The Impact of Emerging Technologies on Business

It is 2018 and we can see different aspects of our lives changing due to improvement in technologies. Business is the most important topic in this context. What was once driven by the merit of individuals and capitalist economy, has since adapted with these emerging technologies. If we take some time and look back, we can see how businesses evolved over the course of time. Today every business depends on some sort different technologies. This is due to the fact that technology advances have made many tasks not only feasible but also optimal.

Many people may find technology not so much of a bliss. Due to rapid improvements, emerging technologies keep shaping our life in a lot of ways many of which we may not find pleasant. As a human, we are always going to think that the old days were better. But if we look closely without biasing our thoughts, we can see why technology plays such a vital element in modern society. If we just concentrate on the fact that, why do we keep depending on it? We will find our answers.

Why Do We Keep Depending on Technology

Let’s look at a quite simple example. How many of us use the mail service these days? Not unsurprisingly, most people tend to not use it for day to day tasks anymore. Only when one of us needs something from oversees or any other source whose only service is postal mail, we look back at mail services. What was once the most used service for communication around the globe has been replaced with E-mail. This is a subtle change. Most young people of this generation don’t even have much knowledge about it anymore. This is because email service is so much easier and convenient to use. Electronic mail not only saves us time, but also it cuts service cost.

The principle target for any business is to bring in the most profit possible. Reducing cost is one of the best ways to ensure a high profit. From the example given above, how much cost do you think email reduces? As it turns out, communication is a must for any business to be successful. And by converting to email every business can potentially cut their communication cost to a bare minimum. So eventually the email service, which was an emerging technology in the 90’s, has become the de facto communication service replacing the much older postal service.

How Technology Based Businesses Become Digital Leaders

Now, let us focus our attention to successful businesses. What are the biggest business organization on globe? Apart from governmentally run military industries, the fortune 100 or 500 companies are the biggest. These are the companies that have earned a fortune running their businesses, thus creating a whole new concept of organization. As you might guess, the top members of this group includes Google, Microsoft and Facebook. What do they have in common? They are all organizations whose service is based upon technology. If you know a little something about business, you might know these companies are not hundred of years old. But they did manage to overthrow lots of age old businesses in revenue. So, how did they manage to do it?

As it turns out, the whole concept of profit depends on certain key factors. These includes potential domain of service, customer demand, manufacturing cost and scalability. Now, let us discuss where these tech companies beat other organizations.  Think about manufacturing costs. An arms business or a car business have to put a lot of manufacturing cost for bringing their product to market. No matter how much they sell the final product, they have to calculate the profit after negating those manufacturing costs. Whereas companies based on technology have an upper hand in this regard. We wouldn’t even see Google, if Sergey Brin or Larry Page had to invest millions of dollar for their company in the first place. They opened their company in a garage!

The point here is, that most big tech companies didn’t have financial backing when they started. Which is the first necessity for any other business. These companies created a service, showed the world why that service was necessary and voilà! They were earning millions of revenues over night.

Impact of Emerging Technologies on Business

In recent years, the west has been facing a serious problem with manpower. As it turns out, if majority of your country is educated and have good jobs then who’s going to work in the factories? But we need manual labors for running the society also. Thus emerged the technology of robotics. Every European mills and factories nowadays relies heavily on automated services for production. These has made products identical in quality and production much feasible.

Technology can impact on a business heavily. In recent times there has been an influx of independent businesses whose main product is based on a particular idea. These are known as startups. They are the forerunner when it comes to accept emerging technologies. And the fact that startups have become a hype, proves that impact.

The main point we are trying to deduce is how emerging technologies affect us. There is a rapid movement in technology and newer technologies are emerging every day. Not every technology is going to stick. Some of them are going to fail. But those who last, will make our business much easier and convenient. Its not that the impacts of technology are only positive. There remains some debacles regarding the negative effects of relying too much on technology. As it has been pointed in various studies, offices are now overwhelmed with different techs. Some of them are emerging, others are old. The relation between employees have been found to be weak due to heavy influence of technology. But as a businessman, you can not hope for everything solved by technologies. Of course, they’ve their limitations and negatives. But if you want to have a successful business, you need to get rid of that orthodox mentality and embrace these emerging techs as they happen to change the way you operate.

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