Technology and its Importance in a Business

Technology plays an important role in the functioning of every business as it provides the basic tools for running a company. With the introduction of new communication technologies and with the use of computers and Internet every business can perform its functions more easily. It will take lot of time, efforts and it consumes huge amount of resources for doing basic functions of the business without using the technology.

Importance of the Technology for a Business:

Mobility is improved:
Wireless information technology and personal digital products have allowed companies to improve the mobility of its managers and employees in the business environment.

Track Information:
Every business uses a business or accounting software package to track the information. The information can be exchanged with in the organization with the help of intranets and data can be exchanged electronically which in turn helps the managers to review the information. Electronic transfer of information using business software allows the companies to enhance their decision making process and also helps to make important changes which can improve its financial position.

Potential:
Information technology helps the business to develop a computer program that is tailored according to the needs of the business and helps to meet the current business operations.

Increase Sales Opportunities:
Business can improve its sales by placing adds in the websites which usually operate 24/7 through online sales. Companies can create a virtual storefront that is always open and available to consumers.

Advertising Strategies:
Businesses are using websites as their new advertising strategies. Social networking websites have proved to be an effective method to reach the younger customers. Companies can also display their adds on third parties websites.

Although there are number of benefits a business has by using the technology, there are some downsides too. According to the United Nations University, adapting technology has led to increased dependency. In addition, according to the Small Business Bible, the advent of technology has led to a decline in the skill level of the end users.