Impact of Change in Technology on Businesses

1. Impact of Change in Technology on Businesses INTRODUCTION We are living in the age of technology and the way it has changed our lives is simply unbelievable, technology has an impact on almost every area. Also, the kind of evolution that we see in technology is simply unbelievable, not just in terms of advancement but the pace at which this advancement and change are taking place is even more mesmerizing. Technology is changing so fast that adapting to these changes has become a challenge, a common man takes time and affords to adapt slowly to these changes but for professionals and business people it is very much a challenge along with opportunity. TECHNOLOGICAL CHANGES With technological advancements that we have seen in the past few years, the way business is conducted has changed completely. If you will notice the way operations are carried out in businesses today and compare them to the way things were 25 years back you will get the idea of how much things have changed in the last 2 decades. When we talk of technological change, there is no doubt that machines and technology have changed a lot, they have become much more advanced but real change in the way business operations are carried out and managed has been brought about by the advancement in the Information Technology. Firstly the big game changer was the evolution of the internet and ever since things have changed a lot, with things like wireless high-speed internet, cloud services, Data Center, data analysis, machine learning and Artificial Intelligence. These technological changes have completely changed the way businesses are carried out. CHANGES: Let us see the changes that have taken place because of technological impact. 1. COMMUNICATION: Communication and sharing information are critical elements of the business. With the internet, this whole thing has completely changed and there is more than one way to do this, technology has made it easier and more efficient. 2. MOBILE AND OTHER SMART DEVICES: With the right software almost every aspect of the business is managed remotely. Things like sales enablement, content marketing, customer relations and even back-end things like shipping and invoicing are at the click of a button. 3. REMOTE WORKING: Things like Wireless High Speed Internet have made things like remote working possible. Recently covid 19 forced companies to promote this culture. Companies made sure that their teams had access to the right technology and infrastructure to support remote log-ins, bandwidth to handle video conferencing and project management tools so that work is uninterrupted.

2. 4. USE OF AI: Although it is new it is already shaping business operations in a completely new way and there is a lot more to come in future. It has changed the business process in nearly every industry. CLOUD COMPUTING: This is a real digital transformation; this service allows businesses to move certain operations to third-party servers accessible via internet connectivity. When a business grows beyond a certain point managing everything on your own becomes difficult, things like cloud computing are helping businesses to scale even more by easing their burden. 5. There are many more technological changes that have happened well that list is endless, here we have talked about a few and recent ones mainly to give an idea about the change in the way businesses are carried today. Website: https://www.lv.net/ Source Link: https://bit.ly/3zKUGav