Technology is the application of scientific knowledge to the practical aims of

human life, or, as it is sometimes phrased, to the change and manipulation of the
human environment (Encyclopedia Britannica), Technology has revolutionized
the way we live, work and communicate. It has brought about significant
advancements in various fields such as medicine, transportation, and agriculture.

The importance of technology in business cannot be overstated. Companies all

over the world are relying on emerging technologies to help them improve their
competitive advantage and drive strategy and growth. We can't imagine doing
business without the Internet, video conferencing, project management apps, and
other tools. In fact, the role of technology in business will only grow in the future.
This fact necessitates, if you haven't already, incorporating technology into your
processes. Businesses that do not embrace technology risk falling behind in an
increasingly competitive market, as technology can help boost efficiency,
productivity, and profitability. As a result, it is critical for businesses to stay
current with technological advancements and incorporate them into their
operations.(CHAUHAN, 2020)

Positive Roles of Technology

A. Increased Efficiency

1. Automation

Businesses can use technology to automate routine tasks and processes such as
data entry and payroll processing. This saves time and resources while also
improving accuracy and reducing errors. Furthermore, technology enables
businesses to access real-time data and analytics, which can assist them in making
informed decisions and remaining competitive in their industry. It also allows for
remote work and collaboration, which boosts productivity and efficiency.

2. Streamlined Processes

When a process is simplified, it has been streamlined. This is usually accomplished

by eliminating complex or unnecessary steps. There are several approaches and
modern business information technology platforms that help organizations thrive
that can be used to streamline a process. This is accomplished through the use of
technology. One way to streamline a process is to use software tools to automate
repetitive tasks, which can save time and reduce errors. Furthermore, implementing
cloud-based solutions can provide real-time access to data and facilitate team
collaboration. Technology can be used by businesses to automate routine tasks and
processes such as data entry and payroll processing. This saves time and resources
while increasing accuracy and lowering errors. Furthermore, technology gives
businesses access to real-time data and analytics, which can help them make
informed decisions and stay competitive in their industry. It also enables remote
work and collaboration, increasing productivity and efficiency.

3. Improved Data Organization

The amount of data we generate is constantly increasing. We add to the vast ocean
of information every time we conduct a search, make a purchase, visit a website, or
comment on a post. As we all know, this information can be a valuable asset if we
know how to tap into it and extract the bits that are pertinent to our needs.(“Why
Using Technology Is Important for Data Management | Blueprint,” 2018)

It is widely acknowledged that the volume of data has grown far faster than most
companies' ability to process it. According to a recent study, this data overload has
crippled some executives, with 61 percent of managers reporting workplace
information overload. Because they lacked the tools to convert current data into
actionable information, more than half of them ignored current data in their
decision-making processes. This emphasizes the importance of companies
investing in data analysis tools and training for their employees in order to
effectively manage and use the data available to them. Failure to do so may result
in missed opportunities and bad decisions.(“Why Using Technology Is Important
for Data Management | Blueprint,” 2018)

B. Improved Communication and Collaboration

1. Quicker Problem Resolution

Technology is an immensely powerful thing. Anyone who owns a computer, tablet

or smartphone has, literally, an entire world of information at their fingertips. Our
devices are great for entertainment, of course (and cat pictures – though we gently
caution you against arguing with strangers!) But they can be used for so much
more than that. With our devices, you can easily stay connected with your loved
ones, manage your work on-the-go, and even access educational resources from
anywhere in the world. The possibilities are endless! (Dixon, 2022)

2. Increased Productivity

Efficient employee communication via technology leads to increased productivity

in a variety of ways: Employees can easily integrate various communication tools
created with technology, allowing businesses to save a significant amount of
money. Businesses will be able to attribute the work to hardworking employees.
This integration of communication tools can also lead to improved employee
collaboration and productivity, resulting in better overall business performance and
success. Furthermore, it enables more efficient communication with clients and
customers, resulting in increased satisfaction and possibly more business
opportunities.(Singh, 2023)

