Technology has caused significant changes in the business sectors. Communications and transactions have turned quick and effective. In the current scenario, we cannot imagine a business sustaining the competition if it failed to implement the latest technology, though negative influences also co-exist.
Technology helps build a business’s brand by promoting the business online. Location is not a constraint in executing the work. Hence, businesses cannot miss choosing the top talent despite their disinterest in working in conventional office environments.
The positive impact of technology on business
1. Eases business promotion
Customers are the key to any business. Sales determine the business’s success. Some effective marketing strategies can attract client attention before your competitor does.
In this internet world, the first thing a user does before purchasing a product is to refer to the internet for information. In this instance, what are the means to promote a business? Primarily a compelling and informative website can make a difference. Advertising adds to it. The impact is practical if you can even convey important information. For instance, you have an organic store. You can advertise it along with information about the benefits of using organic products.
2. Executes global communication
Effective communication is the key to executing business operations easily and quickly. Technology has enabled communications globally. Emails, social media, WhatsApp, and Skype, are the various channels used to communicate, share information, and hold meetings and conferences regardless of the location. As a result, businesses thrive.
3. Minimizes human error
A small error can cause a massive loss to an organization. It can either be a grammatical error or a mathematical error. Technology has lent a helping hand to predicting errors and eliminating them beforehand. Some latest accounting packages have been built to help manage expenses and handle revenues efficiently. Specific applications also determine the organization’s financial position and future potential.
4. Enhanced productivity
Technology enhances employee productivity. Computer-developed programs can help generate more efficient output than manual effort. For instance, automated HRMS tools can reduce human effort by maintaining essential documents online. As such, it allows businesses to minimize payment costs.
Now let us move to know the negative impact of technology on businesses. People have to understand it and take measures not to get influenced negatively.
The negative impact of technology
1. Hacks the business data
Data’s role is crucial for business success. There is every scope of losing the data if you have it. Hackers’ role is prominent in creating data loss, who steal the data using various hacking techniques to support the competitors. This way, they cause the organization’s name and reputation to be down.
2. Technology is costly
The latest technological devices are very costly. Not every business can afford them. Technology is growing daily, and businesses must stay updated with the latest trends to remain competitive, which is impossible for every organization due to cost constraints.
3. Reduces one-to-one communication:
Many message apps have been built that prevent performing face-to-face communication. Even on the office premises, you message your colleagues over skype, messenger, or WhatsApp. In such a way, technology has stood as a hindrance to talking to one another directly. If you reach out to your colleagues’ desks, you will find that productivity progressively builds.
4. More distractive
Modern technology deviates people’s attention while executing tasks. Hence, they spend time on it instead of focusing on the essentials. Unnecessary chatting, playing games, and watching movies are some activities during working hours that decrease productivity.
5. Encourages fraud
Technology gives scope to cheat employers. Some in-genuine employees get attracted to money and sell important information to the competitors. As a result, the organizations lose the opportunity to prove their true worth.
6. Maintenance issues
Some technologically advanced professionals develop gadgets and devices. During maintenance, they are not easy to handle. Only the relevant professionals have to be approached, which is very costly and time-consuming.
Technology has influenced businesses both positively and negatively. Handling them properly helps businesses thrive. Conversely, misuse or improper handling can negatively impact our lives, as seen above. Hence, it is time to leverage technology to create growth and prosperity and avoid doing those which cause downfall.