Usefulness of technology in business.

It is over a decade since rapid changes have taken place in the business world. Many people have made a decision to embraced the latest technology to run most of the functions in a business. This ranges from clerical work to services provision and sale of good too. In the past there was a really big struggle in running business more efficiently as it would right now. Without technology in the past most things being done were slow and always cumbersome to handle. Data would always get lost while there were limited chances to monetize business sites. Technology because of being so much limited in the past decades, there were very less chances of expansion and growth.

Accessing finance facilities was as that difficult as automating the office work. Today unlike the past, accessing loan facilities and making payout of dividends and stakes is very much easy. Business men and women would find trouble in the past because things were being processed in a longer period of time. Data handling and processing was time consuming and therefore less customers or clients would be attended in a business. Monetization today is a free and normal thing to do for privately owned sites online to help in revenue generation unlike the PST where there were not any ways to increase generation of revenue in a business.

Today, there very many people who seek consultation online unlike in the past where there were unreliable ways of provided the service via online platforms. Consultation is a specialization by certain groups of people who created consultancy firms in the world about go-wheres in a business. Many business firms dealing with such service have reaped a lot of benefits and also going as far as creating monopoly in the market just like the way Safaricom, a firm by Vodaphone and another firm from United Kingdom, has created large monopoly in East African countries in telecommunications services and products.

Use of technology is good since it minimizes the huge monopoly that is created in regions of multilateral trade. Once a firm embraces new technology, besides the nation doing it as a whole, it is able to function in a competitive business environment by absorbing the monopoly against it by the adjacent firms. Monopoly leads to reduced revenue generation for a firm which has a small share of the market. This makes some to fire off some employees in order to create profit in the tightly competitive market. A world where there are even scammers in cryptic currency business it is really hard a business with a small market share to flourish.

By skwctgme

Business With Information Technology.

1 reply on “Usefulness of technology in business.”

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