TECHNOLOGY AND BUSINESS

The Impact of Technological Development on Business Development

Table of Contents

Introduction1

Positive Effects of Technological Developments on Business Development over Past 30 Years1

Communication2

Internet and Information Technology3

Planning and Market Research5

E-Commerce5

Maximizing Productivity and Revenues7

Effective Management8

Recruitment9

Online Business Training9

Negative Effects of Technological development on Business Development over past 30 years9

Reduction in Consumer's Purchasing Power10

Cyber Crimes10

Less Concentration on Personnel facilitation11

Conclusion11

References13

The Impact of Technological Development on Business Development



Introduction

The consistent advancements and progressions in the field of technology have significantly contributed to the successful execution of business operations in the past 30 years. The new inventions in industrial technology, information technology and well developed communication mechanisms have had tremendous affects on the standardized productivity and cost reduction in corporate arena (Tansey, 2003, p88). The business world has observed incredible development provided by the technological advancements over the past 30 years particularly. The enormous technological growth and massive expansion of innovative techniques have revolutionized the corporate framework entirely (Singh, 1995, p67). The advent of information technology in the late twentieth century and its adequate integration in business arena radically transformed the whole mechanism of carrying out business effectively. Though the massive incorporation of technological expansions in business spheres have brought some adversities along too but the remarkable contributions yield by technological progressions are phenomenal.



Positive Effects of Technological Developments on Business Development over Past 30 Years

The positive effects of technological developments on business development over the past 30 years are obvious and tangible in almost every type of business. The past 30 years highly confirm with the pragmatic and innovative advancements contributed to the expansion of business operations within the streamline of technological advancements. The major areas revolutionized by the technological advancements are discusses below.

Communication

Communication is the most essential aspect in business and effective execution of a

business highly depends on the modes of communication being used in the corporate sphere. The effective two way communication with customers, suppliers, stake holders and distributors lies at the core of successful operation of every business. The advanced modes of communicating like, electronic mails, Social networking media, websites and internet messengers have facilitated the smooth, immediate and feasible communication among the corporate alliances (Szewczak et al. 2003, p34). The online websites are the core sources of sharing entrepreneurial policies, products or service related information including price and availability and all updates about the corporate progressions. All employees will have lucid access to information and data they need to carry on their corporate responsibilities without wasting a single moment on finding concerned person to resolve a query (Jacobs, 2009, p88).

In 1980s, business communications were confronted enormous challenges due to the inadequate communication systems which were deprived of the today's advanced communication options like video call and call conference. The means for communicating about business affairs went through an initial progress with telegraphs and telephones because they facilitated easy communication by replacing outdated means of communicating like letters and messengers (Szewczak et al, 2003, p38). In 1980s, mobile phone technology overwhelmed the world of business communication by providing the entrepreneurs with a ...