The effect of technology on business Essay

The concept of business in general dates back to the 30th century BC where trade was first used between travelers. Over millions of different companies are registered by entrepreneurs every single day, which makes business one of, if not the world's leading field of work. In today's age, people rely a lot on technology because of how it consumed and dominated our world, seriously what can a man do that a machine can’t? Since technology affects all of our daily lives, how does it affect business? I believe that technology affects a general business the most in three different ways. First of all, the efficiency of the business. How can technology make business more efficient? Technology is known to be faster than man in most things so, how can it speed up the process of the company and still maintain the initial quality? Second of all, the financial aspect of the business. In today's world people trust their banking system with their money so how do banks use technology and machinery in their business? and finally, the business’ security. Cybercrime has become a major world issue in recent years due to the advancement of technology, but where there is cybercrime there can always still be cybersecurity. Have you ever heard of the phrase “time is money”? Of course, you have, time is a major aspect in business and the only way to defeat time is to be efficient Technology has so many ways to maximize business efficiency thus making it easier to market the business and increase sales. Consider average humans doing tasks by hand like counting money, for example, that could be extremely time-consuming and full of human errors but a bill counter will do the job in a fraction of the time with zero errors. In this case not only can the company be more efficient but they don't need to waste money on human salary when a machine is doing the job. Computer and technology are extremely helpful in allowing faster processing of data, retrieving and sending information. A great example these days is electronic mail, getting information transferred from point a to point b in a matter of second is astounding and way more efficient than a human. In addition to technology making tasks easier and more efficient it could also store information in a more compact, organized, and simpler way. Imagine having a large file cabinet and having to search through every time you need to access a file, stressful, isn't it? An excellent substitute for this is to keep all company files on a program, for example, Microsoft Word. And with a click of a button, anything can be accessed with a matter of seconds. The main objective of any profitable organization is to create profit, and when that happens the sales have to be recorded and money has to be distributed. Acknowledge a human having to organize money and keep record of all the sales, how will that turn out? Not only will it be an irrelevant time-consuming task but an error will always be inevitable. So, How can technology manage a company’s finances? We live in an age where a person can go down to a bank withdraw and transfer funds with a click of a mouse. Back then people had to physically go to a bank and transfer money or withdraw all with a helpful staff member, let's say that process would take you around 30 minutes to an hour but now with websites like finance.co.uk you can switch between different banks and transfer funds with a click of a button. But at the same time with all the funds transferring how will you keep record of it? Spreadsheets are an insanely easy and organized way of storing data, programs such as Microsoft Excel allow you to store and keep data with countless features in order to organize all the sales, profit, revenue and etc. Cybercrime is truly a major world issue that’s been on the uprise the past decade. There are many different cybercrimes that occur everyday but there happens to be two that target major companies hacking and piracy. Hacking is the act of bypassing a person or in this case a company’s security system in order to usually steal confidential information or in some cases the sheer satisfaction of accomplishing the challenge. Another cybercrime that targets corporate organizations is piracy, which is the copying and distribution of intellectual property from a company. In most cases of piracy, people tend to pirate movies and music. So, how can we protect important company assets digitally? The answer is cybersecurity. Cybersecurity is the protection of most internet connected systems which includes hardware, software, and data. In other words, cybersecurity protects important company assets and denies unauthorized access to data centers. Important elements of Cybersecurity are Application security, Information security, and Disaster recovery/business continuity plans.With good cybersecurity, a company is protected from all cybercrime attacks, and the company’s confidentiality is protected. It’s important to acknowledge technology and how it changed the course of the human race. Not only did it changed entire aspects of people’s field of work but it also changed people’s personal lives. I believe that technology affected the general aspect of business mainly in three different ways. Technology changed business efficiently, financially, and insecurity. The fact is that man doesn't cut it anymore, humans are slow and are always inevitable to make mistakes and that’s why certain professions are being replaced by machines nowadays for faster and better outcomes. Bearing in mind that computational neuroscientists strongly infer that the average human brain is capable of storing somewhere between 10-100 terabytes, which is actually quite interesting but then again that’s only a fraction of what multinational corporations data storages can keep. Over the past century, bank heists have been reoccurring and being performed easily, making it very hard to retrieve stolen money. But, in recent years a mind-boggling phenomenon was made that completely changed our lives and that is cryptocurrency, picture this a utopia where the crime rate of money laundering, tax fraud, and money theft is non-existent. Technology is the future. It’s as simple as that.

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