Effects of technology on business

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Effects of technology on business
Effects of technology on business

No matter the size of your business, usage of technology is inevitable. Businesses around the world are using technology as a means of communication with the rest of the world. With the trend of online shopping increasing each day, most of the business are shifting their products online. The online shopping and business realm has made the competition level high for new businesses. And a need for improvement for old businesses is imminent. While integration of technology in business has exponentially increased in recent years, it has also been posing threats. There are a number of effects of technology on business, both good and bad.

If you are thinking “What possibly could be the adverse effects of technology?” Wait till you get to the end of the article. We won’t be those negative people who only post negativity We’ll obviously tell you both effects of technology on business. Good and Bad.

Good effects of technology on business

As we mentioned earlier, every business, big or small is using technology as an aid to grow. It is becoming a norm that every business must have an online appearance. And a lot of businesses do, actually. The ones who don’t are often looked down upon. What are some good effects of technology on business, then?

1. It brings people closer

Technological advancements make it easy for business owners and buyers to connect rapidly. As a buyer, you can find the thing you are looking for with just a few clicks. This gives you more control over product comparison and cost analysis. As a business owner, it gives you more leverage to have a diverse range of customers from all around the world. It also makes marketing analysis easier and helps you optimize your products.

2- Makes your life easier

Yep, that’s right! While for some,getting a hang of latest technology can be a pain, it is still true. Technology makes doing business easier and on the consumer’s end, makes it easier to shop. You can shop while you are in your home, gardening, driving, cooking. You can lodge your complaints easily and have a quick connection.

3- Tracking

No! We don’t mean it in the creepy way! Anyone who owns a business knows how important tracking is. It helps you understand the consumer’s behaviors and pan things out accordingly. If you own a business, you’d want to know what kind of audience you attract and what sorts of products they are interested in. This help you best optimize your business and reach out to audience that will be interested in the services you offer.

4- Organization

Technology is not only restricted to your online presence. It also encompasses how you interact with all the technical tools. This also includes your data and how you manage it. With advanced data management and analysis tools like Excel, Google Adwords and Google Analytics, you can easily manage your data and manipulate it to your advantage. This helps you have an overview of where your business stands and you have empirical proof of the progress you have made.

5- Cost effective

Globalization apart, technology has given more space to small business by cutting cost on their outlets and franchises.  With the facility of online store, you don’t need to worry about buying real estate to establish a physical store. The struggles of small businesses end with technology. Renting out a place and setting up your products there is not the only thing you’ll be cutting cost on.

Adverse effects of technology on business

Enough with the advantages of technology! The inner evil in us is up and wants to discuss the adverse effects technology has on business. It is definitely beneficial due to a lot of reasons but it is also has some adverse effects that need consideration.

1- Rips people apart

Yes! We know we mentioned that it brings people together but the downside of using technology for business is that it rips people apart. As the habit of sitting in front of the screen increases, people dealing skills are knocked out the window.

2- New levels of complexity

On one hand, technology has smarter effects on your life and makes your tasks easier for you. On the other hand, it creates new levels of complexity that you weren’t familiar with before. If you are on the consumer’s end, you will find yourself caught up in a whirlpool of products. The ones you need and the ones you don’t need. You’ll find

3- Data security

Data security is one of the most important issues in the technologically advanced world. Having all your data on cloud is something that is probable of being a victim of security. Tracking your customers’ behaviors and patterns can sometimes create a hostile environment. Moreover, with all your data available on computer, hackers can easily steal your data.

4- Control

True that technology helps your organize your data in better formats and with more efficiency but there’s a twist to that. While having online databases is a great thing, it also risk control. Who has access to your data and to what extend is another thing to worry about. Who can make what sorts of changes to your data is important. IN such cases, keeping a track of the digital footprints becomes the need.

 

That’s our take on technology. The points that we mentioned in the advantages might act out differently for your business. While you might look at that disadvantages that add value to your business. Nothing is set in stone. The idea is to understand that what comes packed as a gift might have some bad effects as well. At the end of the day, you decide what works best for you. No matter as a business owner or as a consumer.

With that, we call it a wrap! If you think you missed anything in the article, let us know in the comments. Or visit our website to discover more tech related blogs.

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