The Impact of Technology in the Business World - Speech or Presentation Example

Communication This is a fundamental factor in any business setting. Effective communication enhances coordination and planning activities, prior to the goals and objectives of the company (Bhatnagar, 2003). Technology has made communication easier by cutting the time taken to send and receive data and information as well making the communication process cheaper. Two or more businesses can actually work together from different locations. Online services in the context of the activities undertaken by businesses are easily handled in the current time, aided by internet and the World Wide Web.

Computer and computer technology has enabled businesses to make diverse planning within a very short time. Planning and related programs have been developed for such purposes. Examples in this case are Gantt charts and schedule formats (Daft, 2008). Data handling technologies have provided functionality to the communication process, allowing for massive data storage and information transmission around the world. Customer service The success or failure of a business is determined by the customer base.

Businesses may be well established based on capital portfolio and management but lack significant market share to facilitate its operational success. Adequate customer services facilitate market share take-over for businesses. Keeping in touch with customers is an essential business tool. Technology has provided easier means through which this can be achieved. Through online communication like chats and emails, a firm can consistently manage its customers. Timely response to issues raised by customers has been realized through the adoption of relevant technologies.

Payments and receipts Business liquidity has improved with technological advancement. Modes of making and receiving payments have become more efficient with the adoption of proper technologies that aid the process. Fund transfer technology has provided a basis for the functionality of this. Funds can be transferred in the whole world in seconds. On the same note, invoices can be placed online without the buyer and the seller meeting. Debts and credits are easily handled without the need for the involved parties to meet physically.

Financial institutions have integrated online services in their operations, making it easier to access funds from different locations in the world. Investments, exports and imports are effectively done without the need to travel to the specific locations that the goods and services are ordered from. Even where travelling is required, technology has enabled faster means of transportation. Multinational corporations Presence of a business in more than one location is important in diversifying that business’s portfolio.

Multinational corporations are international firms that establish their operations in more than one country (Ojukwu, 2003). These firms have found a strong base of operation on technology. Activities between the affiliate firms and the parent firm have been aided by technology. Use of websites has also provide a fundamental tool through which firms create awareness to the entire world about the products and services they offer as well as the prices they charge for their differentiated products.