modern technology and business today essay

Impact of Technology on Business Essay

Past impact, future impact, works cited.

If you’re wondering how digital technology changes society in the area of business, this essay will help you figure it out. You’ll consider its positive and negative impacts on global organizations and the overall environment.

Technology has had a transformative effect on businesses, which, so far, has been revolutionary. Organizations, both small and large, use technologies such as the World Wide Web (WWW), computers, websites, Artificial Intelligence (AI), servers and even personal digital devices to make their work easier. These tools can give them the invaluable competitive advantage that all businesses strive to achieve.

Future technology will indubitably revolutionize business once again. It has grown to become an inseparable part of any company. So that you see all the real and possible impacts of technology on business, this essay will analyze how electronics and other machinery have already affected the field and are expected to affect it in the future.

One aspect of technology that has been harnessed well for use in businesses is Artificial Intelligence (AI). For the last ten years, virtually all businesses have had their processes automated though the use of AI in Management Information Systems (MIS). This automation function is also found in various computer applications that are used by contemporary businesses. Examples of the latter include word-processing software, spreadsheets etc.

The aforementioned automation features in programs and software have enabled businesses to achieve goals that were difficult to achieve before the advent of technology. For instance, automation has enabled businesses to avoid errors, process more information and achieve efficiency in their processes (Vitez 1).

In addition to the automation function, technology has revolutionized communication in businesses. In today’s business world, Information Communication Technologies (ICTs) are common. The use of the WWW has introduced easy means of communication that include texting, use of “apps” in personal digital devices, use of interactive websites, etc.

These features of ICTs have eased communication within businesses, communication with various stakeholders and communication with customers. The latter is perhaps the most important for businesses.

This is because it gives businesses a chance to advertise their products and services in a cost-effective way, identify target markets, compare the popularity of their products with the popularity of other competing products in the market and receive customer feedback about their products and services (Vitez 1). Generally, all these communication opportunities give a business a chance to expand its market, which will lead to more profitability for the business.

For instance, instead of concentrating in the local markets, businesses use retail websites to reach national, regional and international markets. Business organizations have also developed websites in which their customers and various stakeholders can access the information they require. This has led to reduced communication costs for businesses.

The communication aspect of technology has also enabled businesses to utilize the local and international business environment by outsourcing their functions. This has helped businesses in concentrating on their core business leading to reduced costs, more productivity and more profitability in the long run. The most common functions that organizations choose to outsource include customer service and technical support (McGrath 2), which are obviously support services for business organizations.

Another way in which technology has revolutionized business in the past is in records management. In the past, documents and records were kept in cabinets and drawers. In contemporary businesses however, businesses use computer storage hardware such as hard disks, flash disks, Compact Disks (CDs), memory cards, Digital Video Disks (DVDs), etc.

The use of internet by businesses has also made it easier to transfer stored information from one department to another, or even to an external entity like a customer or even a supplier (McGrath 1).

The future of business technology will indubitably involve service-oriented systems designed to serve a decentralized business organization. This is because many businesses will be decentralized with an aim of increasing “collaboration across the enterprise with partners and customers” (“The future of business technology”, par. 5). This will especially be the case due to the convenience brought about by ICTs.

It is now possible to work from home or from a remote location using tablets, smart phones, Personal Digital Assistants (PDAs), etc. To exemplify the paradigm shift to service-oriented organizations, Information Technology (IT) providers will have to operate according to client needs as opposed to the conventional identification of a technological idea and the subsequent fitting of problems to the idea (“The future of business technology”, par. 5).

Another technological advancement that is likely to be harnessed for more opportunities in businesses particularly those dealing with medical issues is the combination of Computed Tomography (CT) with holography to solve health problems that have been a nightmare to the human race for a long time.

The use of CT together with holography gives an opportunity to construct internal organs in computers in order to perform pre-surgical evaluations to determine how a surgery can be successfully carried out. This will be resourceful for businesses dealing with health provision. The idea of holography can also be combined with Artificial Intelligence to create virtual humans who will be useful in performing risky functions like operating machinery or even being involved in war activities (Enzer 1).

