1. Impact of technology on business:
Positive :
Improved competitive advantage: Businesses have use technology to gain competitive advantage over their competitors. If a business uses technology to improve on its services or products, its customers will be impressed and they will become loyal to that business as well as invite more customers through word of mouth. Advanced technology can result into better customers service and production of high quality products or services.
Improved communication: Business to consumer communication has been improved by use of technology. Now a business can easily communicate to its clients to know how they feel about their services. The information collected is used to improve on the services of the business which results into business growth. For example, businesses can use social Medias to hold product surveys.
Improved human resource management: A business can use technology to recruit and train new employees. Now days there unlimited Job boards online were companies post jobs and applicants apply through that online Job board. This simplifies the all process of hiring and it saves time.
Negative :
Technology is expensive as well. Even though we use technology to solve operational costs in business and increase on productivity. To buy the machine which will replace 10 humans to perform a certain tusk is quite expensive. This machine will require continuous maintenance and a standby technician to operate it and fix it in case it brakes down. So technology is expensive as well.