Technology’s Impact on Business

Technology’s Impact on Business

Why It’s Important Knowing how technology has influenced business sheds light on new and future industries. Introduction to Business

Technology’s Influence on Business Technology refers to the tools and machines people have invented to make life easier. Perhaps the most common technology staple used in businesses today is the computer. Introduction to Business

Technology in the Past Even the simplest invention, like the plow, had a huge impact on business. Before the plow was invented, people had to dig in the earth with their hands. Because of the plow, more corn could be planted which meant more corn could be produced. Increased corn production meant hiring more people to harvest the corn, selling more corn in the market, and building a corn-selling business. Introduction to Business

Technology in the Past Since the invention of the plow, countless new inventions have changed the way we live, work, and do business. Introduction to Business

Modern Technology In the past 50 years, electronics revolutionized business and society. There is a never-ending demand to make electronic goods smaller, faster, cheaper, and more powerful. Computers can store thousands of files electronically, saving time and office space. The computer created a boom in nearly all business industries. Introduction to Business

John Logie Baird (mechanical TV) 23% Figure 9.1 TWENTIETH CENTURY’S TOP TECHNOLOGISTS Technological inventions greatly affect your daily life. These percentages represent people’s opinions about who technologically influenced the twentieth century and beyond. Which three inventors do you think you’re influenced by every day? Source: Opinions Research for CNET and Techies.com; voters could choose up to three Introduction to Business

E-Workforce E-workforce is when people work with computers while doing business. According to the Bureau of Labor Statistics more than 70 million people use computers daily. Introduction to Business

Employment Technology makes people work easier and faster. Technology’s speed saves time and creates new jobs. Introduction to Business

Digital Workflow Placing hard copies of documents on a digital platform, like CD-ROMs or a database, has had a great influence on the efficient use of time. By switching information to a digital format, there is less paper involved. A digital workflow links all the steps in a process, like publishing, electronically. Introduction to Business

Technology Centers The high-tech industry can be found in practically any city, but it is heavily populated in various technology centers, like California’s Silicon Valley. Introduction to Business

New Jobs The Internet has created a demand for new jobs such as software writers, online writers, and Web page designers. Introduction to Business

Virtual Business The ease of doing business online has created a boom in new businesses, or start-ups. This type of business is called a virtual business. Vocational schools, universities, colleges, and community centers offer technical training or degrees for people interested in expanding their technology skills. Technology skills will make you very attractive to an employer. Introduction to Business

E-Commerce Electronic commerce, or e-commerce, has made it possible for businesses to directly reach customers anywhere in the world. The main activity of e-commerce is buying and selling goods and services. Introduction to Business

E-Tail E-tail is electronic retail. An e-tail business sells products over the Internet. Any company can go online to sell any product. Introduction to Business

E-Tail A multi-channel retailer uses several means to sell products. Businesses often call their stores and warehouses bricks-and-mortar, referring to building materials. Businesses that also use the Internet are called clicks-and-mortar operations. Introduction to Business

Graphic Organizer Graphic Organizer Bricks-and-Clicks BRICKS-AND-MORTAR CLICKS-AND-MORTAR RETAIL E-TAIL C O N S U M E R S Introduction to Business

E-Tail Putting catalogs on the Internet rather than shipping them by mail saves a lot of money in printing and mailing costs. E-tail is an advantage to the consumer in two major ways: • Convenience • Choice Introduction to Business

E-Tail E-tail is a disadvantage to the consumer in four major ways: • Buying power (overspending) • Other charges (shipping) • Immediacy (waiting for product) • Relying on observation (not being able to see products directly) Introduction to Business

E-Ticket Using their computers, people can now purchase e-tickets, or electronic tickets. Some people find purchasing an e-ticket is easier and cheaper than visiting an actual ticket agency. Introduction to Business

Technology’s Impact on Business