Due to the increase in networked personal devices, there is a possibility of developing sensor networks that will use Artificial Intelligence to give sensitive information. For instance, the network could allow queries to know if a person is asleep, if a person is travelling at a high speed on a highway or even to establish if it is an appropriate time to make a video call to a certain person (Enzer 1).

If the current technological efforts succeed, it will be possible for a car to listen to conversations. This feature, combined with existent networking features, will make it easy for an organization to monitor its cars and know when they are being misused (Blum 1). In addition to this, machines may be able to communicate to humans in words and in writing in the future. This will ease operations in the manufacturing industry (Blum 1).

Future technology will come with knowledge demands for business managers. Managers in the Information Technology field will have to fully understand how they can integrate the ideas of Artificial Intelligence in new systems and mainstream Artificial Intelligence in technological inventions and innovations. In the medical field, managers will have to fully understand the applications of CT and how best they can use the information produced by applications and devices.

As evidenced in the discussion above, technology has had a revolutionary effect on businesses. In fact, technology can be considered as part and parcel of business operations. It is therefore expected that future technologies will have a more transformative effect on businesses than past technologies. Future managers will also have to acquaint themselves with future technology so that they do not lose their relevance in the market.

Blum, Jonathan. 10 Tech Trends Defining the Future of Small Business 2012 . Web.

Enzer, Georgina. Cisco predicts future technologies 2012 . Web.

McGrath, Jane. How has technology changed the way we conduct business? 2012 . Web.

The future of business technology 2011 . Web.

Vitez, Osmond. The Impact of Technological Change on Business Activity , 2012 . Web.

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The Impact of Modern Technology on Business

Introduction, artificial intelligence, successful developments, influence on business, producing sustainable technology.

In the twentieth century business models and firms cannot properly exist without being introduced to the present technological advancements. Advertising, human recourses, promotion, management, and so on – all spheres of business are prone to get irrelevant and rather unsuccessful quickly without constantly learning new features and accepting global computerization and mechanization. Furthermore, it is highly significant nowadays to be aware of the negative side effects of various business-related tendencies of the technological world and their impact on the planet.

Nowadays artificial intelligence or AI is one of the most interesting and crucial aspects of the development of business via best known technologies. Artificial intelligence is reshaping business, economy, and society by transforming experiences and relationships amongst stakeholders and citizens (Loureiro, 2020). Its initial goal is to solve many societal issues regarding lack of human resources and make human life as easy and comfortable as possible.

To begin with, one of the long-standing goals of AI is the creation of programs that are capable of understanding and generating human language. Not only does the ability to use and understand natural language seem to be a fundamental aspect of human intelligence, but also its successful automation would have an incredible impact on the usability and effectiveness of computers themselves (Akerkar, 2019). Although these programs have achieved success within restricted contexts, systems that can use natural language with the flexibility and generality that characterize human speech are beyond current methodologies.

In addition, a significant part of AI’s explosive growth has been made possible with the contribution of machine learning. Technically, machine learning approaches involve using algorithms to improve learning performance on a specific task by relying on patterns generated from practice or sample data (Lee, 2019). That allows researchers to study human thought patterns using computational models and accelerate and enhance innovation, further creating new jobs.

The field of marketing is one of the most developed regarding AI issues. Discussions around AI in marketing include how AI techniques can contribute to predicting whether a new customer will decrease or increase his/her future spending from initial purchase information, how AI can personalize recommendations on Internet storefronts, how gender of virtual employees matters, how AI can be associated with public relations, as well as how human-like technologies can operate without human intervention, making their own decisions and acting proactively, thus changing the relationship between firms (machines substituting frontline employees) and customers.

AI systems can develop persuasive communication with employees, capture the essentials of communication concisely to assist in promoting goods and services, formulate questions that contribute to solving problems, and stimulate curiosity to create new knowledge (Loureiro, 2020).

Moreover, modern scientists are already making agents – rather innovative computer systems that interact with employees, having properties, such as autonomy, social abilities, reactivity, and proactiveness.

