Technology has changed much of the world, but the effects are rarely more pronounced than in the area of business. Businesses today use technology in almost every facet of operation. They communicate with advanced network systems; they analyse data and plot forecasts using complicated programs; they utilise all types of digital media for marketing campaigns; and they streamline operations with new inventory and checkout systems. Technology is not without its downsides, but business cannot deny the impact it has had on every level.
Technology allows businesses to do everything faster. Many processes that once required ledgers, checkbooks and journal notations have now moved onto computer systems. Logging in and out, updating inventory information and communicating can now happening much more swiftly. This allows businesses to react immediately to any changes.
A properly designed computer program does not make any mistakes, and its computations (not its inputs) are free from human error. This means that a calculation done by a computer program (like Excel) will always be accurate and trustworthy. Unless the coding or the inputs are wrong, there is no chance a program can produce inaccurate data.
Technology moves very quickly, constantly evolving and creating new devices and faster systems. Businesses note these changes and attempt to move with technology, adapting it to their present and future needs while also keeping a wary eye on the technology competitors are using. The end result is an increase in the evolution of technology and its application to business, a process by which everyone benefits.
While technology is useful, its fast pace and complex systems can be confusing. If companies want to update their systems or change the type of technology they use, they have to retrain not only employees, but often customers. New employees must also be trained in using business systems, which can create confusion.
Technology is very available, meaning that it is easy for competitors of all sizes to use and learn. This makes it difficult for businesses to keep up with technological changes and vastly increases the number of competitors in their market as smaller business can use technology to offer value to a wider range of consumers.
Technology also increases the possibility of crime. A tech-savvy employee can embezzle funds and make it difficult for the company to trace. Hackers can access personal and financial data of customers who trust the company to keep their information safe. Businesses must spend time and money developing safeguards against these events.