How technology impacts businesses?

How technology impacts businesses?

The modern era is a time of innovation and discoveries. We are now more reliable on mobile phones, laptops, and computers. We are blinded by the features of these technological items and the glory it brings us. We tend to use them in all aspects of our lives. But do you know the maximum usage of these technological tools is done in the corporate world?

The features offered by these technological elements reduce the workload to a level than robots my soon takeover things we do! These also have some adverse effects on the corporate sector as well as on businesses. By the end of this article, you’ll get a clear view of the good and bad effects of technology on businesses.

Impact of the technological revolution in businesses

Technology is mostly about gains and easier working conditions. Check out both the benefits and drawbacks of having technology in business sectors:

  1. Improves customer experience

Technology has turned the buying and selling process upside down. A business is based on customers response and acceptance. If your products are not accepted by the customers, you have no point in making them. With the help of technological advancement and the option to buy products through online applications, customers have developed a different approach to shopping. With so many options or variety available online, customers develop a tendency of changing their taste and demands. It is the responsibility of the organizations who are selling their products to gauge the wants and desires of their customers. If an organization fails to do so, they might lose their customers as well as the customer spending power will also decrease.

An organization must know the preferences of their customer and stay updated with their wants. This will, in turn, help them to suffice the high expectations of their customers. People are now much more aware of product qualities and the pros and cons of the product. Following this, the organizations have a task of supplying better products packed with superior quality. The Research and Development sector of any organization needs to develop their skills. A good amount of investment is also required. If an organization fails to match up the expectation of their customers, then they might lose a good amount of customers which will affect the business. All renowned business organizations are looked up to for delivering superior quality products and that keeps the business growing.

  1. Arbitration and modernization

With the uprise in technological aspects, it has resulted in modernization as well as complexity. The term modernization refers to the change in a person’s taste and preference. The change in eating habits, dressing habit, preferences, speaking pattern, choices, values and ideas, all relate to this. The process of modernization is developed through technological advancement. Scientific development and technological inventions have added to modernization. Major changes have been reflected in the recent past in many countries such as the development of new ideologies and change in social relationships.

Arbitration, on the other hand, is the dispersal of urban influence in rural vicinity. This refers to the growth of a society which is highly based on manufacturing industries. These industries are characterized by enormous fixed capital investments. The application of scientific technologies in these industries has standardized productions on a large scale. The rural areas after being introduced to technological changes are trying to move ahead of agriculture and invest their time and energy into other opportunities.  This is the point where arbitration takes place where a huge proportion of rural inhabitants move to cities.

In today’s date, arbitration is a global phenomenon. With the growth of industrialization, rural people have started moving to urban areas for a better lifestyle and employment. As a result, this has increased the urban population in the metro cities of most countries. On the other hand agricultural sectors have also suffered damages due to this phenomenon. Arbitration has led to the conversion of rural areas into urban localities, agricultural lands into industrial sectors.

  1. Social changes

Technology plays an important role in changing the reality and expectations of customers. Its application influences a change in social values.

  • The Mechanistic World View: It is quite similar to a machine as it views the universe as a collective of parts which can also be analyzed and studied individually. It is similar to the form of reductionism which can be found seldom nowadays. On the contrary, the Neo-Mechanistic World View states that nothing about this universe can be understood by human intellect.
  • The Efficiency: It is a value which traditionally applies to all machines but now it is applied in all aspects of our society. Due to this, not only machines but we humans are also pushed into the test of efficiency where each and everyone are expected to reach maximum performance.
  • Social Progress: This is one factor that is important. Looking back before the Industrial Revolution, the time when technological development was at the grassroots level, the universal society had a different approach towards social progress. This was based on the seasonal cycle, the ties of society and the economy of agriculture. As society started its development through agriculture, the world is closer to agriculture but with social progress, this approach changed. Technological innovations were accepted widely and as a result, it had an adverse effect on society.

Even though we try to remove the social differences, technological advancement doesn’t let us remove the status differences. It has not only affected the business structure of our society but also the way we look at other people too. Employees working with MNC’s are paid higher than employees working with national firms. Foreign trade is given much more priority than inland trade. Developing countries such as India have accepted the concept of technological advancement and are completely dependent on it. Along with this, modernization also plays a pivotal role as it emphasizes on the usage of genetically modified products. This hampers the use of natural products which results in multiple adverse effects on the environment as well as the society.

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