sample business essay example

sample business essay example

The Impact of Technology on Modern Businesses

1. Introduction to Technology in Business

With it, companies can enter the market and grow with the competitive advantage that technology can offer. However, planning is required to successfully implement business strategies. Failure to define needs adapts and uses these technologies, posing unnecessary costs and other disadvantages. Therefore, a well-structured and strategic planning must be carried out in companies, involving the definition of business, the characterization of the transactions, a description of the participants, identification of the requirements of confidentiality, integrity, knowledge of the technologies that offer solutions, feasibility analyses, and the implementation of a technology security solution. Organizations can confer images, information objects, meanings, when they capture the necessary signals and information using technology. This construction of images of entities can be the competitive differential so that companies survive in the market. This differential can be obtained through the use of technology, which makes it safer, easier, and more organized for data and information to be effectively manipulated.

Modern businesses are required to make strategic investments in technology to enhance communication and remain competitive. Daily operational functions, such as accounting, human resources, payroll, and general administration, are performed aided by information technology. Companies must choose the type of technology that best suits their needs to maximize the benefits. Organizations are required to remain competitive in their segment and continue to meet the need and the speed at which all processes of a company carry out with quality. Needs that are increased day by day and that seek to make available technology that enhances the practice of business processes dealing with greater agility. Allowing more secure negotiation with a lower volume of errors and risks and favoring business strategies and growth. Technology can provide society and businesses with the most innovative and beneficial improvements. These improvements aimed at providing society and business with products, systems, and services capable of improving the quality of people’s work and life.

2. Technological Advancements in Various Business Sectors

E-commerce businesses represent a huge sector, with the e-commerce market surpassing USD 4 trillion. This concept is designed as an agile and flexible means of carrying out businesses for both startups and big businesses. Several e-commerce platforms/hosting partners designing online businesses enable quick migration from a physical business environment to an online one. More and more e-commerce platforms have integrated marketplaces that push products to popular and known platforms such as Amazon and eBay. This means these platforms often offer marketing assistance, making it an agile and all-in-one business solution. They deliver a multi-platform selling strategy and enable selling in countries worldwide. High-quality responsive web designs facilitate making online businesses easier and more appealing by appealing to clients regardless of the device type they use, like tablets and go-to’s. Reliability and security are guaranteed, with businesses being able to be hosted by major lattice cloud hosting providers, making businesses less likely to crash. The prevalence of affordable software solutions enables greater efficiency and reliability for cloud storage and data collection, at low costs. The advancement of technology has enabled quicker and efficient combining of global payment gateways, enabling them to accept all types of bank cards and accept major digital wallets. As a result, businesses are looking for the fastest checkout capabilities on websites, and e-commerce payments are adequate, efficient, and well applied.

Technological advancements have made a dramatic impact on various sectors of business alike. Let’s take a look at these technological advancements, which have made businesses more efficient, reliable, and successful. These technological and scientific advancements have improved businesses in several sectors such as e-commerce and cloud computing.

3. Challenges and Opportunities of Implementing Technology in Business Operations

Technology has become the lifeblood of global commerce, changing the way individuals, businesses, and entire nations relate to one another. Businesses increasingly depend on technology to manage day-to-day operations and to make effective decisions, improving operational efficiency, distributing and supplying products, managing clients, and developing human resources, increasing the competitive advantage of corporations. As the use of technology by businesses continues to evolve, so does the need to identify the technologies that can provide the best value. Among enterprises, technology-use sophistication and dependency levels vary widely. Hardly any commercial activities would transfer today except for the most rudimentary cases of technology. Some business stakeholders strongly agree that technology should give way to a business function. Business organizations are investing in technology that is becoming the heart of the company.

Businesses worldwide, regardless of size or industry segment, increasingly rely on technology to manage their day-to-day operations and make effective decisions. The potential benefits of technological advancement in business are numerous, including improved operational efficiency, effectiveness in distribution and supply chains, meaningful customer relationship management, and enhanced development and management of human resources, thus increasing the competitive advantage of corporations. As the use of technology by businesses continues to evolve, the need to address the technological opportunities that offer the most potential to support strategic goals and objectives becomes more important. This paper’s objective is to provide a comprehensive discussion, from a business perspective, of several pertinent issues, challenges, and technologies facing different sectors in business today.

4. Case Studies: Successful Integration of Technology in Business

How far the benefits have materialized, and are taken advantage of further depends not only on the technology in question but also on the reliability and costs of human involvement in the operation, its integration with other corporate activities, and finally the company climate that acts as a vehicle to exploit the full potential of such technology. The key determinants of successful technology transfer are the technology absorptive capacity of the ‘receiving’ agent, the incentives in place to stimulate the absorption process, and the licensing mechanisms in the presence of high risks associated with such technology transfer. Some important lessons about how to manage technological innovation successfully are discussed by Cardoso and Conceição, in the light of the development of the biotechnological industry in Portugal. Interviewed successful biotechnological firms underlined capital scarcity, survival/failure as selection mechanisms, adequate networking with research labs, universities, and potential suppliers and/or customers as crucial forces in either leading or hindering the industry.

The following case studies have been selected to illustrate existing practices in successful integration of technology in business. The examples were chosen from different industries, and from within these industries concerning a number of different business processes. The case studies illustrate that technology integration needs to take place at two levels – first, at a macro-level business shift should be planned. This may require significant changes in structure, process, and strategy. Second, at the micro-level a technological solution is selected, which can be either a software package that has business implications or a bespoke in-house solution. The case studies show very different approaches to these two levels of business shifts, which have important implications for the role played by IT staff members within the business. Finally, the need for flexibility (re-engineering the corporation should not result in a situation where businesses are unable to respond to a highly dynamic environment) is highlighted by the case studies in determining criteria for successful business/technology integration.

5. The Future of Technology and Business

Five years ago, it was rare to see job postings for social media managers, and it was unheard of for companies to be seeking people who know the inner workings of the how-tos of apps such as Instagram, Snapchat, and Twitter. As of now, there is a general understanding that becoming more and more familiar with social media marketing and technology for your business is going to simply be a fact of life. Small businesses can have even greater freedom with exciting new cloud computing programs. Already, programs such as Salesforce and Workday are empowering businesses to reach individuals on mobile devices with unprecedented ease. The interconnectedness of these services will only increase as the Internet of Things (IoT) evolves, offering even more data points that companies can use to get to know customers and develop even better experiences for customers. With cloud services such as these, you can get your small business up and running in no time while solving your communication and data management challenges.

If technology and business have become inexorably linked, it stands to reason that the future of business will be shaped by the ever-increasing advancements in technology. As innovations such as artificial intelligence and augmented reality continue to be part of daily practical life, it is clear that businesses will have to adopt and/or create technologies that accommodate new methods of conducting business. iPhone and iPad sales have exceeded expectations because these are cutting-edge technologies that have ushered in a new way of doing business where practically anywhere can now be your office. According to a study by the Deloitte Center for the Edge, only 1% of businesses are making investments to extend their capabilities at a steady rate. We believe that the key—especially in such uncertain times—is for businesses to focus on exponentially extending their capabilities.