TECHNOLOGY AND BUSINESS

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TECHNOLOGY AND BUSINESS by Mind Map: TECHNOLOGY AND BUSINESS

1. MAJOR TECHNOLOGICAL ADVANCEMENTS IN THE BUSINESS SECTOR

1.1. SOCIAL MEDIA

1.1.1. ADVANTAGES OF SOCIAL MEDIA IN THE BUSINESS SECTOR:

1.1.1.1. 1. Made communicating easier and cheap through channels like e-mails, phone calls and video conferencing.

1.1.1.2. 2. Social media helps in the easy sale and purchase of products and services through online portals provided. One can now sit at home and shop online.

1.1.1.3. 3. Social media has created an easy bridge between the businesses and their customers. Through social networking sites, businesses are aware of the demands and choices of the customers. On the other hand, customers can easily reach out to the firms regarding their complaints or needs.

1.1.1.3.1. According to a survey conducted by Amy Gesenhues, 72% of survey participants claim that they expect a brand to respond to a complaint on Twitter within an hour. 47% of respondents are more likely to recommend a brand through social media and 34% are likely to buy more products from the brand (Gesenhues, 2013).

1.1.1.4. 4. Social media has made communication easier and faster through e-mails, phone calls and video conferencing.

1.2. ARTIFICIAL INTELLIGENCE

1.2.1. What is AI? "It refers to using machines to do things that we consider to be “intelligent”—being able to either simulate or do things that we describe people as doing with their cognitive faculties"(London, 2017).

1.2.1.1. ADVANTAGES OF ARTIFICIAL INTELLIGENCE:

1.2.1.1.1. 1. Artificial intelligence has led to increased productivity. Machines are deemed to be more efficient than human resources (Storm).

1.2.1.1.2. 2. Along with increased productivity, AI intelligence also helps in reducing labour costs resulting in more profitability (Storm).

2. The innovations from technology might be simple, but their impact on businesses is huge.

3. The technological innovations initiated from the sixteenth century. There has been a drastic improvement in where we were and where we are now.

4. INTRODUCTION

4.1. I’m an Indian and I’ve been born and brought up there. I’ve spent my entire childhood and teenage in my country. The country has developed and is still developing in every field of technology. Technology has advanced in sectors like education, government and businesses. My discussion is going to focus on how technology has impacted the business sector of the country.

5. BEFORE

5.1. Going back to the sixteenth century, before technological advancements initiated, all businesses relied on nothing but bare hands.

5.2. From cutting a piece of paper to building houses, everything was dependent on human resources. Labour was an integral part of the businesses. All firms whether small scale or large scale, operated through human capital.

6. AFTER

6.1. From procurement to finished goods, from packaging to transportation, from communication to marketing, from employment to management, technology has changed every single phase of running businesses.

6.2. There’s an old expression that says “You don’t need to reinvent the wheel,” meaning that you don’t need to create something that already exists (Mail, n.d.).

7. Technological advancements have been improving with every passing day.

8. The advancements in technology will never come to an end. Some say it's just 'the beginning'. What can we say? Is the future predicted? Is technology 'literally' our new best friend?

9. REFERENCES:

9.1. Gesenhues, A. (2013). Study: 72% Of Consumers Expect Brands To Respond Within An Hour To Complaints Posted On Twitter. Marketing Land. Retrieved from https://marketingland.com/study-72-of-consumers-expect-brands-to-respond-within-an-hour-to-complaints-posted-on-twitter-63496

9.2. London, S. (2017, November). Artificial intelligence in business: Separating the real from the hype. (M. Chui, Interviewer) McKinsey & Company. Retrieved from https://www.mckinsey.com/business-functions/mckinsey-analytics/our-insights/artificial-intelligence-in-business-separating-the-real-from-the-hype

9.3. Mail, B. (n.d.). 8 Great Inventions That You Just Have to See. Retrieved from Baba Mail: http://www.ba-bamail.com/content.aspx?emailid=25776

9.4. Storm, L. (n.d.). What are the benefits of technology in a business? Retrieved from https://itstillworks.com/benefits-technology-business-1577.html