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The Impact of Technological Change on Business Activity

Related Articles
1Importance of Employee Performance 
2Business Benefits of Information Technology 
3The Definition of Small Business Management 
4Information Technology for Business Success 
Technology has revolutionized the way companies conduct business by enabling small
businesses to level the playing field with larger organizations. Small businesses use an array
of tech – everything from servers to mobile devices – to develop competitive advantages in
the economic marketplace. Small business owners should consider implementing technology
in their planning process for streamlined integration and to make room for future expansion.
This allows owners to create operations using the most effective technology available.
Impact on Operating Costs
Small business owners can use technology to reduce business costs. Basic enterprise
software enables a firm to automate back office functions, such as record keeping,
accounting and payroll. Mobile tech allows home offices and field reps to interact in real
time. For example, field reps can use mobile apps to record their daily expenses as they
incur them and have them sync automatically with accounting software back at the office.
Securing Sensitive Information
Business owners can also use technology to create secure environments for maintaining
sensitive business or consumer information. Many types of business technology or software
programs are user-friendly and allow business owners with only minor backgrounds in
information technology to make the most of their tools and features.
Improved Communication Processes
Business technology helps small businesses improve their communication processes. Emails,
texting, websites and apps, for example, facilitate improved communication with
consumers. Using several types of information technology communication methods enable
companies to saturate the economic market with their message. Companies may also
receive more consumer feedback through these electronic communication methods.
Technology also improves inter-office communication as well. For example, social intranet
software gives employees a centralizes portal to access and update internal documents and
contracts and relay relevant data to other departments instantly. These methods also help
companies reach consumers through mobile devices in a real-time format.
Increased Employee Productivity
Small businesses can increase their employees' productivity through the use of technology.
Computer programs and business software usually allow employees to process more
information than manual methods. Business owners can also implement business
technology to reduce the amount of human labor in business functions. This allows small
businesses to avoid paying labor costs along with employee benefits.
Even fundamental business tech can have a major impact on employee performance. For
example, by placing employee-performance appraisal information in an online framework,
supervisors can easily create measurable goals for their employees to reach and sustain
company objectives. Business owners may also choose to expand operations using
technology rather than employees if the technology will provide better production output.
Broaden Customer Bases
Technology allows small businesses to reach new economic markets. Rather than just selling
consumer goods or services in the local market, small businesses can reach regional,
national and international markets. Retail websites are the most common way small
businesses sell products in several different economic markets.
Websites represent a low-cost option that consumers can access 24/7 when needing to
purchase goods or services. Small business owners can also use internet advertising to reach
new markets and customers through carefully placed web banners or ads.
Collaboration and Outsourcing
Business technology allows companies to outsource business functions to other businesses
in the national and international business environment. Outsourcing can help companies
lower costs and focus on completing the business function they do best. Technical support
and customer service are two common function companies outsource.
Small business owners may consider outsourcing some operations if they do not have the
proper facilities or available manpower. Outsourcing technology also allows businesses to
outsource function to the least expensive areas possible, including foreign countries.