Topic > Essay on Technology and Innovation in Business - 1289

IntroductionTechnology mainly influences every aspect of our life. Take a look around you and you'll see how strange we are. Technologies have become an intrinsic component of our working lives (Beyrouti 2006). Thanks to the Internet, virtually anything you want can be delivered to your door in a matter of hours or days. However, as much as our personal lives have changed, the business world has changed almost beyond recognition in recent years. Advances in communication, technology and computing have changed the pace and face of business. As information and communications travel faster and faster, the world seems smaller and smaller, which has big implications for how we do business. For example, storing important documents in files on a computer rather than in drawers makes the information easily accessible. Using email allows businesses to quickly communicate and send these documents to different locations around the world. Video conferencing and wireless Internet have made it very easy to work from home or anywhere in the world. Technology has made life easier, faster, and less expensive for people to communicate with each other (Beyrouti 2006). So, what exactly is the role of technology and innovation in business? In this brief we will briefly discuss the role of technology and innovation in business. What is technology? According to Mokyr (2008) “Technology is the use of natural phenomena and regularities for human purposes” (Coad and Reid 2012). Dosi (2010) also defines technology as a human-made means to achieve a particular end, such as the movement of people and goods, the transmission of information, or the treatment of a disease. Basically, the technologies involve the… medium of paper… the company website to order a product. This is how Dell benefits from using technology in business. Dell has always been one of the most profitable online PC vendors. It is clear that the role of technology and innovation impacts Dell's business. Dell is one of the first companies to integrate e-commerce into the sales process. Dell's e-commerce business began as a static page in 1994, integrated online sales capabilities, and was soon selling more than $1 million annually (Netonomy 2013). Dell's innovative approach to online commerce (buy and customize) was the result of its model business that allowed individuals and businesses to order customized computers via mail order over the Internet. Nonetheless, the board can evaluate the role of technology and innovation (Netonomy 2013). Today, Dell's innovative approach is still used.