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How Technology Has Revolutionized Business In A Positive Way - Research Paper Example

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The writer of the paper "How Technology Has Revolutionized Business In A Positive Way" analyzes the contribution made by technology to the world of business and its manifold importance in the current times marked by the use of new IT based business utilities…
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How Technology Has Revolutionized Business In A Positive Way
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"How Technology Has Revolutionized Business In A Positive Way"

Download file to see previous pages Hence, no wonder the food industry, which is in a way an important aspect of the national economy remained vulnerable to supply, demand and price fluctuations. Practically speaking, it was not possible for the companies to gather process and analyze data in a manner that allowed for a realistic estimation and planning of the coming uncertainties. Hence, for a burger chain operating in New York, it was impossible to estimate that a fall in production in the local beef markets could be managed by procuring additional beef stocks from Latin American farms. There existed no mechanism that allowed for the collection and processing of the required information at a centralized facility. It would not be wrong to say that fast food chains like McDonalds or retailers like Walmart would have never been able to register such an impressive global presence, had it not been for the available technological innovations. Technology has made it possible for the American food producers, vendors, and processors to benefit from the economies of scale resulting from the technology enabled centralized purchasing (Schlosser 5). Technologies like high-speed internet, organizational intranets, data storage devices, data analysis software, IT based supply chain management has enabled food suppliers and procurers to make the best business decisions based on a knowledge of the price and availability of the food items all over the world (Schlosser 218). The businesses today are not under the compulsion to be at the mercy of the local producers. ...Download file to see next pagesRead More
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