Question

1. During the course we have discussed the impact of Technology on businesses and globalization. Briefly discuss the Technological aspects of different global business environments. Where do you see these trends accelerating the most?

Answer 1

Following are the impact of Technology on global business environment:-

• Organizations worldwide rely on information technology to create, store, exchange and process data. IT industry includes thousands of services and software programs that smoothens communication, improve customer retention and increase security.

• People are using cellular phones, beepers and other telecommunications service, giving a way to international growth. As a result, growth in the wireless technology business worldwide has been rapidly increasing.

• Several major innovations in transportation have occurred since World War II. In economic terms, the most important are probably the development of commercial jet aircraft and super freighters and the introduction of containerization, which simplifies transshipment from one mode of transport to another. While the advent of commercial jet has reduced the travel time of businessmen, containerization has lowered the costs of shipping goods over long distances.

• Containerization has made it more economical to transport goods over long distances, thereby creating global markets. World Wide Web is helping to create electronic global market places. In addition, low-cost jet travel has resulted in the mass movement of people around the world. This has reduced the cultural distance between the countries and is bringing about convergence of consumer tastes and preferences. At the same time, global communications networks and global media are creating a worldwide culture. Worldwide culture is creating world market for consumer goods. Signs of a global market are already visible.
• Technology transfer is a process that permits the flow of technology from an owner or holder of the knowledge to the beneficiary of such knowledge .
• Technology is not only useful for collecting and using data but, it is also being used by organizations to analyze data and make meaningful conclusions as well as informed decisions. Having more focus on the customers, business strategies will certainly prove out to be effective for the success of an organization.