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. Mostly people 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 weapons after that man learnt to cultivate and domesticated animals then begins the era of Iron Age when man stated melting the metals. Then the war technology and weapons were invented and used. Industrial revolution was breakthrough of the technology along with the inventions of 19 th and 20th century inventions. And now, we are living in the era of rapidly changing technology. Much consideration has been given to the improvement of technology in Pakistan and the booming information and communication technology sector is evident for the efforts of the government. Yet there are many sectors unexplored as the agricultural sector and power sector seek the improvements in the technology to show the real potential of these sectors. The technology advancement has casted a spectacular effect on the business around the globe and there is no survival for the business which do not improve and adopt the new technology. The technology has the changed the ways trade by making it more easy, efficient, secure and time saving. Moreover the commerce industry has been expended in terms of market and potential by use of technology such as online marketing has provided new marketing opportunities, introduction of e-banking and mobile banking has provided ease to corporate persons and individuals, warehousing has been reshaped, transportation means has been improved, communication industry is on the boom and many more fruits are the gifts of advancement in technology we are reaping and utilizing. The manufacturing industry has become more productive and efficient by using advanced machinery and information technology, agriculture sector can yield more and in good quality by introducing technology to it, textile sector can also be more fruitful, fishing can be organized as a science etc. The service industry has got new pace due to technological advancement as in education industry, internet and other communicational and educational means and methods facilitate the process a lot, we may take the example of the Virtual University in Pakistan which is a media and internet base university. The hospitality

M. Sarfraz Khan (41)

industry consists, hotels, restaurants, casinos and bars have been more efficient and customer oriented due to use of technology. Apart from the various facilitations technology has its own drawbacks as spoiling the social and family life of people due to excess use of internet or media. Moreover, the inventions like atom bomb are mean for destruction only. The negativities of the technology can be somewhat minimized by strengthening the educational and moral character of the people.