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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. Mostlypeople 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 weaponsafter that man learnt to cultivate and domesticated animals then begins theera of Iron Age when man stated melting the metals. Then the wartechnology and weapons were invented and used. Industrial revolution wasbreakthrough of the technology along with the inventions of 19 th and 20 th

century inventions. And now, we are living in the era of rapidly changing

technology.Much consideration has been given to the improvement of technology inPakistan and the booming information and communication technology sectoris evident for the efforts of the government. Yet there are many sectorsunexplored as the agricultural sector and power sector seek theimprovements in the technology to show the real potential of these sectors.

The technology advancement has casted a spectacular effect on thebusiness around the globe and there is no survival for the business which donot improve and adopt the new technology. The technology has the changedthe ways trade by making it more easy, efficient, secure and time saving.Moreover the commerce industry has been expended in terms of market andpotential by use of technology such as online marketing has provided newmarketing opportunities, introduction of e-banking and mobile banking hasprovided ease to corporate persons and individuals, warehousing has beenreshaped, transportation means has been improved, communication industryis on the boom and many more fruits are the gifts of advancement intechnology we are reaping and utilizing. The manufacturing industry hasbecome more productive and efficient by using advanced machinery and

information technology, agriculture sector can yield more and in good qualityby introducing technology to it, textile sector can also be more fruitful,fishing can be organized as a science etc. The service industry has got newpace due to technological advancement as in education industry, internetand other communicational and educational means and methods facilitatethe process a lot, we may take the example of the Virtual University inPakistan which is a media and internet base university. The hospitality

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M. Sarfraz Khan (41)

industry consists, hotels, restaurants, casinos and bars have been moreefficient and customer oriented due to use of technology.

Apart from the various facilitations technology has its own drawbacks asspoiling the social and family life of people due to excess use of internet ormedia. Moreover, the inventions like atom bomb are mean for destructiononly. The negativities of the technology can be somewhat minimized bystrengthening the educational and moral character of the people.