Impacts of Technology
The rapidly advancing technology has come to everyone’s attention and has profoundly affected the functioning system of companies and other businesses. Technology has mostly helped the companies to plan and integrate themselves as part of the global strategy (Coolin, 2014). However, technology has both positive and negative impacts on businesses.
How technology help companies to differentiate themselves as part of the global strategy
The growing technology is currently sweeping company’s economy. According to Coolin (2014), no business or organization can elude its impacts. Deflation of processing and transmitting information has drastically changed the way companies do business. Companies want to fit in globalization. The businesses have to develop plans targeting global level costs (Wible, 2016). Technology has helped companies to develop plans on strategies, which will help them compete with others. In addition, technology has permitted managers to maintain security in their firm for example enacting measures on internet security.
Does technology help or hinder a company’s work with foreign companies?
Every workplace can benefit from technology. Technology has helped the companies to work with foreign companies for its development (Ahmed, Beck, McDaniel & Schropp, 2015). Companies offering the same services worldwide can transfer data from one company to another easily through technology. According to Cutter (2012), technology has assisted the companies to track clients using tracking software. Moreover, technology has speeded up the connection between one company and another thereby saving more products that are produced.
Conclusively, technology is advancing from one time to another. The today’s science is the technology of tomorrow. It has brought an immense change in the world global economy.
Ahmed, U., Beck, T., McDaniel, C., & Schropp, S. (2015). Filling the Gap: How Technology Enables Access to Finance for Small- and Medium-Sized Enterprises. Innovations: Technology, Governance, Globalization, 10(3-4), 35-48. doi:10.1162/inov_a_00239
Cutter, B. (2012). An American Renaissance: How It Is Happening, How to Nudge It Along, Why We Should Care. Innovations: Technology, Governance, Globalization, 7(3), 15-24. doi:10.1162/inov_a_00136
Coolin, H. (2014). US companies work together to provide access to clean drinking water. Membrane Technology, 2014(11), 1. doi:10.1016/s0958-2118(14)70219-8
Wible, B. (2016). Measuring impacts of technology on growth. Science, 353(6303), 1001-1002. doi:10.1126/science.353.6303.1001-f