Effects of Digital Technology in Business

Effects of Digital Technology in Business

Advances in Digital Technology has connected our world faster and made it smaller and accessible irrespective of time or distance. One can gauge the role digital technology played in accomplishing this, by looking at how landline phone companies took about 89 years to connect 150 million people, but how it only took about 8 years for Facebook to connect a billion people.

One can reach at a similar analogy from the success that a few companies had in recent years. In good old days a traditional Fortune 500 company with enormous resources took an average time of 20 years to reach a figure of $1 billion in market value.

This time frame was revised by Google which took only 8 years to reach the market cap of $1 billion. Further down the line Facebook did it in 5 years and Whatsapp and Uber cut it into 2 years. In recent times Snapchat has done it in just 22 months. All these companies owed their success to Digital Technology.

Advances made all around, especially in the field of Digital Technology is the major cause of the tremendous leap made by these companies. The rising of these companies almost seems to be unrealistic but these are the new standards being set up in business circles all over the world.

Google took only 8 years to reach the market cap of $1 billion. Further down the line Facebook did it in 5 years and Whatsapp and Uber cut it into 2 years. In recent times Snapchat has done it in just 22 months. All these companies owed their success to Digital Technology.

These changes are taking place due to multiple factors. One is the advancement of technology taking place in every segment of the industry. Secondly newer and easier methods are being invented for manufacturing and  service sectors of every industry.

Thirdly, the talent of the work force – human resources – have sky rocketed to very high levels. Knowledge is now at the tip of the finger for anybody who seeks it. Learning opportunities are manifold and competition in job market has pushed up the efficiency level in employment sector. Industries all over have gained the benefit of this upliftment of employee standards.

Idea generation is considered to be the key in the business development of our times. There is no doubt about the success of a good business idea as it takes far lesser time and resources to execute it in today’s world.

Above all, idea generation is considered to be the key in the business development of our times. There is no doubt about the success of a good business idea as it takes far lesser time and resources to execute it in today’s world. Today, owing to Digital Technology, the world has shrunk and become such a small place that anybody anywhere have instant access to each other which is what every business seek.

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