Understanding the Impact and Advantages of New Technology on Businesses

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Technology is always a big factor in improving our daily lives and the way we do business. New technology especially is a prime mover in moving business forward, making things more efficient that makes it possible for businesses to satisfy their consumers more and to achieve more in terms of innovations and profits. In this article, we will talk about the advantages of new technology for businesses as well as the impact of new technology on business.

Advantages of New Technology for Businesses

One of the primary advantages of new technology in the way we conduct business is the lessening of required resources. This involves less wasted resources and minimal use for bulky machinery. This does not just make things more efficient for businesses, it also benefits the environment since less paper are used less and less travel is required because new technology allows for easier and faster communication. That is also a great advantage of new technology for businesses. Travelling to far places for meetings are no longer required since communication can now occur with the use of mobile phones by text messaging, video and voice calls. Email has also allowed people to communicate more using less because it is transmitted electronically, eliminating the need for printed letters and manual delivery systems. Chatting services such as Yahoo Messenger and Skype as well as social networks like Facebook and Twitter are also used as tools for business communication.

New technology also allows for fewer costs without sacrificing profits. In fact, higher profits can be achieved since a business can still deliver goods and services like they used to, or even better than they used to, using less resources and spending less in production. Easy and efficient communication also makes it possible for businesses to get more feedback about their products and services from their customers, giving them a quicker response time in dealing with customer concerns, therefore keeping their customers happier and more loyal. And all good business men know that a business owes its life to the number of their customers and their unwavering loyalty.

With high internet speed, there are so many online businesses established not only by big companies but also by individuals who opened their online shops and do freelance jobs with all transactions processed online. Online seminars, known as webinars, and business meetings can also be conducted and participated by business members and shareholders from around the world without leaving their homes making business life more easier, less time wasted and less expensive.

Impact of New Technology on Businesses

New technology is not always beneficial for businesses. For some of them, new technology can mean the beginning of the end for their entire business since it can make them obsolete. Let’s take into consideration newspapers and magazines. Because of the Internet and free news sources, it gets harder for traditional media to keep their audience. It becomes harder for them to attract new customers and stay ahead of news sources online that practically brings the news to the masses in real time.

Businesses that can’t keep up with new and emerging technologies will find themselves fighting for their lives as other businesses that are better in coping with new technology gain a better perspective of the future and the upper hand. New technology requires businesses to catch up unless they want to go belly up.

The biggest impact of new technology on businesses is probably the fact that the clients and customers of businesses now have a bigger voice in the development of products and services since communication and faster and more efficient. Businesses are now listening to their customers more than ever because competition has suddenly become worldwide, thanks to new technology that crosses borders in breakneck speeds. In this manner, the advantages of new technology for businesses are also advantages for the consumers.