7 Important Impact of Technology on Today’s Business

Introduce to Impact of Technology

As technological advancements take place, new technological devices and systems are being created. New technology has changed the world of business for the good. As the surge of new electronic components is being developed every day, new devices are being produced at a faster pace than before which is bringing revolution in the business world. No matter the size of business, technology is greatly beneficial for every business in today’s world. With the introduction of such technology into business you can make the entire process of doing business easier. Some advantages new technological and information systems in business will be discussed as under:

Easy Maintaining of Customer Records

Through management information system it is easier to keep and maintain customer records. It is also useful in developing closer relationships with the customers that helps keeping in track with customer preferences. When customers are satisfied, they become repeat customers and purchase more. This increases the overall profits of a business.

Close supplier relations

With the use technology you can create close relationships with the suppliers globally, which means that you can be in close contact with your suppliers no matter the geographical distance. This can reduce the costs of doing business as good relations with suppliers can mean lower costs.

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Competitive Advantage

As you know in today’s world everyone in all kinds of industries is thriving for the same thing; being on the top. In the business world people have been competing for centuries. In these times of tough competition, how does one gain an advantage over its competitors? The answer to this might be different to different businesses depending on what kind of industry they operate in. Technology can help a business in achieving a competitive advantage. Technology can help in this regard. Competitive advantage can be gained by:

  • Charging less for superior products. As previously mentioned, maintaining good relations can reduce the costs.
  • Better performance which can also be done using modern technology. Assembly of items especially electronic components to make electric devices is made much easier.
  • Better response to customers and supplier. As mentioned before technology can help you create and maintain close relationships with your customers and suppliers globally.

Improved decision Making

Real time data improve the ability of managers to make decisions. Information system can help store all the relevant data regarding every business activity. The data may be about:

  • Production
  • Selling
  • Customer complaints
  • Organizational problems
  • Employee performance etc.

With the help of information technology and systems managers can easily identify the problem areas that need attention and look for best possible solutions.

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New Products, Services, and business Models

Information systems and technologies enabled firms to create new and innovative products, services, and business models. A business model can be created with ease using modern information systems and technologies. A busines model is pre specified planning in which they determine how to produce certain products, how to deliver them in an effective manner without any damage and how to maximize sales keeping customer satisfaction and concerns in view.

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Operational Excellence

Operational excellence is achieved by improving the efficiency of the organization. Efficiency means maximizing outputs with less possible inputs, it aims at increasing the production level of the company. With the new information systems and technologies, a company can improve its efficiency as well productivity.

Survival

Businesses nowadays need to invest in information systems and technologies because it is one of the basic needs of a business as it is involved in handling of the main business operations. As information systems and technologies provide a wide range of services to any organization. It makes the entire process easier for all the employees. It is required for keeping up with the competitors and there are many state and government regulations and reporting requirements which are basic functions for a business to keep going on. So, investment in information system is a basic need of almost all businesses in today’s modern world.

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Conclusion

Information system and technology are especially important for a business to become successful. It improves quality, productivity, efficiency, performance and brings innovation within the organization. It creates a communication network with the key constituents of the business which has helped to create close relations with customers and suppliers. People rely on modern information system to communicate using variables like, physical devices, information processing instructional procedures, communication channels and data resources. Overall, it has many benefits for businesses to operate in today’s modern world.

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