The Impact of Telecommunications in the Global Economy in My Major Field of Business management

The Impact of Telecommunications in the Global Economy

Introduction

If we look at the global economies, telecommunication has become a primary need now. To meet the increasing pace of life, people need to keep in touch with each other, and for that they need to have a telecommunication medium. Internet has provided us with so many options, we can not only communicate our voice, but we also have the facility of video chats available today. This has now been possible that we have access to valuable information, within a second. We are living in an era, where we have information overload. One of the biggest giant, Google inc. is running successfully by only providing people with access to the information they require (Burns, 2007). Media is playing a very vital role in providing information to the public. If we look at the business sector, entrepreneurs need to have every single information about the demand, what people are looking for, and how can they continue in competition by fulfilling those demands. For marketing purpose, advertisement is used, which is another medium through which businesses try to deliver their product's awareness to customers. Telecommunication has made things easier that now physical existence is less necessary for business purposes. There are many advantages and negatives regarding telecommunication, explained further.

Role of Telecommunication in Global Economy

Today, businesses are not restricted to operate in a single economy. The market for business purpose is global now. Entrepreneurs need to have information regarding every market they want to trade. This gap has been filled by telecommunication, and advancements in internet facilities have made it easier for businesses to run (Browning, 2008). Because of the expanded size of the markets, the competition has also raised. Mergers and acquisitions are taking place every year. This technique works well because by combining or acquiring the business, it becomes easier to compete with the other organizations. On the other hand, instead of competing, organizations try to communicate on a regular basis, to discuss the pricing techniques and trading policies, in order to maximize profits. Because of the advancement in technology, telecommunication between organizations has become very easy. Growing synergies are making it more efficient for businesses to grow.

Businesses have their customer relationship departments, where they can contact customers, ask about their queries and can respond them in an efficient way. This increases brand value, which ultimately results in business growth. Internal growth of businesses also benefits through cheaper telecommunication means available today. The whole organization links up and work in an efficient way through coordination. With the increase in coordination, the workflow remains smooth, which results in efficiency of the organization. Because of the reservation facility, in places like restaurants and medical centers, people can reserve their time slots on call, so they do not have to wait long, in quest. Patients for instance, they can have an appointment on the phone, with the doctor and can ...