Technology’s Impact on Business

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Why It’s ImportantWhy It’s Important

Knowing how technology has influenced business sheds light on new and future industries.

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Technology’s Influence Technology’s Influence on Business on Business

Technology refers to the tools and machines people have invented to make life easier.

Perhaps the most common technology staple used in businesses today is the computer.

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Technology in the Past Technology in the Past Even the simplest invention, like the plow, had a huge impact on business.

Before the plow was invented, people had to dig in the earth with their hands.

Because of the plow, more corn could be planted which meant more corn could be produced.

Increased corn production meant hiring more people to harvest the corn, selling more corn in the market, and building a corn-selling business.

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Technology in the Past Technology in the Past

Since the invention of the plow, countless new inventions have changed the way we live, work, and do business.

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Modern Technology Modern Technology In the past 50 years, electronics revolutionized business and society.

There is a never-ending demand to make electronic goods smaller, faster, cheaper, and more powerful.

Computers can store thousands of files electronically, saving time and office space.

The computer created a boom in nearly all business industries.

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Figure9.1 TWENTIETH CENTURY’S TOP TECHNOLOGISTS

Technological inventions greatly affect your daily life. These percentages represent people’s opinions about who technologically influenced the twentieth century and beyond.Which three inventors do you think you’re influenced by every day?

Source: Opinions Research for CNET and Techies.com; voters could choose up to three

John Logie Baird (mechanical TV) 23%

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E-Workforce E-Workforce

E-workforce is when people work with computers while doing business.

According to the Bureau of Labor Statistics more than 70 million people use computers daily.

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Employment Employment

Technology makes people work easier and faster.

Technology’s speed saves time and creates new jobs.

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Digital Workflow Digital Workflow

Placing hard copies of documents on a digital platform, like CD-ROMs or a database, has had a great influence on the efficient use of time.

By switching information to a digital format, there is less paper involved.

A digital workflow links all the steps in a process, like publishing, electronically.

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Technology Centers Technology Centers

The high-tech industry can be found in practically any city, but it is heavily populated in various technology centers, like California’s Silicon Valley.

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New Jobs New Jobs

The Internet has created a demand for new jobs such as software writers, online writers, and Web page designers.

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Virtual Business Virtual Business The ease of doing business online has created a boom in new businesses, or start-ups.

This type of business is called a virtual business.

Vocational schools, universities, colleges, and community centers offer technical training or degrees for people interested in expanding their technology skills.Technology skills will make you very attractive to an employer.

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E-Commerce E-Commerce

Electronic commerce, or e-commerce, has made it possible for businesses to directly reach customers anywhere in the world.

The main activity of e-commerce is buying and selling goods and services.

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E-Tail E-Tail

E-tail is electronic retail.

An e-tail business sells products over the Internet.

Any company can go online to sell any product.

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E-Tail E-Tail A multi-channel retailer uses several means to sell products.

Businesses often call their stores and warehouses bricks-and-mortar, referring to building materials.

Businesses that also use the Internet are called clicks-and-mortar operations.

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Graphic OrganizerBricks-and-ClicksBricks-and-Clicks

Graphic OrganizerGraphic Organizer

BRICKS-AND-MORTAR CLICKS-AND-MORTAR

RETAIL

E-TAIL

C O N S U M E R SC O N S U M E R S

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E-Tail E-Tail Putting catalogs on the Internet rather than shipping them by mail saves a lot of money in printing and mailing costs.

E-tail is an advantage to the consumer in two major ways:

• Convenience• Choice

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E-Tail E-Tail E-tail is a disadvantage to the consumer in four major ways:

• Buying power (overspending)• Other charges (shipping)• Immediacy (waiting for product)• Relying on observation (not being able to see

products directly)

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E-Ticket E-Ticket

Using their computers, people can now purchase e-tickets, or electronic tickets.

Some people find purchasing an e-ticket is easier and cheaper than visiting an actual ticket agency.