The Impact of Technology on Business Essay

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The Impact of Technology on Business

The word business, trade, exchange of commodities are all synonyms. In the early age of civilization business was carried out on the basis of Bata trade as currency came into existence and there were business set Ups our perception started to change towards business but more so since the last 50 yrs with the advent of the information technology the world has turned around. With the establishment of the Internet business has got globalize Businesses are now able to approach overseas market they are no more confined to their areas of their establishment.

Business today is inextricably intertwined with technology, from the smallest home office, to a multinational corporation with multiple
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Video recordings can be made and surveillance can be kept in areas where very confidential materials are kept. With the help of telecommunication video conferencing can be set up saving valuable time and money of top officials in business. To mention a mere fact the most richest person in the world -Bill Gates has made his fortune by setting up a technology company -(http://www.Microsoft.com).

Technology today has closed the gaps between customers and suppliers in the book The Information Imperative Warren McFarlen has fore worded that due to technology "The pace of organizational life and decision making has dramatically quickened from several weeks to days some cases to minutes or even less". and "relationship between individuals, departments, and companies have been permanently altered". Technology has had an impact on all fields of business no one is left alone, Nonadaptors to this new way of leading life are driven away from the market. In their book both Cyrus and Barbara(1987) state that" information technology can benefit the individual per se, changing the relationship between the individuals home life and work life".

Moving further the way business carries on in today's world of high technology, has changed the way of doing things, the stock market which was accessible only through a broker is now a click away All major stock

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