What are two ways by which modern technology can improve the efficiency of businesses?
One significant way modern technology can impact business efficiency is marketing. Think of a direct-mail marketing campaign. A business would have to design a mailer, pay postage, and reach a specfic geographic area with its advertizing. Contrast this with email marketing, which delivers the same message and content with lower design costs, no postage, and an unlimited geographic reach. Capture rates for both methods remain low, but with the email alternative, less money is spent on the project, thus it is a more efficient use of the business' capital.
Another efficiency impact of technology comes from the ability to better manage supply chains and distribution through tech. The classic example is Dell computers. Dell's made-to-order menu automates the majority of tasks associated with assembly of their CPU boxes. Accessories are shipped to meet the main components at the customer's door (for example, the monitor will never meet the keyboard until they're both at the destination). Software is preloaded over superfast networks. These improvements reduce inventory,reduce labor costs, and lower mistakes throughout the assembly process, making the business overall vastly more efficient because of technology.