The Effects of Technology on Business

Technology has greatly impacted the way we conduct business, with technology devices and software driving this change. Technology has made business communication faster and cheaper, while providing a greater reach to the concerned parties. The impact of technology on communication has been a mixed-bag of blessings as it has been accompanied by both positive and negative impacts. While technological advancements have resulted in the faster times to reach good business decisions and enabled firms to gain a global foothold in their target markets, these advances have also led to the destruction of interpersonal communication, a fact that has negatively impacted business.

Technological advancements have reduced the time taken to make decisions, and improved the quality of the said decisions leading to better business. The use of computers in the review and analysis of business information has made the process of making decisions faster and more efficient (Monger 7). As more businesses take advantage of what these innovative tools have to offer in terms of speed and accuracy of results and the sheer amount of data they can handle, the speed and quality of decision making has greatly improved (Monger 9). Consequently, most businesses are now able to reach their set targets easily, and can achieve better gains as a result of using the new tools that technology has to offer.

Technology has eliminated borders and made opened up the world, even to small businesses. With the advent of the internet, new business models have emerged to challenge the old ones. Commerce is increasingly being carried out through the internet, giving it a global reach. As a result, businesses are able to reach a global consumer base, widening their markets considerably (Kudyba and Diwan 154). Also, businesses are able to take advantage of the wide reach of communication technology to source cheaper supplies and improve bottom-lines as well as earn more in profits (Kudyba and Diwan 153). With the access to cheaper inputs for their supplies and larger markets in which they can sell their products, more businesses are thus able to attain profitability.

Technology has destroyed interpersonal communication due to the excessive dependence of technological gadgets over face-to-face communication. Recent preference for the use of technological devices and the internet, particularly social media for communication has negatively impacted the quality of interpersonal communication (Khosrow-Pour 34). Most of the tech-savvy members of the population suffer from communication apprehension during instances of personal communication (Khosrow-Pour 35). The demonstrated lack the skills to sustain a face-to-face communication has translated into an impediment in conduction business, especially when it requires personal contact. More and more business people who rely heavily on technological tools for communication are found to be unable to carry on a personal conversation (Khosrow-Pour 35). As a direct result, some firms have lost business on account of this.

 To conclude, technological devices and software have enabled firms reach quality decisions faster and to transact business on a global scale, both of which have served to improve business, while destroying the quality of interpersonal communication that has been an impediment on the business process. Technology has therefore proven to be a handy tool for the advancement of business objectives. However, technology is not without its disadvantages as it has been found to have a negative impact on a person’s ability to effectively communicate on a personal level.

Works Cited

Khosrow-Pour, Mehdi. Managing Social And Economic Change With Information Technology. Harrisburg, Pa., U.S.A.: Idea Group Pub., 1994. Print.

Kudyba, Stephan, and Romesh K Diwan. Information Technology, Corporate Productivity, And The New Economy. Westport, Conn.: Quorum Books, 2002. Print.

Monger, Rod F. Managerial Decision Making With Technology. Burlington: Elsevier Science, 2014. Print