What Are the Benefits of Technology in Business?

By Laurel Storm

The ability to work from home is one of the many advantages offered by technology.
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Technology is one way in which we change and shape the world around us, affecting every aspect of our existence. It is therefore not surprising that the way we do business has been changed and improved by technological advances. The benefits technology offers to the business world are numerous, affecting small local stores and globe-spanning corporations.

Efficiency and Productivity

Technological advances constantly make the day-to-day workings of businesses more efficient and productive. From improvements to the manufacturing process to accounting software that streamlines a company's finances, technology has allowed modern business to be focused on what really matters, getting great ideas from dream to reality, rather than spending a majority of the time taking care of the nuts and bolts.

The Cost of Doing Business

As efficiency improves, expenses go down, making it easier both to start a business and to make it profitable. For example, an online-only store typically has lower overhead costs than a traditional bricks-and-mortar store, allowing the company to lower the price of their products and attract more customers while still remaining profitable. Online marketplaces such as eBay, Etsy and NotOnTheHighStreet can help you sell your products online if you're not ready to set up your own website yet. Similarly, if you have a great idea but lack capital, crowd-funding websites such as Kickstarter and IndieGoGo can get you the funds you need to get started.

A Global Marketplace

Technology has massively expanded the reach of businesses of all kinds. From the advances in food refrigeration and transportation that bring bananas and coconuts to your table to importing specialty goods from their country of origin, any company, no matter how small, can take advantage of existing technological infrastructures to reach customers all over the world.

The World as an Office

Cell phones, smartphones, computers and other technological advances in the communications field help bring together far-away countries and continents. Entire businesses can be managed from home offices scattered across the globe, with workers telecommuting and keeping in touch with each other through the Internet. Working from home -- or from a remote beach in Thailand, or from a solitary mountain cabin -- can be a wonderful perk of living in the digital age, allowing you to be productive without sacrificing the things you love.