Information Technology has been the key driver for business growth and expansion. Evolution of technology has helped in development of user friendly features for optimum utilization of resources. With advent of new technological applications, business processes have become more convenient to use than before. Technology has changed the entire landscape of business environment including organizations, market structure, consumers and stakeholders. Ecommerce has been a revelation and has been contributing significantly to Business development in organizations throughout the world.
Supply Chain management: Modern technology might force organization to reap benefits through collaborations and joint ventures. Companies may re-organize their supply chain in line with technological developments. Moreover, they may pursue cross-selling of each other products in their outlets or stores and meet consumer requirement in short span of time. Technology would ensure free and fast movement of goods and services to customers.
Corporate Social Responsibility through sustainable development: Technology may change management perception towards business ethics and strategies. They may adopt new corporate guideline on social measures for maximization of benefits for the society. Organisations might use several environmental friendly methods for production of goods and services. This would help an organization to create brand value and goodwill in the marketplace. Organisations would gain wide spread acceptance as a result of distribution of value created in hands of large section of society for mass welfare.
It can therefore be concluded that modern technology would impact each and every factor associated with an organization. However, it is difficult to assess the impact and magnitude of change on any organisations due to technology. Managers should be ready to ride the next boom of technology which is expected to transform all business activities. Investment in information technology is a must for all organizations.