'Technology is the consumption and knowledge of tools, techniques, crafts, systems or methods of company' (Merriam-Webster). It has taken the revolution in the business world. It has brought the business around the world under a common and concrete platform. It has removed the business methods to be restricted to a single place. Now the clients and the companies have open user interface of conversation, they can effectively talk to each other for example even seated at home, aeroplanes or from any place of the world. Using the progress of the technology and creativity of new ways of communication like Cordless Technology has further given beginning to the info systems management process which includes removed the barriers to all the information flow and its management. It includes aligned the speed of technology to business complexity while creating the bridge between the growth of commerce and trade about the world.
It has transformed the barter trade period to very agile billion us dollars e-business industry, from research and development, projection of any business, development to the delivery of any sort of business services is manipulated and channelled by the conjunction of various form of technology aligned along. With the foundation of information system it has made the business enterprise needs and growth of various small and bigger businesses very transparent with a very cheap, enhancing their capacities to handle, record and retain the information like employee and clients profiles more effectively while removing the options of human mistake and dependency. For instance company's like Amazon and Dell has elevated the thought of globalisation into a reality by using technology.
According to Jagdish et al (2004), 'Globalisation represents the process by which local economies, societies, and ethnicities have become included through a worldwide network of communication, transportation, and trade. These were have the ability to get in touch with customers internationally and deliver their products at the doorsteps while making knowledgeable decisions, tracking the clients pattern while using internet to broaden their markets research more correctly. As the consequence of technological innovation, the real cost of information processing and communication have dropped considerably. It helped to manage and create globally dispersed development system while orchestrating globalisation of these products.
Considering technology in transport, with the introduction of commercial jets and the launch of containerisation has revolutionised the travelling business while minimizing the cost of shipping goods over long distance. Including the fruits and bouquets can be sold in various parts of the planet despite its origin of growth from anywhere. Furthermore the advantages of Semi Automatic Business Research Environment (SABRE) system, airlines, hotels, railways, travel companies and an incredible number of customers worldwide where linked for the quick seats bookings, travel information, fasters and accurate payments options (Computerworld, Sept 2002).
According to Catel et al (1990), technology and its own effective management of global source chain, with
introduction of electric data interchange (edi), it offers linked suppliers, manufacturers, shippers, and customers, eradicated the time delays and paperwork, while increasing the overall flexibility and responsiveness along with decentralising the effective management decisions in the hands of particular unit. Emails have further made every communication very instantaneous and with outsourcing, many companies have reduced its operational cost.
Companies like Wal- Mart used the technology to resolve logistics problems, created new stations to market to identify and track sales on singular items. Super marketplaces like Tesco's have equipped their staff with a radio device which gives them with the data of the merchandise available to be sold on the shop shelves and what's stored in the stockrooms. It has eradicated the manual investigations necessary to be carried out, hence providing the employees competitive benefit to provide effective customer services (THE CHANGING TIMES, 26th march, 2002).
Considering the role of technology in banking sector (Ilyas-Ur Rahman, 2007) it has transformed the stage of the retail banking while incorporating anytime and anywhere baking facilities. They have increased the consistency and revolutionised the financial activities like global funds transfers around the world in few seconds. Technology has further launched world wide web and mobile bank facilities for its customers. Banking institutions consider technology to be its lead factor to maintain itself in the market to wthhold the competitive position across various geographical locations. Technology has improved upon customers services in loan provider, helped private sector banks to achieve economies of Range while conversing data at low cost and efficient way. Technology has generated the strong impact on profitability, competitive pressure and customer needs.
Therefore, technology is the main element to evaluate performance, identify regions of problems, plan and restructure future strategies in every single component of an enterprise activity. Thus the application of advanced technology and information system tools is to get desired in depth data which is essential to interpret, examine for decision making process, prior to overhaul, restructure and rejuvenate organisations for becoming effective business models. The emphasis is to capitalise on voids for developing and exploiting new market opportunities atlanta divorce attorneys kind of financial environment even prior to the competition emerges.