The technology that is related to any present business models has an impact on the socio-economical state of the environment, which shows that technology and corporations can eventually damage the nature of the world. However, it can potentially become “the key solution to these problems by developing sustainable technology for sustainable businesses” (Jakšić, 2018, p. 420). Nevertheless, sustainability is supposed to be the technologies that are made to meet human needs without damaging or risking the well-being of the environment so the future generations’ needs can also be met.

To sum up, technologies are well-known for their ambivalence and controversy among business owners, ecologists, scientists, et cetera. Nonetheless, people agree that mechanization and robotics greatly influence business relations making them more efficient, sufficient, and significant for the community. Furthermore, technology is an always changing sphere of the modern world which makes it essential to be aware of the innovations there, especially for people who are directly connected with economics and management.

Akerkar, R. (2019). Artificial intelligence for business . Springer. Web.

Jakšić, M. L., Rakićević, J., & Jovanović, M. (2018). Sustainable technology and business innovation framework–A comprehensive approach. Amfiteatru Economic , 20 (48), 418-436.

Lee, J., Suh, T., Roy, D., & Baucus, M. (2019). Emerging technology and business model innovation: the case of artificial intelligence. Journal of Open Innovation: Technology, Market, and Complexity , 5 (3), 44. Web.

Loureiro, S. M. C., Guerreiro, J., & Tussyadiah, I. (2020). Artificial intelligence in business: State of the art and future research agenda . Journal of Business Research . Web.

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Role of technology in the modern business environment

Alexandra L.

Checked : T. M. H. , Aakanksha M.

Latest Update 20 Jan, 2024

Table of content

• Business' correspondence is improved through technology:

Helps in expanding proficiency

New developments safeguard significant resources, workers will need them:, there are no constraints to use technology:, innovation/technological advancements keep representatives locked in:, vast amounts of new resources exist that can lead to improvements in your business:, innovation is essential for success:, innovation expands business capacity:, it helps in saving money as well as time:, conclusion:.

Technology is now a pivotal and essential piece of pretty much every sort of business. Without the job of innovation and technology in the industry, numerous organizations couldn't endure. Simply envision a worldwide association or an independent company venture attempting to work without the utilization of a phone or PC — or even the internet.

Whatever structure business innovation takes — from video conferencing to the virtual offer of another vehicle or house or a progressively secure strategy for web-based banking and shopping — the job of innovation in business keeps on changing how we live and work.

Business innovation improves correspondence in the work environment as well as with customers. Organizations utilize technology frameworks to enhance how they structure and oversee client connections. Innovation, for example, electronic records, accelerate the work process and can spare space, paper, and printing costs. Business innovation upgrades the systems of accounting and the ways to record financial documents and improves stock administration.

Innovation/technology in the working environment likewise improves the effectiveness of selecting, screening, and employing potential applicants. Another significance of the job of innovation in business is to give security to a transaction. Significant progressions in electronic security frameworks and biometric alert frameworks are helping protect organizations from programmers and criminals.

There are unbounded reasons why innovation is significant in business. Technologies' role in the industry is extending and will continue developing later on. Organizations owe it to their tasks, workers, and bottom-line to use the new technological advancements. Organizations can’t cheapen the significance of innovation in business; they should make use of the advantages of innovation.

Here are a few reasons behind the significance of innovation and technology in business. These reasons can be listed in custom essay writing also. Free essay writing service companies can help you with this.

Business' correspondence is improved through technology:

Organizations depend on a few parts of innovation for communication, for example, email, Skype, texting, business telephones, video conferencing innovation, and so forth. A breakdown in communication can prompt catastrophes for organizations and workers. Innovation can help with guaranteeing that you are set up for even the most troublesome correspondence hindrances.

It’s a well-known fact that there have been some incredible innovative progressions as of late. Progressions, for example, video conferencing innovation from Lifesize and VOIP phone cloud solutions from Zultys, are deliberately intended to improve productivity and diminish laytime in the workplace.

Digital/cyber assaults are developing at an alarming rate. So too are the astonishing digital security barriers, for example, Deep Learning innovation from Sopho. During a time where practically exceedingly significant business resources are put away in the cloud or on endpoints, organizations must utilize security innovation to protect them.

