The NYU Dispatch

How Tech Disrupted the Business World

Technology has always played an integral part in society, but it is only recently that digitalization has been expanded and adopted on a global scale. According to Oklahoma Small Business Development Centers, “technological infrastructure affects the culture, efficiency and relationships of a business”, furthermore, it also assists in securing confidential information of a business and trade secrets, etcetera.

There are many uses of technology in a business, externally as well as internally and businesses have begun to depend on technology for its success. Imagine a world without factories or transport. By taking the very fundamentals of the production and delivery line, there would be no business except between two farmers bartering over their home grown goods.

The emergence of new software or technologies are constantly on the lookout to improve expediency and productivity. From virtual data room for merger and acquisitions to enhancing relationships between the company and its staff or its customers.

One of the many important aspects of a successful business manifests itself in the form of communications and especially if the company puts great stock into being efficient. One such benefit of the speed and ease of communications in this day and age is to have the privilege of not staying in an office. Technology has given way to virtual collaborations, but even at a desk job, there is no dire need for an employee to man his or her station, so long as the work is turned in. This allows people to lead balanced and fulfilled lives, and as the saying goes, a happy employee is a productive one.

In a world filled with instant gratification, and where information is available as a tap of a finger, it inevitably raises the bar for businesses when it comes to dissemination of information and follow up support. This has paved the way for a form of business which has come to be known as e-commerce. Something which without the internet would not exist. An online store is capable of reaching the entire globe, rather than being limited to a shop front that may or may not be in an area that is populated with its clientele. This opens the doors to quality customers and allows for better exposure.

This has led to a record-breaking rate of closure for many physical shops in 2017, but resources say that brick and mortar shop fronts will not disappear completely. Certain brands or lines of shops such as departmental stores and supermarkets are such a habit of humankind that they even managed to open a few other stores this year, despite the failing market.

However, one should take into account that food and bare necessities are necessary to survival, whereas apparel, gadgets or any such material items are more of a luxury that many would rather browse in their own time and in the comfort of their own homes.

Technological hardware has even allowed people to generate large sums of income without leaving their bed through blockchains, a software made popular by a cryptocurrency called Bitcoin which rose to immense significance this year. It uses the hardware and electricity of whoever is mining for Bitcoins to generate more. In a nutshell: it’s a two way street whereby one offers their services and the other supplies a reward in return.

There are predictions that 2018 will have a surge of cloud movement. While it is something that has been around for a few years, it has not been fully utilized to its full potential. The cloud consists of file sharing through the internet, thus making it accessible to whomever has the authorization for the files and a working connection. This is beneficial for two main reasons. First, in regards to security. Files kept on a hard disk is vulnerable to malicious software – a company’s biggest fear. Secondly, the information becomes centralized and in the event a company needs to undergo a hardware refresh or any other such updates that may otherwise be tedious, the cloud offers convenience.

Progress is accelerating at an exponential rate, and in a few years, perhaps everything will be systematic and digitalized. Groceries sent to your doorstep along with other necessities, running on a subscription basis. Forbes foresees a similarly fully automated future. One which employs robotics to free up the economy from human labour.

Perhaps one of the biggest benefits we can reap from technology in the line of business, is how much more ecologically friendly the future looks to be. As detailed by Kevin Kelly in his book, ‘What Technology Wants‘, computer chips created in his decade is much more effective than the sun, and he is talking about billions of times more power. However, they also use significantly less energy to fuel. To put simply, humankind have learnt to design technology to be more efficiency and eco-friendly.

Following the trends that have emerged in recent studies, people are taking various actions to minimize their carbon footprint and paying more attention to how our consumer culture is unsustainable. Consumers are beginning to look at companies before buying their products to determine whether they test on animals or if they have taken countermeasures to reduce pollution or emitting green house gases and the like. A company that is eco-friendly and pays attention to ethical animal welfare, would do better in future markets, benefitting both the world we live in and themselves in the long run.

This article was contributed by fellow NYU students. If you would like to make a contribution to the NYU Dispatch, please email us.

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