Is Technology Driving Businesses Today?

The year is 1980. Jimmy Carter is the president and Walter Monroe, his assistant. The country’s unemployment level stands at a mere 5.8%. The average household income is $17,710, and an average home in the country cost about $76,400.

Let us now fast forward to the 21st century. A time that many experts would say has been driven by technology. The average household income has grown to $46,324. An average home in the United States now costs about $272,300. Even during recessions, the global technology economy continues growing. In 2011, the world spent about $4.5 billion on technology. It accounts for 9.2% of the financial sector accounts which is about $400 billion. This is clearly an imperative area and especially one that businesses worldwide cannot brush aside. A company that doesn’t make use of technology is very likely to not survive. But why is technology important in business?

Technology helps to reduce the barrier to entry in the business field. Economists will define an obstacle to entry as the cost of starting a business. Let’s take a smartphone as an example. It has the same computing capabilities and data storage capacity as any computer that existed about 15 years ago. And it comes at a much cheaper price. This is proof that technology is continually helping businesses reduce their operational and entry expenses.

All business want to operate efficiently, and there’s no better way to achieve this other than by incorporating the use of technology. Whether it’s cutting down on the man-hours required to perform a particular task or enabling the business to do more with fewer resources, technology never lets down any business organization. Besides, technology has also changed the way businesses communicate and handle data. We have social media that offers free advertising for many companies, online banking that has enabled companies to access data and information more efficiently, and plenty more uses.

Businesses that have to an extraordinary extent or degree invested heavily in technology always have a competitive edge. Irrespective of the industry, companies should ensure that they take advantage of the advances in technology to enjoy the benefits it brings with it. One of the biggest advantages technology brings with it is increased productivity. It brings with it massive gains in productivity in any business.

Technology plays a vital role in the business sector and hence it cannot be taken as a supposition. The entire world would come to a standstill, and the economy would collapse if technology, trade and commerce would suddenly be removed. In this modern age, conducting business without adopting technology would be out of the question.

To ensure that they take advantage of the opportunities brought about by technology, companies have been hiring prominent business and technology executives to help them. One of them is Shaygan Kheradpir. Mr. Shaygan was born on December 19, 1960, in London but is a citizen of the United States. He studied at Cornell University and holds a Ph.D. in electrical engineering. He started his career at GTE Corporation, which became Verizon after a successful merger with Bell Atlantic in 2007. During his tenure, Mr. Shaygan was able to cut down on the company’s spending towards technology. In the year 2011 he joined Barclays Bank as its Chief Operating Officer of its Global Retail and Business Bank. After making a significant contribution to the banks success through the development of customer products like the Pingit mobile payment software, Mr. Shaygan was promoted to Chief Operations and Technology Officer. He became the first technology executive ever to sit on the executives’ team for the bank. In 2014, he moved to Juniper Networks and became the CEO. He, however, resigned the same year from the company.

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