Answer:
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Explanation:
With more innovation in technology, new businesses are created. With more business, technology comes to the rescue by making things easier. The two exist in something of a symbiotic relationship that ensures they will always coexist.
Business has been around since prehistoric times. It may have begun with nothing more than barter trade, if the history books are to be believed, but it has since morphed into something far more complex, and none of that would have been possible without technology. The major industries of the world would collapse, if the existence and use of information technology were to be snatched suddenly from businesses. That's because most business transactions and operations cannot be conducted in the 21st century without technology.
Technology Is Necessary in Business
Over the years, technology has caused an explosion in commerce and trade. Because of technology, many traditional business models and concepts were revolutionized. Technology gave us the opportunity to see things from a new perspective, and to approach what we were already doing from a new perspective. Technology also gave us greater efficiency for conducting business.
Some of the areas in which technology is crucial to business include point of sales systems, the use of ICT in management, accounting systems, and other complex aspects of every day business activities. Even something as simple as the calculator, which was revolutionary in its time, came about because of technology. It is tough to imagine going back to performing tasks manually. It would take us back about 100 or so years.
Technology as a Source of Support and Security
Technology enables us to automate numerous processes, which thereby increases our productivity. This is possible because it enables us to use fewer resources, thereby enabling us to improve on quality at a low cost and to improve the speed with which we can deliver to customers. In the process, it has become possible to serve even more clients.
Technology also makes it easy to store more information while maintaining the integrity of that information. We are better able to store sensitive and confidential information in a way that makes it less vulnerable to a data breach. The information can be retrieved instantly when needed, and it can be analyzed not only to study past trends but also to forecast the future. In turn, this can help with the decision-making process.
Technology as a Link to the World
Communication is a part of business. So, transportation and processes make business a web of complicated processes that interplay with each other. With technology, it has been possible to globalize business operations. Now, just about anyone can do business practically anywhere, from any room in their house..
Technology has made it possible for businesses to have a wider reach in the world. The best example of this is the internet and the World Wide Web. The internet is now a crucial part of any businesses’ marketing campaign, as it enables the business to attract customers world wide.
Technology, when well-integrated with business, has made life itself worth living. It would be foolish to deny, however, that there are also threats to business brought about by technology. These include malicious activities by activities and organizations, such as hacking. Because of this, it is important for businesses to exercise responsibility when using technology to conduct business. With the good that technology brings, there is some bad that must also be dealt with. All the same, it is something that's worth all of the baggage, and we must acknowledge and responsibly utilize it to make our businesses better.
How Does Information Technology Affect Business?
The Industrial Revolution changed things in the business world, making a lot of processes more efficient and increasing productivity a hundred-fold. However, the business world remained somewhat stagnant for a century after. With the technological revolution, and the use of technology in business, however, things changed even more disruptively than during the Industrial Revolution and it would be safe to say that things will never be the same again. The rate at which technology is evolving and adapting is exponential to the point where all businesses are being swept by the wave, whether they are ready for it or not. It might not seem like we’ve made that much progress, but even just 5 years ago, social media did not have any consumerism, mobile phones weren’t used for business, cloud-based solutions did not exist, the App Generation was not born yet, and omni-channel marketing was taking its baby steps.
Technology has just about changed every aspect of business in a big way and this has never happened this fast before in history. To be more specific, here are a few ways in which information technology has affected business:
