In the business world, keeping up with its frequent inventions of technology will give the business a competitive advantage. As technology is the main communication system, businesses must take advantage of the range of technologies that are available. Some of the technology available for businesses range from; faxes, mobile phones, EFTPOS, Internet, computers etc. There are two different types of areas which technology is associated with.
Material technology and non- material technology. Material technology refers to the tools, equipment and devices, whereas no material technology refers to the knowledge, processes and methods. Although material technology is a growing factor in the economy, there are other factors, which make it a hazard for businesses. Some dilemmas that may occur due to technology is the loss of information. If a business computer endures a virus or demolition of files, without back up then it will eventually lead to business cessation. Without past and current files of the business finance, suppliers, future plans and other necessary information the business will eventually die.
Other situations that a business may face are the computer experts, which may be able to hack into the business computers and take ideas or even alter plans. Besides the negative points of having technology within the business it is also useful to a growing business as it can help operate and achieve profits for the business. Updated computers and software can sort the businesses information into files so that it is easier to access when needed. Such technology as mobile phones, email via internet and faxes give consumers a variety of ways to contact a business. Not only for consumers but also for the managers or business owners themselves. Where they can deal with paper work or contact suppliers during breaks due to the fact that some of the technology available is portable and small.
Technology has definitely reduced the time delays, which usually occur between colleagues, suppliers and customers. As material technology has its advantages and disadvantages, non-material technology only needs to be constantly updated to improve the business. The changes that occur around the business also alters the way the business operates within. A business must offer education and training courses to employers so that they are updated and can be educated to a higher point. Most business see this as not crucial and tend to neglect this aspect.
In conclusion, businesses must exploit material and non material technology and notice the rapid changes in order to achieve more profits and become locally, nationally or even globally well known. Without it, competitors will defiantly have an advantage in the market.