How Has Technology Affected Global Business Essay

Before the arrival of the era of the technology, business was done very inside the four walls of the office. Technology advancement is responsible for today’s noticeable changes in the field of business, mainly in international business. Nowadays, almost every home and office is equipped with computers that are connected to the Internet. Most businesses are conducted over personal computers or other communication devices such as handheld devices. It has become easier to access information and learn about developing economic trends and problems as well as gather data on foreign exchange market, cultures and policies. The advancement of technology has also made it easier for businesses to deal with foreign investments. Furthermore, technology has changed the way we deal with business matters. The internet has become a very useful tool for international companies. Other than that, Schermerhorn, Davidson, Poole, Simon, Woods and Chau (2004) stated that â€Å"computers allow organizations of all types and sizes, locally and internationally, to speed transactions and improve decision making. Schermerhorn, Davidson, Poole, Simon, Woods and Chau (2004) also suggested that from small retailers to the big international firms, technology is an important tool for everyday operation whether it is for inventory checking, sales transaction making, ordering goods or analyzing customer preferences. With internet, video conferencing can be used by both parties to see each other virtually on TV or computer screen. For example, in Malaysia we can have a conversation with a raw material supplier in China and a manufacturer from Taiwan. By using the internet, companies across the world can perform research and socialize with partners and suppliers better. This will eventually lead us to having a better relationship with international suppliers and customers. Next, the existence of technology has also caused improvement in the field of the media in the means of communication. Anyone can easily access data of a specific foreign company with the help of media such as internet, radio, newspaper and magazines. Increased media capabilities can help international businesses improve their productivity through media’s various means of reaching out to public. Once a company’s productivity level increases, profits can also scale up. Other than that, with computers, we can now store dense databases, personal schedules and other important information in the computer without having to store the old and dusty piles of papers and files in the office. Accessibility of files also has become an easy task with series of password keys and shared folders. Cash transactions are easily made, delay in reduced hence giving liquidity to business. In order to save time and effort, we can also now use accounting software such as UBS to record and process accounting transactions. The shipment of raw materials and finished products is very important to any business, but mostly for those with an international scope. Technology of transportation enables a company on one continent to send its raw materials or products to another company in a different continent. Technological advancements in airplanes, cargo ships and railways allow for quicker, cheaper delivery, which impacts business by making global distribution more feasible. Technology has helped in customer service, huge corporations such as Apply and Microsoft attend to customer needs through email and chat services. Networking internal and external in organizations has improved the working of businesses. Staffs and clients likewise can get in touch with the managers for feedback, progress reports and extensions. It is definitely more convenient for customers as they do not need to trouble themselves to walk into a company that they want to complain or need help from.