Why Technology is important in Business?
From a very early stage, People started trading. Business is the activity of trading product and services within a country or outside a country. Due to business, We are using the product and services of a different country. In the context of globalization, People are connected through technology. Technology and business became two sides of a coin. Technology made the business easier to promote their product and services in the global market.
Before using technology in business, the business had only a specific market but now the business organization has a global market to sell their product. It does not matter what is the size of the enterprise. Technology made a huge impact on all type of enterprise.
Technology has been used as promoting business and reaching the target customer. Many products and service are selling through online. A business organization has great opportunities in the market. They can advertise their product to reach their customer through social media. There are different online shopping agent that doing business using technology. Technology improves the business relationship, increase productivity with low cost. Technology is changing day by day, Everyday new product, new innovation coming in the market. From online shopping, delivery service, online food ordering,e-payment, online banking. These products save customer time as well as a business organization can expand its business and profit. Technology can be a solution to run its business and operation process.
Some of the reason for using technology in the business are :
- To communicate with the customer, business partner, vendor
- To increase the efficiency of operations
- To promote product and services
- To expand the business from local market to global market
- To run the business with the trend in the market
- To compete in the market
- To increase security
According to the trend and culture of the market, a business organization must run its business. A business can’t survive without customers so, the business organization must be connected with the customers, vendor and business partner to build up the relationships to enhance the business to sustain in the market only good relationship business run for the long run and make a good public image. Nowadays, the business organization has its own website from which customer find their answer and build their trust.
A Technological infrastructure increases the quality of the product and services and helps to delivery on time. Technology reduces the cost and time helps to compete in the market. Not only for the operation, but technology can also be used for the security purpose. To protect financial records and confidential data. And helps to keep their idea from the competitors. Business must know the trend because it will help to know to customers taste and preference and predict the future possibilities that may bring risks and threats for the business organization.
Some of the technologies used in business are:
- Digital Marketing
- Cloud computing
- Machine learning
- internet of things
- and Artificial intelligence
Using technology business can advertise product and services mainly on the internet. like: Social media, e-commerce, SEO, email marketing etc. Using a network business enterprise can store, manage, and process data, rather than a Personal computer. Artificial intelligence provides systems with the ability to automatically learn and improve from experience so it increases detect fraud, sales, improve customer experience, provides predictive analysis and automates work processes. A Blockchain is used to keep financial ledger systems for the business enterprise which cannot manipulate and increase the security of data. Internet of things simply helps to establish a connection between system and devices from anywhere we can get continuously update about our business.