Business and Technology

Business

When commodities and services are exchanged for one another or for money, the system is called a business. For a firm to turn a profit, it needs to make some kind of investment and have a sufficient number of clients to whom it can consistently sell its products. A company that sells goods and services to customers is known as a business, sometimes known as an enterprise, agency, or firm. Businesses can be privately held, nonprofit organizations or state-owned entities with specific social and economic goals. A business that is held by several people can be organized as a partnership or as an incorporation. Different laws in differing countries may grant diverse corporate entities different rights. PepsiCo is an illustration of a corporate firm, whereas a mom-and-pop catering company is a private business. Businesses frequently have valuable "intellectual property" (patents, copyrights, trademarks, or trade secret preservation) that must be protected from rivals in order for the business to remain profitable.

The majority of businesses have names, logos, and other branding elements that could be protected as trademarks. Employers may require employees to sign non-compete agreements that place restrictions on their interactions with stakeholders and competitors in order to preserve trade secrets.

Technology

Greek terms techne and logos are the origin of the word "technology." Techne is the Greek word for skill, art, craft, or the process, means, or means by which anything is done. The Greek term logos translates as "word," "utterance," "statement," or "expression." Therefore, technology generally refers to terms or discussions regarding how things are acquired. Technology (the science of craft) is a set of abilities, procedures, and methods utilized in the creation of things or services or in the accomplishment of goals, including doing scientific research. Technology could be the understanding of procedures, methods, etc. Alternatively, it may be contained within factories, computers, devices, and other mechanical systems that people who lack sufficient technical expertise can operate. The system that has developed from and operates the technological process is known as technology. It consists of the technological process, technological knowledge, technological objects, users of technological objects, developers of technological objects, and the worldview (the beliefs about things and the value of things that shape how one views the world). This is the technical system that Ellul was referring to. As an illustration of technology, consider the Internet, which instantly makes current information available to anybody with access and offers real-time news about global happenings.

The beginning of the human species' use of technology is the transformation of raw materials into straightforward tools. Historical advancements like the printing press, telephone, and internet acknowledged physical constraints to communication and made it possible for people to freely converse on a worldwide scale. Weapons with ever-increasing crushing strength have been made possible by the military technology's constant advancement, from clubs to nuclear weapons.

Relationships Between Business and Technology

Since the early 1990s, information and communication technology has advanced quickly, fundamentally altering how modern organizations operate. Additionally, it has made it possible for more people to work remotely. With the help of technology, several processes have been redesigned and examined, and some barriers caused by some employees' "business as usual" and "institutional knowledge" attitudes have been dismantled. Small business owners can reduce a variety of operating costs by using technology. Accounting, recordkeeping, and payroll are just a few of the back office tasks that may be automated thanks to business technology. Business owners can also use technology to build safe spaces for keeping private customer or business data. Many forms of business software and technology are user-friendly. Business owners with a rudimentary understanding of information technology can employ computer hardware and software thanks to this. Small organizations can modernize their communication procedures with the use of business technology.

When compared to the technology employed by previous generations, the consequences of technology on the corporate world today are hardly comparable. Nowadays, technology is used by businesses in practically all areas of functioning. They deploy all forms of digital media for marketing efforts, advanced network systems for communication, intricate programs for data analysis and forecasting, and new inventory and checkout technologies to counteract operations. While there are drawbacks to technology, industry cannot deny the overall influence it has made. It appears that the history of human technological development has reached a moment when exponential growth has replaced linear, slow-moving advancement. With the help of technology, small businesses can now access regional, national, and even international markets in addition to the local market where they already trade goods and services. Businesses can outsource their operations to other organizations in the domestic and global market thanks to business technology. Companies that outsource can help them cut costs and concentrate on finishing the business tasks they perform best. If a small business owner lacks the necessary resources or labor, they may think about outsourcing the task.

References

Agrawal, Govind, Dynamics of Nepalese Business Environment. M. K. Publishers.

Pant, Prem R. Fundamentals of Business Environment in Nepal, Buddha Academic Enterprises.