The Impact of Technology on Day to Day Operations of the Firm

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I selected this topic because today in 1st century, no company, regardless of its size, is immune to competitive market forces, and technological innovations can rapidly destabilize any industry.


Industries can be disrupted for a variety of reasons regulatory shifts, changing consumer tastes, new investment trends. Technological change is among the most common instigators. Like an earthquake, such change can bring major upheaval and shakeouts to an industry, altering the mix of competitors and the rules of competitive play. The disruption can be the result of product innovation or of process innovation, in which technology improves manufacturing efficiencies.


Industries allowed operating without excessive government restrictions as is generally the case in the United States can maintain a relative degree of stability despite continual market entry, change, and growth. Disruptions that come from new technologies, however, can be immediate and deep, often eviscerating players whose foundations are weak.


In a constantly changing market, its critical to know how and when to act, and when to sit still. As technology transforms more markets, managers have to reassess their corporate positioning and strategic goals. For some, this will spell an once-in-a-lifetime opportunity to seize the initiative and firmly establish their companies on a larger stage. For others, it will require hard thinking about strategic choices and finding the courage to make painful decisions about markets not served and products not offered.





Technology has far exceeded our ability as humans to deal with it all. We are more connected than any time in the history of civilization. The downside is that it is too much to deal with effectively. The bright spot was that technology is beginning to provide some clues into how to more effectively and intelligently sort through and make use of information.


The Impact of the Internet on day to day Business


Introduction


In the modern business world, which can be very aptly referred to as digital world”, technology is sweeping the whole environment. With the passage of each day, new and innovative products are changing the life styles and usual business practices. One of the most important and significant transitions in business is the improved accessibility to the market via Internet. This rapid and extremely turbulent innovation has forced businesses to transform their traditional strategies.


Innovation, value addition and improved customer service are the hallmarks of this new commercial age. Low entry barriers and intense competition have made the markets tougher to dominate. Organizations are indulged in fierce marketing wars with their rivals to win over the customers. This has led to a continual decrease in prices, but, the low operating costs of doing business on internet has enabled organizations to adopt these price reduction policies.


In the last three-four years there has been an increased awareness globally about the Internet. Prior to this, many companies did not consider the Internet as a professional tool and people often made such ill-conceived statements as our clients are not using the Internet yet or I dont believe we can sell our product or services via the Internet.


While professional awareness of the importance of the Internet has increased, but still there are hindrances to universal access of the Internet in the workplace. Today almost all companies have access to the Internet, but company policy may limit usage during business hours or on company equipment.


Today, there are millions and millions of people around the world using the Internet to access millions of Internet servers. Nobody knows the exact figures of either, and if published today, they would be obsolete tomorrow, since the growth rate is phenomenal and is making a major impact on business & society


1. Major tools of Internet, which is useful to business


The Internet provides numerous powerful communications and multi-media tools, such as E-mails, Inter Relay Chat (IRC), ICQ, NetMeeting, White boards, Internet Phone, Archie, FTP, Telnet and many companies offer custom solutions with plug-ins. But those are not the most important tools for access to information.


The following outlines some of the basics.


1.1 E-mail


It is the backbone of all Internet communication. E-mail is quickly replacing many other communication tools, e.g., phone, fax and mail. This is increasingly becoming the preferred method of communication, especially in business circles. Even though the conversation usually takes place in time frame of minutes to hours, one can check the messages at any time. Back up and search capability are just two features of most common e-mail programs. E-mail is very inexpensive. This is especially good for long distance communication. In addition to text messages, binary or image files can also be sent by e-mail. You can use your e-mail address to have information delivered right to your mailbox.


Example


There is one Indian company, which I am going to use as a good example of doing an online business through email systems. This company got internet connection and also got emails connection when internet was boom in India. Now this company took the maximum benefits of the internet and also used to search over search engines for there customers in USA. They then tried to contact there potential customers through emails and quoted them there prices through emails. Soon they got there first export order and this was just a good starting and now they have become one of the recognized export house for all the products from India. They are very happy to say that internet have really helped a lot to expand there business and that too they never expected that just because of internet they will be able to do business at international level but now they are very success full at international level too.


1. WWW Browsers


The browser is the door to the World Wide Web (www), a viewer and navigator for all Internet hypertext documents (HTML). Due to the integration of many other protocols, e.g. E-Mail, Chat, Phone and Newsgroups (Internet Explorer and Netscape), the browser is increasingly becoming the center of all Internet functions for many users. Browsers are user-friendly human-to-machine interfaces to the WWW. There are a large number of browsers and the leading ones are Microsoft Internet Explorer and Netscape Navigator. Tags of the language HTML provide interactive communication between a web server and a browser. While this language has limited capability, it is expanding rapidly with the assistance of other languages such as Java, JavaScript, VRML and Flash.


1. Newsgroups


For easy newsgroup access, a separate newsgroup reader provides many features. There are over 5,000 newsgroups, each with its own distinct topic of discussion ranging from the care of pets to advanced theories in artificial intelligence. Technical communities form newsgroups to communicate various announcements, inquiries, etc. Usually, a specific question is posted and then answered by the newsgroup readers within a few hours.


1.4 Search Engines


The World Wide Web is the main information source, which combines many resources. Like finding a needle in a haystack, getting the relevant information on the Internet can become a real challenge. A little knowledge of the search engines, the geographic and interest area served or referred by them and how to phrase the search keywords can be of immense help. The following section delves in details of how, what and where to look on the Internet.


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