M.

Sarfraz Khan (41)

Summary for Impact of Technology on Business

The practical application of knowledge in a particular area is called
technology. It can also be defined as practice, how things are done. Mostly
people think of technology as the equipment as computers, machinery etc.

The history of technology begins with the birth of mankind on the earth.
Early Stone Age technology was comprised of fire, stone tools and weapons
after that man learnt to cultivate and domesticated animals then begins the
era of Iron Age when man stated melting the metals. Then the war
technology and weapons were invented and used. Industrial revolution was
breakthrough of the technology along with the inventions of 19 th and 20th
century inventions. And now, we are living in the era of rapidly changing
technology.

Much consideration has been given to the improvement of technology in

Pakistan and the booming information and communication technology sector
is evident for the efforts of the government. Yet there are many sectors
unexplored as the agricultural sector and power sector seek the
improvements in the technology to show the real potential of these sectors.

The technology advancement has casted a spectacular effect on the

business around the globe and there is no survival for the business which do
not improve and adopt the new technology. The technology has the changed
the ways trade by making it more easy, efficient, secure and time saving.
Moreover the commerce industry has been expended in terms of market and
potential by use of technology such as online marketing has provided new
marketing opportunities, introduction of e-banking and mobile banking has
provided ease to corporate persons and individuals, warehousing has been
reshaped, transportation means has been improved, communication industry
is on the boom and many more fruits are the gifts of advancement in
technology we are reaping and utilizing. The manufacturing industry has
become more productive and efficient by using advanced machinery and
information technology, agriculture sector can yield more and in good quality
by introducing technology to it, textile sector can also be more fruitful,
fishing can be organized as a science etc. The service industry has got new
pace due to technological advancement as in education industry, internet
and other communicational and educational means and methods facilitate
the process a lot, we may take the example of the Virtual University in
Pakistan which is a media and internet base university. The hospitality
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industry consists, hotels, restaurants, casinos and bars have been more
efficient and customer oriented due to use of technology.

Apart from the various facilitations technology has its own drawbacks as
spoiling the social and family life of people due to excess use of internet or
media. Moreover, the inventions like atom bomb are mean for destruction
only. The negativities of the technology can be somewhat minimized by
strengthening the educational and moral character of the people.