The job of innovation in business isn't new, yet it is extending. Office workers expect that their bosses should give them the best in class innovation, which will, like this, assist them with being fruitful in satisfying their duties. It is challenging to contend with organizations that utilize progressions of technology entirely when your own business is slacking in their innovation.

The companies in today’s age understand this importance. An organization, for instance, might have twenty representatives positioned in ten distinct areas over the North-West of the US. If not for innovation, there will be no possibility of coordinating successfully with the workers. Organizations the country over are different in necessities, culture, and training. Technological advances can assist organizations with tending to these distinctions dissimilar to ever previously. There is no restriction on what can be cultivated by a business that utilizes a fruitful plan of technology.

Technological progressions can keep representatives occupied with a wide range of ways. It permits representatives in telecommuting to office. It empowers joint effort between associates in organizations through devices, for example, sharing documents. It improves correspondence. It lessens worry by permitting you to plan significant cutoff times and gatherings on your electronic schedule. It likewise gives representatives adaptability to perform work on your smartphone or other mobile device.

Innovation is developing quickly,   costs   are getting lower, and new advancements are being turned out continually. If you haven't been reliably paying special attention to innovation to help your business, the odds are that you are missing out on something. For instance, a company that actualized video conferencing innovation can help them save time and expenses while improving connections and correspondence. There surely are technological progressions available which can play a huge role in your business improvement and development.

Technological progressions are essential to the success of a business. Representatives depend on it for everyday activities. Outside organizations, customers, and imminent customers assess you on your utilization of innovation. Human Resources depends on innovation for developing and training representatives. Employees looking after accounts depend on technological advances for finishing payroll and executing essential money related administration capacities. The managers depend on innovation to speak with those they are supervising. Without innovation and technology, organizations would, more likely than not, be unable to achieve what they need for achieving success.

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Successful use of technology permits organizations to arrive at more individuals in less time. For instance, specific organizations utilize an assortment of innovative mediums to speak with their customers, potential customers, and specialists in the business. They use technological advances to have month-to-month seminars, to convey e-bulletins, and distribute news and web journals. Innovation additionally builds the limit of organizations to cooperate through innovation; for example, CRM's.

Last but not least, innovation and technology presently perform a large number of commonplace undertakings that workers used to be required performing. This permits representatives to concentrate their time somewhere else on increasingly significant obligations. This can help in saving money by reducing worker costs and improving efficiency.

If you ever wind up asking for what reason is innovation and technology significant? The appropriate response is easy; the job of technology and innovation in business is driving development and improving operational activities, alongside around a hundred different reasons.

References:

• https://onlinemasters.baylor.edu/articles/what-is-the-role-of-technology-in-business.aspx
• https://bizfluent.com/about-6082161-role-technology-business-organization.html
• https://marketing.pinecc.com/blog/why-is-technology-important-in-business-pine-coves-top-10-reasons
• https://readwrite.com/2019/08/16/10-reasons-that-demonstrate-the-importance-of-technology-in-business/

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Essay on Modern Technology

Students are often asked to write an essay on Modern Technology in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Modern Technology

Introduction to modern technology.

Modern technology refers to the recent advancements and innovations that have made our lives easier. It includes computers, smartphones, the internet, and many more.

Benefits of Modern Technology

Modern technology has numerous benefits. It helps us communicate with people worldwide, provides information at our fingertips, and makes learning fun and interactive.

Challenges of Modern Technology

Despite the benefits, modern technology also poses some challenges. It can lead to addiction and loss of privacy. It’s crucial to use technology wisely to avoid these issues.

In conclusion, modern technology has changed our lives significantly. It’s our responsibility to use it responsibly and reap its benefits.

Also check:

• Advantages and Disadvantages of Modern Technology
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250 Words Essay on Modern Technology

The advent of modern technology.

Modern technology, an offshoot of the ceaseless human quest for innovation, has become an integral part of our lives. It has not only revolutionized communication and information dissemination but also transformed the way we live, work, and play.

