The advancements in technology have not only affected the economy on a large scale, but they also affect small businesses and entrepreneurs.
Digital Technology has revolutionized almost every phase of people’s lifestyles lately. Office work, shopping, music, videos, T.V, photography, traveling, transportation, and long-distance communications are only some areas which were transformed. It is becoming more and more rare to locate an electronic device or big machines which does not incorporate digital technologies in some manner.
According to CIO, countries worldwide spend close to $6 trillion a year in c orporate spending on hardware, software, data centers and more. That expenditure is bigger than the entire GDP of countries like Japan and Germany. Technology is a part of every single industry, and as such, businesses need to invest in technology advancements
1.Less Working Time
Through internet communication, time and money are saved. This is because it is much cheaper and quicker to transfer information around. It also becomes faster and efficient to contact a business partner or a relative. We can now communicate with anyone around the world through emails and text messages instantly. The internet has also provided face-to-face communication, thanks to Skype, social media sites, video conferencing, and many other ways offered by communication companies.
2. Job creation
One major advantage of internet communication is the creation of new and exciting jobs. System analysts, computer programmers, web designers, hardware and software developers and many other new opportunities created by information communication technology (ICT).
Computers have dramatically increased access to information around the world. With a computer and an Internet connection, people in Brazil and Sri Lanka, for example, can read websites from the United States, and vice versa. This increased availability of information is a factor in cultural homogenization, a key component of globalization, as well as a factor in the increasing interconnectedness
The internet has indeed brought people closer, and also helped in economic growth. It has also brought down geographical and language boundaries. The universe has become a global village due to information technology, permitting countries such as such as Japan and Ireland who are separated by language and distance, share information and ideas with one another
2.Moving Faster Than Regulations Can Catch Up
When technology is changing month to month, it’s difficult for regulations and laws to keep up with the advancements. As a result, when issues arise due to technological reasons, there may not be guidelines on how to proceed from a legal or regulatory standpoints.
Information communication technology (ICT) has made it easier for businesses to be automated allowing customers to contact them 24/7. This means that a company can be opened anywhere, anytime, allowing clients to make purchases from different countries. This makes business easier and more convenient.
Domestic companies are competing with foreign firms, which leads to better products at lower rates for the end consumer. Small businesses can now expand their operations across the globe due to the advancements in technology.
organizations or individuals. It can be quite tricky to maintain this information secure. Only a single breach may mean vast sums of personal information entering the hands of criminals, terrorists, foreign enemies, or even alternative entities.ensure that enormous amounts of information could be accumulated and saved. This is sometimes private information regarding
2.World destruction weapons
Terrorist organizations now have easier access to the materials and knowledge needed to build these weapons as well. Some have even declared their intent to seek the necessary materials to create mass destruction.
Social media, computer games, messaging, and dating websites can all be addictive. Games want you to play so that you will buy the next version. Websites want you to interact so that they can bring in advertising money. Users end up wasting vast amounts of time and hemorrhaging money for low return.
Society continues to become more and more depersonalized as digitized machines replace humans. People shop online, do their banking online, pay bills online, and increasingly work online. Transport is also set to become automated, which will result in taxis and delivery vehicles being driver free.