Technology in Business essay

Technology in Business essay

            Technology can be defined as the know-how of techniques as well as the process that can be integrated with machines and business systems to aid in the operation without the need of detailed understanding of each of the processes, for instance, the use of tools in making work easier during production operation. In the current era, reports and studies have shown and proven that many companies and businesses have remained successful as a result of integrating technology in their techniques of operation (Lindgren et al, 2). This success is as a result of the creation of products and services focused at aiding companies to gain advantages in the competitive market. The purpose of this presentation is to determine the advantages of technology in business and urge firms integrate technology in their operations.

Since the demand for better products and services by the consumers has rendered traditional methods of production obsolete, the need for advancement in technology in business has been proven to be undebatable (Meraviglia, 1). For this reason, most businesses need to examine and focus on the need for technology in advancing their products as well as the benefits of customers. Integration of a business’ activities is associated with the increase in accessibility and choice of services and goods as it increases the number of products in the market, therefore, consumers have a freedom of choice (Tornikoski et al, 2). Various platforms such as Amazon an e-commerce platform has given consumers the ability and power to shift and try out new sellers for the products they find fit

The integration of technology into a business system has brought about cheaper means of producing products and therefore reduced overall prices for the consumers. Technology ensures an increased supply of goods and services to surpass the market demand of the same. Increase in the supply of goods forces businesses to reduce the prices of their commodities to prevent losing their esteemed customers to alternative means that are cheaper (Tornikoski et al, 2). Since no firm is immune to the law of demand and supply law, each firm will struggle for their fate hence producing quality products.

Since technology has made it easy for the access of business websites and platforms easily on computers and mobile phones, employees have the advantage of easily completing their tasks online despite their location depending on their level of authorization (Lindgren et al, 2). Through such mobility employees can meet their goals and the demands of the business at a cheaper cost hence increasing the overall production and revenue levels of the firm.

Tornikoski, et al, (2), assert that the technique of increased production through technological integration has proven to be one of the best means of minimizing business costs. Studies prove that automation has resulted in the minimization of the manpower employed for the operation of machinery. Similarly, internet communication channels such as emails and Skype have reduced the cost of traveling for purposes of meetings. With the minimized cost of operation, businesses are able to make a fortune out of their products. It is through such profits that industrialization is achieved.

The table below shows the various capacities per operation with their corresponding level of technology and its corresponding pie chart.

In conclusion, it is evident that technology has deeply changed the landscape of business operation and its effects have continued to advance as technology advances and as more firms adopt it in their operation. Since customer satisfaction and experience are some of the core goals of every business, a business owner can not overlook the value of technology towards their business in order to meet their goals.

Cited works

Lindgren, Peter et al. “Sensing Multi Business Model Innovationvia Advanced Sensor Technology”. Nordic And Baltic Journal Of Information And Communications Technologies, vol 2018, no. 1, 2018, pg. 2. River Publishers, doi:10.13052/nbjict1902-097x.2018.002.

Meraviglia, Laura. “Technology And Counterfeiting In The Fashion Industry: Friends Or Foes?”. Business Horizons, vol 61, no. 3, 2018, pg. 1. Elsevier BV, doi:10.1016/j.bushor.2018.01.013.

Tornikoski, Erno T. et al. “Technology-Based Competitive Advantages Of Young Entrepreneurial Firms: Conceptual Development And Empirical Exploration”. Journal Of Small Business Management, vol 55, no. 2, 2017, pg. 2. Wiley, doi:10.1111/jsbm.12315.