Positive and Negative Impacts of Technology on business

Impact of Computer Technology on the Day to Day Running of Businesses:

1. Computer technology and the internet changed the system of business work.

2. Technology is both favorable and unfavorable for the business environment.

3. There are many business implications of technology advancements. Some major ones include:

   • Changes in customer behavior
   • Revolutionized business management through cloud computing and application integration
   • Increased productivity
   • employee satisfaction
   • lower enterprise costs

4. Businesses use technological advancements to grow their business

5. use technology to expand their ability and potential to take their business to a newer level of success.

6. Technology has created a new culture for business

7. is having ample and countless benefits for the business owners, employees, as well as customers.

8. all of them can be termed as the positive impacts of technology on business.

However, different concerns were also raised which are due to the vulnerabilities, ability of technology to get exploited for doing something wrong. The misuse of technology in the business environment is a threat and hence is termed as the negative impacts of technology on business.

Positive and Negative Impacts of Technology on business

Pros

• managing time and resources of a business
• the growth of business
• effective communication
• business payments
• flow of business information
• business record keeping
• business data Analysis
• business safety and security

1. Technology has shown a massive development in the field of business.
2. The use of technology made the business processes fast and efficient
3. which in turn shows the quality and productive outcomes.

1. Technology in managing time and resources of a business:

1. Managing your time and resources is often the most difficult task.
2. Every business has to make sure that they are properly utilizing their time and resources or not
3. Technology has provided ease to manage the business.
4. Employees can easily share the progress and report of their work in different software that is specifically created for business.
5. Technology provided a good grasp and control over the business.
6. Excellent communication is an important factor in doing business.

2. Communication

1. Technology is helping businesses in establishing simple communications.
2. Businesses are saving time and resources by the use of the latest technologies.
3. examples:
   1. Conference calls
   2. Instant messages
   3. Emails
   4. Communication apps: skype, zoom, meet

3. Technology in Growth of business:

1. Small businesses and enterprises can now easily receive more growth with the latest technologies and digital platforms.
2. This is also one of the positive impacts of ICT in business.
3. No need to have a big office and a big team to broaden a business.
4. examples: 1. Social media 2. Website 3. Mobile apps 4. Customer support service an apps(feedback, after sale etc)
5. It helps in categorizing the products and services of the company. It creates customer satisfaction and helps build a good image of a business.

4. Customer support services:

1. customer satisfaction is necessary and it is made easier with technology.
2. Customers from any corner of the world can access small franchises
3. contact the company’s web portals to a complaint or query a problem.

5. Technology in business payments:

1. With the advancement in digital technology and apps, transactions and payment processes are now much easier, safe, and without any inconvenience.
2. e.g UPI , Gpay, Paypal, PayTM etc

6. Technology and flow of business information:

1. Businesses are continuously evolving and the demands of the market keep on changing from time to time.
2. Internet: New business and market strategies to avoid losses and to gain more and more benefits from the change.
3. This flow of information helps to understand the trend, competition, and demands of the target market of every business.
   1. Business descriptions, needs, and services.
   2. Different projects and bids are advertised online.
   3. Jobs vacancy and employee recruitment
   4. Employees are recruited to companies from different countries for having the desired

7. Technology in business record keeping:

1. Businesses mainly depend on records
2. The conventional method of records keeping was inefficient and laborious.
3. With the latest computers, electronic record-keeping and tracking are a much easier and more convenient process. Large data of businesses and employees can be stored on a single computer.
   1. shared, stored and backed up easily
   2. studied and edited easily
   3. Calculations are done by computers so fewer chances of mistakes.

8. Technology in business data Analysis:

1. Business data analytics is a broad and important aspect of businesses
2. Technology backed up statistical tools, Software, and devices that are available now that accumulate and compile the business data.
3. Data plays an important role in conducting business. The compiled data is needed to track the progress to achieve goals and analyze business affairs. Business data analytics is a necessity and can not be compensable if data is lost.
   1. takes less time
   2. automated, machine learning
   3. Analysis of cost, production, and employees for better business management
   4. Better estimates the profit or risk of a business

9. Technology in business Safety and Security:

1. The most positive and useful impact of technology that can satisfy a business owner is the safety and security of his/her business empire that they build by working hard day and night.

2. Technology helped a lot in securing and saving businesses in different ways. divided into two kinds that are:

   • Security cameras for securing the business property from theft.
   • Fingerprint devices allow only authorized persons to sensitive areas of business property.
   • Sensors that alarm in case of fire and emergency to immediately control the situation.

10. Software

1. Business software for all the tasks
2. saves time
3. effecient

The Negative Impacts of Technology on Business:

1. Business dependence on Technology:

1. Dependency on technology is a huge concern. A variety of digital devices and apps have been developed for remote business operations and to conduct business.
2. We are using technology so often that we have changed our business habits and it is having negative effects on our business so badly.
3. Even a small glitch in technology can cut off the process of business. A very good example will be the use of the internet for online shopping.
4. If there is any issue in the webserver of the online store then it would be cut off from the customers and the business process will stop because of no alternate way of business.
5. In the modern world, technology is determining the ways for us to live. And we have shaped our lives according to it.
6. Examples of such dependency are credit cards, cryptocurrency, mobile transactions, and robots for production and processing.

2. Expanses on new technology:

1. Modern business relies on technology for multiple purposes. The dependency has reached a point that technology has to be upgraded to keep up with the competition.
2. Technology evolves continuously with time. Existing technology will outdated and needed upgrades result in a great expense.
3. There is not only an upgrade that will cost you money but also the maintenance.
   Usually, tech tools can not be sustained by local mechanics. The providing company or firms will provide maintenance service at a high cost.

3. Security risks due to technology:

1. Businesses depend on the use of computers and digital devices for operations. The dependency on technology has exposed businesses to security risks.
2. The majority of business deals and transactions are made through computers and the use of the internet.
3. Any carelessness from employees or workers can expose your business information to your competitors, hackers, or online frauds.
4. Your business could be just at a click apart from being theft or other cyber attacks
5. Hackers can steal valuable information, passwords, and information on bank accounts that can result in millions of losses. According to a recent survey, hackers in 2011 earned more than $10 billion.

4. Interruptions in the workplace due to technology:

1. Employees are using technology to increase productivity and efficiency. But this technology is also driving their focus and attention away from work.
2. As we all surf continuously through the web and social media and we are addicted to using mobile phones for different purposes.
3. Employee productivity is negatively affected by these interruptions and can reduce progress On average, it is estimated that office workers can have more than 100 emails a day. That many emails can digest a good amount of work time.

5. Work overload due to technology:

1. The expanding competition has caused work overload on the employees as well as business owners.
2. The race of being on top has caused the business employees’ and owners’ health issues because they are connected to the business or work on phones and laptops every time.
3. This bond of technology and work at any place anywhere has increased the overload of work.

The sufferers can not maintain work and home balance which leads to depression and stress. So instead of making life easy and convenient technology leads to depression and stressful life.