How does technology affect business?


Quick Answer

Technological hardware and software make team collaboration easier. For instance, businesses are able to cut costs by outsourcing tasks to virtual workers. Computers and the Internet are technological changes that greatly impact how business is conducted, regardless of whether there's an actual physical business location or not.

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Full Answer

Advances in technology make it possible for many businesses to operate either completely online or partially online. Creating an online business is done by building a website and combining it with a business system. The costs for conducting business online from a website are minimal compared to costs incurred with a physical business location. However, brick-and-mortar businesses also find it convenient to conduct some of their operations on the Internet. Some companies find that they save money by hiring virtual workers for specific projects. These workers are conveniently managed by communicating from a desktop computer, laptop or mobile device.

Technology also plays a role in helping companies create closer working relationships among project team members. Team members communicate quickly by using instant messaging, text messaging or email. Companies may also make use of online cloud services that allow teams to work on the same documents. Mobile technology allows businesses to conduct virtual meetings and increase worker productivity.

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