Technology Changed the Way of Business

It is doubtless an understatement to propose that technology has changed the way that business is done in world today

. Many changes in technology we have seen in last few decades & it is almost clearly accepted by all of us that there will be a number of advancement will take place in the technological era. Today world in going through an information era & we can clearly see that in each & every business weather they are small or big adopting new technologies for better communication & better management.

In recent growing global economy, e-commerce and e-business have become a must to have component for the better business strategy and an effective catalyst for economic development. The combination of information and communications technology (ICT) in business has provided a significant boost in the relationships between different business organization & individuals. Technology has provided better efficiency in production as well as in communication due to that the better customer service can be provided by business organization at almost minor cost in comparison with the profit that is earned by technological advancement.

Due to the rapid development in the Internet and other Web-based technologies during last few decades especially in last 5 years made small business to get rapid growth in the global market. Earlier it was almost impossible for small business to grow that much faster because the communication is not that easy for them but in today's almost any business can be globally exposed due to internet & web based technologies. The matter only remains is to make strategic positioning, the ability of a company to capture the emerging opportunities and make the most of the necessary human capital skills. To earn profit from most of these opportunities via an e-business strategy is simple, efficient and more convincing within the context of a global information surroundings and new economic environment. With the adoption of e-business strategies & policies of company it actually make possible for the small and medium scale enterprises to compete with large and capital-rich businesses.

If we look the effect of e-business & technological advancement on the other side, developing countries are given better access to the global marketplace, where they contend with the developed economies. We can clearly analyze that almost all developing countries are participating in e-business, in either of the way as sellers or buyers. Though to make the rapid growth the information infrastructure in these countries which relatively underdeveloped in compare with developed countries must be enhanced.

It is acknowledged that in this Information Age, Internet commerce is the most influential tool for the rapid economic growth of developing countries. There are certain signs of ecommerce benefaction among big firms in these developing countries; it seems to be a very less use of the internet for commerce among SMEs.

E-commerce can make better business for small & medium scale industries and rapid economic development for the developing countries. However, all this can be possible if the developing countries have strong political will with good governance. The private sector can also provide an effective boost in this with understanding their responsibility.

Technology Changed the Way of Business

By: Mr James

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