In technology, we don’t consider the past ten years but the last three years since the rate of change in technology has increased significantly in the recent years. These changes have made business to change and made establishments more effective. With technology around, businesses can communicate beyond borders with ease and fast enough to make urgent transactions and collaborate too. Collaboration holds the future of the competitiveness of a business as corporations get more innovative, connect to stakeholders better and act faster in the market place of today’s worldwide internet economy. Business gets faster with technology around since the presence of personal computers and also the existence of the internet have changed the way people work. Instead of phone calls, memos and fax, people can now use e-mails which are more convenient to the users and faster. When out of reach of the personal computer or even the office, one can use a smart phone which can enable him or her to respond to the office needs on time. Workflows and automatic tasking systems have reduced organizational administration. With good speed and technology, flexibility and also responsiveness is added to interactions.
It is with the existence of technology that far-reaching collaboration has been made possible. With the internet being global, teams that are geographically dispersed can virtually meet. Cloud computing, video conferencing, instant messaging and e-mail have flattened the world. Just like technology has allowed connection past geographical borders, it has also reduced almost to none the barriers to entering the global markets. This allows both buyers and sellers from all corners of the world to connect and do business. Online translation facilities help people to connect and close deals. This leads to the availability of greater productivity, combined with a blend of variety of talents with great abilities and viewpoints.
Technology encourages innovation in business. If someone doesn’t like how something works, or even the customer’s needs are not being met by the services offered, the seller can always come up with ideas that better their services hence leading to more returns at a lesser cost. With the technology advancing, the costs are reducing and it becomes more user friendly. Most people have the ability to design innovative programs to improve efficiency and solve problems. What makes it even better is that with every passing day, technology is becoming more accessible even to those in developing countries. How people connect to clients has been changed by the arrival of technology because now technology has enabled corporations to meet and sell to clients through twitter, blogs and even bulk e-mails. These apparatus enable the corporations to remain conscious in the minds of the clientele and also assists the new customers to find corporations to do business. When potential clients learn off a business, they simply search the business name on the internet to find out what it does. By the time they get to transact with the business, they will already have been informed what the business does and who is behind the corporation.
Worldwide labor arbitrage is rather an economic sensation where if barriers to global trade are removed, corporations move to countries where doing business is not expensive or poor labor moves to countries with high paying jobs. The phenomenon has been explained by an economist called Stephen Roach. The major barriers to international trade are politically imposed trade tariffs and the cost of transporting goods from one ocean to the other. With the coming of the internet, the cost of telecommunication is reduced leading to faster and cheaper talks and communication. Normally, a successful nation like the United States removes barriers to global trade mixing its labor market with lower cost of labor like Mexico and India. The result is the jobs increasing I accordance with the demand for labor. With the other forms of trade, the supposed advantage by such a deal is accurateness which comes as lower prices for the affected products. International trade lowers overall cost to companies which in a modest market place will end up in decrease in prices to consumers and better living standards in the nation which was formerly impoverished. On the other hand, consumers in countries that have lost jobs might suffer deduction of wages and working conditions that could be greater than any reduction in prices for the consumers together with other final costs like unemployment and even under employment. This theory may have limitations if there is a single kind of utility. We do keep in mind that the fact that people need food and housing indicates multiple utilities in mortal need. Immediately the model expands to multiple goods, the absolute may turn to an advantage.