Fast and convenient― this is the first impression that comes into our mind when it comes to technology. With quick releases of inventions and innovations, we gain more access to a higher realm of technology which is advantageous to many sectors, but how about in business? The quick updates are consistently flying in without taking into consideration how companies would adapt to the latest update. The companies have two options for preparing for such changes and sitting back. The businesses who thrives would be the one who arranged for such phenomenon while the companies who do not would be struck down and pushed out of the market.
One good example for struck down business would be Nokia. When it was initially released, they were considered the leader of the market with no one to compete. As time passed by, we witnessed the downfall of Nokia due to other companies such as Samsung and Apple emerging with the latest and better technology. Nokia and its legacy of keypads sunk to the deepest of the ocean as the touch technology appears as the newest technology. People then started to shift from Symbian to iOS or Android, preferring the touch rather than the keypad.
Another example of an innovation overshadowed by another would be the hard drives. Gone are the days where you must carry the massive hard drives, with the flash drives more convenient and easy to use. This way, you could carry tons of gigabytes of data in your pocket!
Technology now dictates what is considered a basic need. Because of these improvements, more products and more electronic components are being integrated into our daily lives such as cell phones. Before, cell phones were something that you could buy if you have money, not a necessity. But now, it’s a must-have because everyone owns a cell phone and not having one would make you an outcast of the society. Technology is creeping in closer into our daily lives such as shopping, security, and many more.
As you can see, it is giving many businesses a hard time with the speed of innovation at its height. The latest update or an innovation could bring down an entire company if not adequately prepared for when the new technology arrives. We must examine further how technology is affecting the businesses and the market in general.
Currency and Money
As we learned in our History class, the transactions done in the past was in the form of exchanging goods, without any proper and fixed currency. All of this changed when the monetary system was introduced with a fixed value on products, not just an estimation of its actual value. The monetary system keeps our economy going, loans from the bank circulated and every aspect of life revolves around this concept. With the involvement of technology, we can use it as a way of transaction.
The online transaction became a common aspect in our lives due to its convenience where you can easily transfer money from one account to another with the use of e-banking. You can buy goods from across the globe with just a click! There was a rise of cryptocurrency, a digital currency, which could become a vital source of the transaction. The world market and economy could slide to favor the adaptation of cryptocurrency. This is just another one of the effects of technology and its advancement in which it gave birth to a new type of currency that could affect the entire economy.
Marketing in Social Media
Social media is something we use in our day to day life. Its huge popularity made it a new market for many businesses due to its convenience. Consumers could give feedback to a particular company so that they could alter their marketing strategy in just a short time. It also became the latest platform for advertising businesses and products, as you could see in your social media accounts in Facebook, Instagram, YouTube, and many more.
The Industry 4.0, or more commonly referred to as the fourth industrial revolution, is the latest automation and data exchange trend in technologies. It integrates and assimilates the innovation of cloud computing, cognitive computing, and others. The Industry 4.0 works in such a way that everything connects with one another and acts as a factory when dealing with the user. Its ability to manage everything, make decisions, and communicate in a simplified way with humans made this invention a revolution in technology indeed.
If cryptocurrency affects the economy, then the Industry 4.0 could affect multiple sectors in security and services such as IT security, services, and business take, etc. The Industry 4.0 is going through the change in the value chain and merchandise offering throughout many companies, giving multiple businesses a run for their money.
Artificial Intelligence is something we used to dream of before and now, and it’s something that is slowly being integrated into our world. The improvement of AI to become more compatible in our daily life is affecting the unemployment rate because the latest machines offer more services and less prone to errors than humans. Should there be a further development of machinery and AI, there would be an increase of influence of machine-dominated businesses. Maybe soon, we could see a rise of robots and eventually their dominance in the world market.
We see technology as a way of decreasing our workload and improving our lifestyle. Indeed, the development of technology paved the way for improved methods of taking care of ourselves, nature, and our society. But it’s relatively apparent that technology is significantly changing our market and is the primary factor in shaping the world economy.