Why is Technology Important in Business? Essay

Technology can have a very big impact on a growing business. Technology has been growing tremendously over the last few years, and will continue to develop. A business needs technology to function nowadays. Technology can be defined as anything electronic that makes the business run more smoothly. Efficiency in business is extremely important, and technology causes efficiency. One example is that if a company sells something, they need to have a website in order to participate in the growing practice of e-commerce. Everyone buys things online these days, and if a business isn't internet friendly, their sales will either decline or not grow as fast as they would like (Nickels, McHugh & McHugh, 2008). Even though it might be hard for a company to invest in better technology in order to function, it is definitely worth it in the long run. Because of the recent advancements in technology over the years, it seems that investing in more efficient information technology is no longer gives businesses a leg up over their competition. It is quite literally "required" of businesses to have access to the latest technology in order to stay afloat in this economy (Ren & Dewan, 2015).
Social Media is another impact on business that is changing rapidly. Social media is everywhere nowadays. It can really help a business take off and make a profit. Researchers did a study on how social media affects consumers to buy a certain product. Their findings were that consumers were more likely to buy a brand that was mentioned and advertised through Facebook and other popular social media sites, therefore proving its effectiveness (Xie & Lee, 2015). Businesses shouldn't be too worried about this change, because it is very inexpensive and easy to adapt to. Simply creating a Facebook page is not hard to do, and can reach thousands a people every day. Other social media sites like YouTube, Twitter, and Instagram are also good opportunities to get your business noticed (Nickels et al, 2008). I think the best way for businesses to adopt social media into their business is to get educated on how to do it effectively. If businesses partner with social media instead of fighting it, their business could really benefit and grow (Weiguo & Gordon, 2014).
These are only some of the factors that are currently impacting business. Businesses need to be flexible and ready to change at any moment. New legislation, technology, the economy, and many other factors will continue to keep changing the environment of business. I think one of the most important topics discussed is the social media aspect of business. Personally, I have found out about a lot of different businesses through social media and bought products from them. Because social media is so popular, it seems like it would be an unwise choice for a business to shy away from it. It is important for business owners to remember that there will always be change, but what really matters is how you adapt to those changes.