How Technology Affects Business

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NAME: SHARIFAH PUTERI SURATI BT SAYID ABDULLAH NO MATRIK: S39576 GROUP: K14 TITLE: EFFECTS OF THE USE OF TECHNOLOGIES ON ECONOMY. In the last decade, computer and telecommunications industry has been advancing in many countries especially in developed countries like the United States, China, and Australia. Technology gives positive effects on business nowadays which give positive results on economic growth. This is because, technology makes everyone get connected without limit and the information can get easily in one place. In addition, technology makes every business function like accounting, human resources, marketing, sales and customer service become easier and can be done efficiently by just using technology. As a result, technology has…show more content…
As many competitors of business from many types of industries competing for the share market and reaching out to customers, technology helps many companies with business process and improve the efficiency to create new business opportunities. According to Fast Track to Success Innovation,(2009),video conferencing using the Internet allows communication between people even the other person is located far away from each other. It is like having a conversation by telephone but interestingly, being able to see the people’s face at the same time. Besides, technology gives positive influence to business innovation because the cost of doing business can be lowered. According to Birchall,(2009),companies that need to send their workers on international flights for business affair can have the greatest relief because by Internet technology ,costs can be reduced on travelling and freeing the workers ‘s time management. Hence, by using technology, business innovation can take place easier and lead to new opportunities because technology can systematically help worker ‘s time management and at the same time, the companies can lower the budget of travelling and use the budget to speed the business development. Technology and science grow together continuously with the advances of our world’s economy since the second half of the 20th century. Technology is vital in economic growth because, technology give positive affect to business and market management thus, contribute to economic growth .Hence, the effects of the use of technologies on economy are, technology positively influence to economy by giving job creation to societies , technology gives positive influence to service and industries, and , technology leads the new ways in business
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