Impact on Communication and Information

The advent of the Internet and smartphones has democratized information, making it accessible to everyone, everywhere. Social media platforms have given a voice to the voiceless, enabling a global dialogue that transcends geographical boundaries. Additionally, the emergence of artificial intelligence and machine learning has opened up new frontiers in data analysis and decision-making processes.

Transforming Daily Life

Modern technology has also significantly altered our daily routines. Smart homes, equipped with automated devices, have enhanced comfort and convenience. Wearable technology monitors our health, encouraging proactive wellness. Furthermore, e-commerce platforms and digital payment systems have streamlined shopping and financial transactions.

Work and Play in the Digital Age

In the workspace, technology has automated repetitive tasks, freeing up time for creative and strategic thinking. Remote working, made possible by digital tools, has blurred the lines between office and home. Meanwhile, in the realm of entertainment, virtual and augmented reality technologies have redefined our concept of play, immersing us in interactive digital worlds.

The Double-edged Sword

However, this technological revolution is a double-edged sword. While it brings countless benefits, it also presents challenges such as privacy concerns, cybercrime, and digital addiction. It is, therefore, crucial to navigate this digital landscape with caution, leveraging its advantages while mitigating its potential risks.

In conclusion, modern technology, with its profound impact on communication, daily life, work, and play, is an undeniable force shaping the 21st-century human experience.

500 Words Essay on Modern Technology

In the contemporary era, modern technology has emerged as a significant facet of human life. It has revolutionized the way we communicate, learn, work, and entertain ourselves. The rapid evolution of technology, from the advent of the internet to the development of artificial intelligence, has had profound implications on society, economy, and culture.

The Impact of Modern Technology on Communication

Modern technology has drastically transformed the realm of communication. The rise of social media platforms and instant messaging apps has made it possible to connect with people across the globe in real time. Emails and video conferences have replaced traditional letters and face-to-face meetings, making communication faster and more efficient. However, this digital revolution has also raised concerns about privacy and the authenticity of information disseminated online.

Modern Technology in Education

The education sector has also benefited immensely from modern technology. E-learning platforms and virtual classrooms have made education accessible to a wider audience, breaking geographical barriers. Advanced technologies like virtual reality and augmented reality are being used to create immersive learning experiences. Nonetheless, the digital divide and the lack of digital literacy pose challenges in harnessing the full potential of technology in education.

Modern Technology in the Workplace

Modern technology has reshaped the workplace as well. Automation and artificial intelligence have streamlined operations, increased productivity, and reduced human error. Remote working has become a reality, thanks to cloud computing and collaborative tools. However, the fear of job displacement due to automation and the need for constant upskilling to keep up with technological advancements are issues that need to be addressed.

Modern Technology and Entertainment

In the realm of entertainment, modern technology has given rise to new forms of media and has changed the way we consume content. Streaming platforms have challenged traditional television, and online gaming has become a global phenomenon. While these advancements have democratized entertainment, they have also raised questions about digital addiction and mental health.

Conclusion: The Future of Modern Technology

In conclusion, modern technology, despite its potential drawbacks, is an integral part of our lives. It has the power to drive societal change, foster economic growth, and enhance the quality of life. As we navigate the digital age, it is crucial to strike a balance between leveraging technology and mitigating its adverse impacts. The future of modern technology lies in ethical, responsible, and inclusive innovation.

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1. Introduction The role of industrial engineers in modern manufacturing processes is the automation and harmonization of equipment, product, and processes. In order to harmonize these three entities, the industrial engineer must have knowledge of materials, physical and mathematical sciences, technologies, and the art required to apply them, recovered from their own and others' experience, in order to design technically and economically viable products. On the other hand, we should add to an i ...

The Impact and Application of the "Técnica del" in Modern Technology Development

1. Introduction A survey of current hits on ACM's digital library reveals little mention of the "Técnica del," likely due to its 1960's formalization and the Chilean political turmoil that followed. However, "Técnica del" influences trends in software development by encouraging flexibility and methodical design. Agile development's goal is to develop software through a flexible, customer-focused approach: most are familiar with Scrum and can immediately see the similarities to scrum. In contras ...

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