1 Answer | Add Yours
I assume that you are asking about the most modern technology, rather than about things like telephones which are technology as well. There are many ways in which the most modern types of technology have changed the way in which firms do business.
For one thing, modern communications technology, particularly communication using the Internet, has allowed companies to do business on a much more globalized scale than ever before. Technology has led to the creation of global supply chains. This is a major change from what was once possible.
Secondly, technology has allowed firms to keep much closer track of their inventory needs and to communicate those needs to suppliers instantaneously. This comes about through things like the widespread use of RFID chips used to track goods. This technology allows things like just in time production and inventory strategies.
Finally, technology has changed the way in which firms do their marketing. Things like data mining, made possible by the huge amounts of information about people that exists on the Internet, allow companies to know much more about their potential customers than ever before. Now, firms can narrowly define and target their most likely customers.
In all of these ways, technology has changed the way in which firms do business today.
We’ve answered 319,665 questions. We can answer yours, too.Ask a question