Introduction
Technology is an undeniable fact that the world is in its constantly evolving phenomenon. Every now and then. there are advancements in all sorts of areas linked to human activity. With the passage of time, human interaction all over the world has drastically increased leading to better communication and more exchange of ideas. Experts from essay writing service UK assert how proliferation in high-tech media has aided the process of globalization, consequently having significant effects on different organizational processes.
People from all around the world have embarked on a journey that is stimulating significant transformations in the global economic structure. Information technology and globalization go hand in hand. and with mutual reinforcement they have been astoundingly impactful on current business strategies and the way entities are operating now. It is yet unknown the exact point, from where globalization took the flight but the process can be traced back to the earlier times of human existence when trade first started to expand. It was established that expansion of businesses not only fueled influx of cash for improved merchandize. But also created a gateway for people to head towards growth and development. Wide range of opportunities were created in a variety of business areas.
Moreover, the Flynn Effect characterized by human intelligence was a concept introduced by psychologist Raymond Cattell in 1963 that measured and acknowledged changes in human intellect over time. Though the theory was made later in the 20th century. analysis of historical data indicates a substantial rise in general IQ since the 1930s. Improved intelligence led to radical changes in businesses resulting in faster processing and wider distribution of information.
To elaborate on the recent changes, following are the ways. Advancement in information technology coupled with rapid globalization has fostered innovation and growth in economic activities.
Increased usage of computer systems
The rise in usage of computer systems has liberalized economic activities. In terms of rapid exchange of important information between corporations. The fast movement of data, has enabled business operations to be conducted quickly and more efficiently. Time consumption by processes has been largely reduced. Which in turn has allowed organizations to transition from one goal to another in less time.
Earlier, Fax machines were used in order to transfer information from one end of the corporation to another which also did not promise encryption of data. Advanced computer systems have helped in overcoming this obstacle as data. In most cases, remains confidential, steering clear of fraudulent incidents.
Invention of the famous World Wide Web (www.)
Perhaps the most impactful invention in technology was the creation of the World Wide Web. The plethora of information and data, it stores and makes available, is beyond human imagination. Through this, humans from all around the world have been able to connect with each other without the need of travelling. The virtual interaction between people belonging to different ethnic groups has not only made them acknowledge cultural diversity but also enabled exchange of brilliant ideas among them. This event marked a revolutionary change in human growth and development as knowledge from all around the globe helped people in moving towards innovation.
Fiber Optic Cables
With the help of research, innovation and idea, humans have been able to develop the very useful, fiber optic cables. Fiber optic cable was first implemented in 1977. In text citation as mentioned above about Flynn Effect, helps individuals in learning about the origin of ideas.
These cables were made out of bundles of pure glass soon after glass was discovered to carry digitized packets of data. Apart from transmitting information in fleeting moments, another advantage to these cables was, Technology their signal capacity. Compared to other cables that were used to transfer information. The bandwidth of fiber optics was higher.
Open Sourcing
Open sourcing is referred to as a community driven software. Which means that this software only benefits. When entities bring it to use and then redistribute for others to use as well. In open sourcing individuals or companies design their codes in way that it is accessible to everyone. It gives the users full control over making any modifications in that code and also sharing it with other entities. ‘Apache’ is one of the most successful open source tools that powers almost two-thirds of all the websites.
Open sourcing has been quite a useful tool in businesses. Especially the software companies that develop their own software, make them publically accessible. This way, anyone from any place on the globe can contribute to it with their unique ideas which in turn helps the company gain more knowledge and expertise in the specific field. Again, it aids further globalization as information travels from one end of the world to the other.
Supply Chaining
Supply chaining is basically developing a network between company’s suppliers. distributors and retailers in order to make the product reach its potential buyers. The way this connection works is pretty simple and brief. A great example of supply chaining best practices is Walmart. All the products in the stores are labelled with a barcode that identifies the product. When it is scanned at the cash counter. All important details of the product are decoded on the cashier’s screen and also. Confirmation of the purchase is instantly sent to relevant departments. This in turn signals the suppliers to send the sold item to the store again. Supply chain management plays an essential role in businesses as it maintains the flow of products and services from suppliers to buyers.
Work-flow Software
A major contributor to business development and growth is the work flow software. It was created in the last decade of 20th century with. The objective to circulate important business documents among employees. Smoothly and without much hassle. This software enabled distribution of work tasks among multiple employees at once. As a result, work place productivity had improved as wastage of time in information/notification circulation could be avoided by this method. Workflow software has replaced manual management. Collaboration and designing of business operations with an easy-to-use software that can multitask.
All of this has created major interdependence among nations and firms that are based cross-borders. The paradigm shift in technology and substantial changes in innovation have been greatly advantageous for the global economy. However, nations should still carefully analyze its long term adverse effects as well so that unfavorable outcomes in business environment can be avoided.
