Technology’s Impact on Business Chapter 9 Technology’s Impact on Business

Why it’s Important Knowing how technology has influenced business sheds light on new and future industries.

The Cyber Age Michael Furdyk and his partners sold MyDesktop.com for more than 1 million Their website began for just fun as a help line to explain how the internet works What’s unusual about this is Furdyk is only 17 years old and has not graduated from high school 8% of all teens, about 1.6 ,million in the U.S. are making at least some money on the internet

Technology’s Influence on Business Thomas Edison said his greatest discovery was discovering what people could use. His inventions included the light bulb, phonograph, and the movie camera These made power, music, and film industries possible. Technology refers to the tools and machines people have invented to make life easier.

Technology’s Influence on Business Inventions like the radio and the television entertain and inform us The telegraph and then the telephone made it easier to communicate with each other. Trains, cars, and airplanes made it easier to get around Perhaps the most common technology staple used in businesses today is the computer.

Technology’s Influence on Business Computers electronically store thousands of files, which save time, labor, and office space. Every business uses computers to help with the day to day operations Arby’s, McDonalds, DQ

Technology in the Past Even the simplest invention, like the plow, had a huge impact on business. Before the plow was invented, people had to dig in the earth with their hands. Because of the plow, more corn could be planted which meant more corn could be produced.

Technology in the Past Increased corn production meant hiring more people to harvest the corn, selling more corn in the market, and building a corn-selling business. Since the invention of the plow, countless new inventions have changed the way we live, work, and do business.

Technology in the Past Steam engines, blast furnaces, and boilers provide way to greater power and made factories possible The automobile made it possible to transport goods faster

Modern Technology In the past 50 years, electronics revolutionized business and society. Today, the economies of many countries such as Japan and Taiwan are based on manufacturing electronics There is a never-ending demand to make electronic goods smaller, faster, cheaper, and more powerful.

Modern Technology Around 1945 a computer took up an entire room and could barely do a math problem Now a microchip stores billions of bits of information The computer created a boom in nearly all business industries.

E-Workforce A desk jockey with dry, red eyes is sitting in front of a computer at work. Other workers in the office are in from of computers wearing eyestrain eyeglasses Down a few more cubicle rows another worker rubs the back of her neck This is a portrait of today’s electronic workforce or e-workforce

E-Workforce E-workforce is when people work with computers while doing business. According to the Bureau of Labor Statistics more than 70 million people use computers daily.

Employment Technology created a boom in many industries. It created new markets for product like printers, fax machines, video games, cellular phones, and modems New products are constantly being invented, developed, and manufactured by various companies

Employment Innovation means more jobs and more people learning new skills. Technology makes people work easier and faster. Technology’s speed saves time and creates new jobs.

Digital Workflow Placing hard copies of documents on a digital platform, like CD-ROMs or a database, has had a great influence on the efficient use of time. People have access to a broad range of information more quickly than ever before. By switching information to a digital format, there is less paper involved

Digital Workflow A digital workflow links all the steps in a process, like publishing, electronically. For example, digital workflow has greatly influenced the publishing and printing industry Authors editors, marketing, manufacturing, and archiving can work together in a seamless electronic pace

New Jobs One fraction of the high-tech industry is the internet The Internet has created a demand for new jobs such as software writers, online writers, and Web page designers. Companies are now able to post job opportunities on their home page or an internet job service careerbuilder & monster

Virtual Business The ease of doing business online has created a boom in new business or start-ups This type of business is called a virtual business. Vocational schools, universities, colleges, and community centers offer technology training or degrees for people interested in expanding their job skills. Technology skills will make you very attractive to an employer.

E-Commerce Electronic commerce, or e-commerce, has made it possible for businesses to directly reach customers anywhere in the world. Everyone hooked up to the internet is a potential customer. This only hasn’t changed the way products are sold, it has changed the way all business activities are conducted E-tail and e-ticket are two examples of e-commerce.

E-Tail E-tail is electronic retail. An e-tail business sells products over the Internet. The main activity of e-commerce is buying and selling goods and services Any company can go online to sell any product.

E-Tail JCPenney, a major department store, sells products in stores, by mail, and online. This type of company is called a multi-channel retailer A multi-channel retailer uses several means to sell products.

E-Tail Businesses often call their stores and warehouses bricks-and-mortar, referring to building materials. Businesses that also use the Internet are called clicks-and-mortar operations.

E-Tail E-commerce makes it easier to send catalogs of e-tailers’ products to consumers This is especially useful for companies that do a lot of mail-order business. Putting catalogs on the Internet rather than shipping them by mail saves a lot of money in printing and mailing costs.

E-Tail E-tail is an advantage to the consumer in two major ways: Convenience You can shop at home without going to the store The internet is never closed Choices The number of companies selling products online gives you more choices and lets you compare prices

E-Tail E-tail is a disadvantage to the consumer in four major ways: Buying power It’s easy to overspend. If you’re not careful you can order things by mistake Other Charges Since most products bought online are delivered by mail, you have to pay shipping charges

E-Tail Immediacy Relying on observation While shopping online is convenient, you still have to wait for most products to be delivered Relying on observation It’s hard to know for sure whether you like a sofa unless you sit down and try it. The same can be said for clothes. Online buying requires you to rely on pictures and description instead of actually touching things yourself

E-Ticket With more than 70 million people signed onto the internet the U.S alone, businesses are finding that customers want to buy services online as well goods Using their computers, people can now purchase e-tickets, or electronic tickets. E-tickets are available for concerts, museums, movies, and amusement parks

E-Ticket Some people find purchasing an e-ticket is easier and cheaper than visiting an actual ticket agency. For example a travel agency my charge you $25. fee for handling your airline ticket If you buy a ticket from an online virtual business travel agency you may only be charged $1

E-Ticket Expedia, Hotels, Priceline, Orbitz On the other hand if you airline ticket gets lost in the system you might be required to buy another one.