new challenges, but overwhelmingly it has benefited the business world.

Productivity

Various technologies have boosted productivity across all business types. An April 17, 2000, "InformationWeek" article points this out by noting that Weirton Steel was able to produce more steel than it did in 1995, with half the employees, thanks to technology, Chase was able to triple its customer call volume while keeping staff levels stable, and KIAH Inc. cut its mortgage application approval process from four to 10 minutes. Of 300 companies surveyed, 80% of companies said their output or worker productivity was at an all-time high in the year 2000. Improved productivity leads to better customer service and a higher product quality.

Data storage

Image processing and similar technologies have allowed credit card companies, banks, hospitals, utilities, airlines and insurers the ability to store and access mountains of data previously on paper. Large corporations used to have entire warehouses devoted to storing papers and employees to deal with paperwork that is now all automated. This easy access to data has also allowed companies to find more precise subdivisions that their customers belonged to and target them with customized advertising.

Growth

An April 9, 2003, article in the UK's "Telegraph" pointed out that businesses using broadband were growing at twice the rate of other companies. Technology allows businesses to expand their offering from brick-and-mortar sales to e-commerce and from national or regional sales to international sales. E-mail enhances a businesses relationship with their customers, allowing them more access and quicker results.

Globalization

The Internet, e-mail and videoconferencing are just some of the technologies that allow companies to work with anyone, anywhere in the world. Data and money can be transmitted in real time, allowing businesses to be able to operate on a larger scale.

References

• InformationWeek: Productivity: IT all adds up
• New York Times: American Express goes high-tech
• The Telegraph: Get into e-vangelism