Business Technology is a modern-day catchall term that refers to the many ways companies run their operations and organizational processes using technology. Business transactions were still done by hand in the not too distant past, making work laborious and subject to human error. The concept of instantaneous business transactions was foreign. However, advancements in technology have been a game-changer for businesses of every size. Whether the solutions are customer-centric or back-end, not only are transactions faster, but the data is more secure and reliable. Some technology applications are so typical nowadays, they have become second-nature to us and are used in nearly every business across America.
Computers and Software
A computer is an electronic device. It is a physical, tangible machine that can store, retrieve, and process data. The sizes of a computer can range from transportable laptops to sturdy desktops. In the business world, a computer’s function is to make sure a business runs smoothly and efficiently. Software is not a physical entity. It is comprised of instructions written in code that tells a computer how to perform a task. A set of instructions is called a software program. Together, they can complete tasks faster and more efficiently as humans, depending on the industry. Many experts have predicted a future where humans and robotic counterparts work side by side.
Networking
Regardless of how up to date each data source is within a company, there needs to be a method of sharing resources, storing data, and communicating. Networking first entered the business world in the late 1960s or early 1970s with the Arpanet project, but it has grown exponentially since then. This growth not only applies to the speed or the distance it covers but the robustness of the cabling themselves. There are currently over 380 underwater cables in use around the world. They span over 745,000 miles and are lauded for being the invisible force behind global internet success. The tough outer shells are made from plastic, and the cables use fiber-optic technology.
Inventory and Accounting
An inventory control system is used to handle all current and upcoming inventory of a business. It keeps track of in-stock items and updates the list in real-time to keep sales revenue accurate. Even online purchases are instantly updated to reflect a store’s overall inventory. Since all points of sale are networked, they can share inventory information. This helps advise customers when the new stock arrives. Working in tandem with inventory is the accounting system, keeping track of incoming and outgoing costs, including vendors and payroll. Quickbooks is one of the most common accounting packages on the market.
