Technology is the use of the scientific discoveries in the day to day operations. Business means being engaged in an activity, most a times for making profits. Business technology is the dependence of the information shared through the technological platforms to boost business productivity. We shall explore the advantages, disadvantages and later conclude on the position of technology in business today.
Pros of Technology in Business
Who could have thought that a person so many kilometers away could work for them? Thanks to the enhanced communication technology, it’s now a norm. The fast flow of information and services has empowered the businesses around the globe. For instance, a doctor in Indiana can attend to a patient Africa through a video call!
Businesses have grown immensely due to increased efficiency. Businesses have changed from paper records to paperless systems. This is a technological system where records are computerized and kept in a database.
Technology has ensured that getting all the documents easily in a simplified way is possible. This makes comparing the business performance from the past and the present easy. The future decisions are easily made based on the well-documented content.
Businesses have plenty of information about related business through business technology. This makes the decision-making process easy and based on facts that are readily available.
Online marketing is one of the latest products of business technology. Businesses have access to the vast market. Platforms such as Facebook have a way of sponsoring businesses to access potential buyers that ensure increased sales.
Cons of Technology in Business
Hackers, ill minded technology experts hold business information for ransom. This has hurt business production. As much as there are constant updates in the creation of firewalls and antivirus software, the cyber crime is a scary challenge to the business. Lost information may cost losses to the business.
Employees have access to online games and social media chat platforms. This distracts the attention that would be rather given to the business. Technology in this manner hurts business production.
Acquisition of the equipment and expertise requires intensive capital. Also, due to constant development and growth of the technology, some equipment gets obsolete. This means replacement and constant update of the software. Therefore, hurting the business capital.
Work done for instance on a farm by a tractor, cuts on the labor force required by more than fifty! Apparently, the more we apply business technology, the fewer employees are needed leading to loss of human touch in business.
Use of emails and phone messages means high chances of miscommunication, unlike face to face communication. This hampers productivity in business. The work flow in a business may not be consistent since all the employees are not under one roof, hurting the quality of the final product.
In conclusion, these are hugely dynamic times where business technology is inevitable. Most importantly is to take all the precautions to ensure maximum production in business.