Question

what is technology explain the impact of technology on business (word limit is 500)

Answer 1

technology means
the application of scientific knowledge for practical purposes, especially in industry.
We have undoubtedly witnessed a
fundamental shift in the way traditional
businesses operate and engage with their
customers over the last ten years. The
explosion of the Internet and mobile
technology, and the seemingly endless
potential of the ways that they can be used,
is outstripping and sometimes undermining
structures of working that have prevailed for
more than a century.
And it keeps changing every day. These
changes have also had a big influence on
how the business world operates. Its
influence is felt in practically all aspects on
the day-to-day operations of businesses,
both large and small.
This revolution is removing commercial and
technological barriers that have previously
hampered free communication between
people. Major advancements in mobile
technology – and the advent of mobile web
– mean we can now shop, advertise, read,
purchase and bank with our mobile devices.
By challenging traditional business models,
the convergence of readily available internet
services and mass mobile devices has
delivered unimaginable benefits to both
consumer and brand.
Mobility delivers choice for the customer
and also lowers barriers to entry for third
parties. Integrating old business models
with new to provide choice to all
demographics, whether in Internet or non-
Internet ready markets, will continue to
unlock the full potential of mobile
technology to all industries.
There is no doubt that business technology
has revolutionised the way companies
conduct business. But, the question
remains: Are small business owners ready
for the shift in technology, and if so, what
resources do they have in place to handle
these rapid changes?
In a survey conducted by Small Business
Technology Institute (SBTI) and Small
Business Technology Magazine , managers
from more than 3,000 companies reported
that after health care, managing the
evolving technologies available is proving to
be a major concern.
The report also indicated that small
businesses tend to allocate very limited
human and financial resources to support
where it functions, small businesses
approach IT support on a reactive basis and
reply heavily on tactical support by product
lenders.
This type of approach and decision making
around an area that is arguably the most
important sector within any business
operating under a rapidly evolving market
place is a sure fire way to get taken over
by competitors or go out of business.
For the very first time, small businesses
have the opportunity to implement business
technology and level the playing field with
larger organisations, a chance that should
not be taken lightly for those looking to
remain in the game of business.
Whilst the list of advantages are too long to
document, below you will find several key
advantages to how your business will
improve as a result of technological
advances in your business:
Reducing Business Costs
Small business owners can use technology
to reduce business costs. Business
technology helps automate back office
functions, such as record keeping,
accounting and payroll. Business owners
can also use technology to create secure
environments for maintaining sensitive
business or consumer information.
Improving Communication
Business technology can help small
businesses improve their communication
processes. Emails, texting, websites and
personal digital products applications,
known as “apps,” can help companies
improve communication with consumers.
Using several types of information
technology communication methods allow
companies to saturate the economic market
with their message.
Companies may also receive more
consumer feedback through these
electronic communication methods. These
methods also allow companies to reach
consumers through mobile devices in a real-
time format.
Potential Increase in Business
Technology allows small businesses to
reach new economic markets. Rather than
just selling consumer goods or services in
the local market, small businesses can
reach regional, national and international
markets. Retail websites are the most
common way small businesses sell products
in several different economic markets.
Websites represent a low-cost option that
consumers can access 24/7 when needing
to purchase goods or services. Small
business owners can also use Internet
advertising to reach new markets and
customers through carefully placed web
banners or ads.
Considerations
Business technology allows companies to
outsource business function to other
businesses in the national and international
business environment. Outsourcing can help
company’s lower costs and focus on
completing the business function they do
best. Technical support and customer
service are two common function
companies outsource.
Small business owners may consider
outsourcing function if they do not have the
proper facilities or available manpower.

Answer 2

Technology is the sum of techniques, skills, methods, and processes used in the production of goods or services or in the accomplishment of objectives, such as scientific investigation