The Effect of Technology on Business
The world is entering a generation that catalyzes the modification and elevation of the way the company is carried out by modern and robust technologies. Mobile, cloud, collaboration, and analytics are some of these innovations. However, according to previous studies and inquiries, the effect and applicability of the technology is fundamentally not universally strong. Over the last century, technology developed and expanded. In the world of today, technology is being used by people and organizations at the next and superlative stage. Research from the business community in the United States shows that close to a quarter of the employees in many companies has been working from their homes. This trend is on the rise all due to the shrewd and penetrative utilization of Information Technology. A big and significant effect technology has brought to the world of doing business is the aspect of Electronic Business (Lena Hoffman, 2015)
Electronic Business (E-Business)
Famously referred as E-Business, this effect of technology (Information Technology) is the new definition and propagation tool for each and every business process. Technology is shifting every business aspect to the digital platform not only here in America but in the world in general. E- Business is a regarded by many as a convenient platform for transacting business operations. Selling and Buying goods and services is shifting destiny to the Electronic arena. Other business processes which many companies are facilitating using this tool are production control management, processing payments and salaries, business partner collaborations and recruitment processes.
According to (Dunning, John H., 2013) E-Business comprises a range of services and functions which range from the establishment and management of extranets and intranets. This two elements of technology incorporate Service Provider Applications to take over the role played by physical manpower in the day to day functions of business. Currently, as key economic corporations and organizations restructure their operations to the internet tools, the e –business tool is assisting them to handle the ever- dynamic pool of capacities by acquiring supplies and production and spare parts from other companies.
Through this technological tool of E-Business, businesses are in a strategic and efficient position to undertake joint research on various relevant business factors. Information Technology is another vital element which is pulling the success stories of many organizations to the very limit. Through the incorporation of e-business, an enterprise can identify relevant information for the competitive market through compatible software. This has helped many companies to organize and accumulate data and information essential for development and improvement of new services and products. (Venkatesh, Viswanath, James YL Thong, and Xin Xu., 2012)
Market Forces and Regulation
Video Conferencing, Voicemail, teleconferencing, data conference, electronic mail and electronic data exchange which are all elements of E-Business provide a suitable boom for discernibly changing the market forces. Through the Regulations of European Competition, many countries in Europe are championing for the policies to ensure small business organizations are accorded the breakthrough to venture new markets and impose competition on fair terms. The key elements of this policy are Global Infrastructure, Intermediary Links, Supplier's Links, and Clients Links are based on the E-Business digital infrastructure.
Conclusion
Technology is expeditiously making its way in every aspect of life. E-Business is one of the many effects of technology in businesses. Business is one of the sectors embracing the use of technology. It is the high time for every institution, Company or Enterprise to decide its way to going when it comes to blending the activities and objective achievement strategies with Technology. The level at which companies are going digital is very amazing, compelling and intriguing. (Dunning, John H., 2013) Ascertains that proper interrogation of the various technological advancements is advocated by many technology experts so as to avoid hard times and misappropriations of operations during and after incorporation.
References
Dunning, John H. (2013). Multinationals, Technology & Competitiveness (RLE International Business). Vol. 13. . Abington: Routledge Academic Publishers.
Lena Hoffman. (2015). Academic Journal of Business, Administration, Law and Social Sciences. Tirana-Albania: IIPCCL Publishing, Tirana-Albania.
Venkatesh, Viswanath, James YL Thong, and Xin Xu. (2012). "Consumer acceptance and use of information technology: extending the unified theory of acceptance and use of technology."