3. Reduced Costs

A clear example is moving towards digital documentation and working to make

your organisation paperless. Lowering the cost of paper, ink, printing, postage, and
transportation can reduce costs significantly. Digital transformation of manual,
paper processes can also accelerate the speed of doing business (“How Technology
Can Reduce Costs in the Workplace,” 2022)

III. Negative role of technology

A. Security Issues

1. Cyber Attacks

In today's digital world, cyberattacks are more prevalent than ever. They can
seriously harm people, companies, and governments. Cyber attacks are carried out
for a variety of reasons, including monetary gain, espionage, activism, and
sabotage. Hackers may also conduct attacks merely as a test of their mettle or for
the challenge. Cyber attacks can harm people and organizations significantly,
resulting in the loss of sensitive data, monetary loss, and reputational damage,
regardless of the motivation behind them. It is essential that people and companies
take the necessary precautions to safeguard themselves against such attacks.
(“Types of Cyber Attacks You Should Be Aware of in 2023,”)

2. Data Breaches

A data breach occurs when an unauthorized individual copies, transmits,

views, or steals sensitive information. Hackers use this information to
commit identity theft, insurance fraud, and other profitable cybercrimes. Data
breaches can result in significant financial losses, reputational harm, and
legal ramifications for both businesses and individuals. As a result, it is
critical to take preventive measures such as implementing strong security
protocols and monitoring network activity on a regular basis. (“5 Ways Tech
Companies Can Prevent Data Breaches | UpGuard,” )
3. Privacy Issues

There are numerous privacy concerns associated with information technology,

such as electronic surveillance, which involves using technology to monitor people
without their knowledge. Furthermore, businesses frequently share or sell personal
information to other businesses. Identity theft is also a serious privacy concern.
Other examples of IT privacy issues include cookies, spyware, and Employee
Internet Management software(“Https://study.com/learn/lesson/personal-privacy-
issues-information-technology.html,”)
 References

Britannica, T. Editors of Encyclopaedia (2023, April 24). technology.

Encyclopedia Britannica. https://www.britannica.com/technology/technology

Chauhan, P. (2020, April 19). Importance of Technology in Business - Digital

Marketing - Them You & Me. Retrieved April 25, 2023, from
https://themyouandme.com/blog/top-5-reasons-why-technology-is-important-in-
business/

Dixon, J. A. (2022, January 4). 4 Ways to Solve Any Problem Using Digital Skills.
Retrieved April 25, 2023, from https://www.youthemployment.org.uk/4-ways-to-
solve-any-problem-using-digital-skills/

How Technology Can Reduce Costs in the Workplace. (2022, December 15).
Retrieved April 26, 2023, from https://www.docusign.co.uk/blog/how-technology-
can-reduce-costs-the-workplace

https://study.com/learn/lesson/personal-privacy-issues-information-
technology.html. (n.d.). Retrieved April 26, 2023, from
https://study.com/learn/lesson/personal-privacy-issues-information-
technology.html

Types of Cyber Attacks You Should Be Aware of in 2023. (n.d.). Retrieved April
26, 2023, from https://www.simplilearn.com/tutorials/cyber-security-tutorial/types-
of-cyber-attacks

Why Using Technology Is Important for Data Management | Blueprint. (2018,

February 20). Retrieved April 25, 2023, from
https://www.diligent.com/insights/data-management/why-using-technology-is-
important-for-data-management/

5 Ways Tech Companies Can Prevent Data Breaches | UpGuard. (n.d.). Retrieved
April 26, 2023, from https://www.upguard.com/blog/how-tech-companies-can-
prevent-data-breaches
RAHMA ABDULKADIR ARAH

202224029

BUSINESS ENVIRONMENT

ROLE OF TECHNOLOGY IN
MODERN BUSINESS
MANAGEMENT