The Effects of Advancement in Computing Technology in Business

Advancements in computing technology have increased the speed at which businesses operate.

The business world is vastly competitive with corporations using every available tool to stay ahead and meet demands before the rest of the pack does. Advancements in computing technology over the years have enabled businesses to use their employees in innovative ways to make on the fly changes to proposals, business models and other documents in an effort to stay current and, more important, relevant in an ever changing world of shifting needs and demand.

Electronic Inventory

Advancements in computing technology have allowed businesses to cut costs by maintaining all electronic inventory systems. Through tracking, inventory and auditing software, businesses are able to control what leaves their facilities more accurately than through just eyes on the ground, which leads to a higher percentage of accurate consumer orders, increased ability to track profit versus cost and allow for a tighter grip on loss prevention.

Instant Communication

The advancement in the computing power of cell phones has created a whole legion of business people attached to their PDAs and smart phones. Email, instant messaging systems and document opening abilities of these portable devices now enable real-time examination of proposals and reports as well as real-time adjustment of the documents allowing for businesses to stay ahead of their competition by tailoring plans to meet partner's/customer's needs on the fly.

Better Business Models

Computing technology has enabled the business world to create three-dimensional business models using computational advancements to predict costs and trends years in advance ensuring (or at least providing enough notice) that their company will be able to implement strategies to stay relevant to the consumer or any entity they may service. Effective business models are essential for larger businesses to acquire investors, operating capital and reassure clients that the job is being handled properly and with great skill.

References

• Tom Taulli: Three Steps to a Sound Business Model
• U.S. Patents: Electronic Inventory