What Role does Technology Play in Modern Business?

Introduction

Technology is the application of numerous techniques, methods, skills, and procedures to create commodities and services in many economic areas. Today’s business technological advancements are realized through specific perspectives, such as enhanced interactions enabled by information and communication technology (ICT), effective business-to-business (B2B) decision-making models enabled by artificial intelligence or computer programming, shortened product processing times, and improved material sourcing quality. Despite the fact that technological innovation enhances the efficiency and productivity of an organization’s operations, the type of technology implemented is more likely to boost a company’s competitiveness.

The Impact of Technology on Business

In today’s competitive business environment, efficient and effective organizational methods are required. The majority of multinational corporations desire continuous engagement with suppliers across all industries (Li, Su, Zhang, & Mao, 2018). As a result, technology influences present businesses to improve their efficiency and market performance while improving product quality and consumer value.

Implementing IT models in a business enhances the efficiency and quality of corporate processes. Furthermore, technological advancement allows businesses to grow and obtain a competitive advantage in their industry. Advances in information and communication technology (ICT), for example, improve business interaction models, resulting in increased supplier and consumer confidence. The use of technology is a critical enabler in ensuring that corporations create products that appeal to consumer interests and experiences while also assuring supplier welfare in the market (Pansari & Kumar, 2017). As a result, technology is a critical growth driver for the business sector.

Implications for the Employee and Employer 

Employees face several consequences when technology advances in the workplace. The increasing interdisciplinarity of inventions has posed a challenge to the workforce. Consequently, computers in the workplace are propelled by increased levels of artificial intelligence, necessitating employees to broaden their knowledge views…