What’s one thing that businesses can do to increase their profits and at the same time reduce their operational costs? The answer is going global. Technology helps businesses to look for ways to reduce their operational costs. One such way is outsourcing. It helps the company to find a foreign workforce who are willing to carry out business operations at lower pay. Technology has spread across the border and has increased productivity in every sector. It has reduced the occurrence of potential risks and helped us to avoid mistakes. We have seen growth in the economy with advancements in technology.
Role of Technology in Globalization
Out of every benefit, technology has provided to us, one benefit that has changed our world is building connections. Technology has provided us with the means to connect with almost anyone across the globe. In fact, we are so focused on making advancements that we are trying to contact species of other planets. So, you see how technology facilitates communication across the globe. Now let’s look at the role of technology in globalization.
Keeps Us Informed
Living in the 21st century has its own advantages. We don’t have to wait long to get information. But, our past generation had to wait for days. By the time they received information, it was either irrelevant or too late to act upon. Thanks to technology, we never had to experience such situations. We have the internet that gives us information about any part of the world and the best part is you get to know it right away.
There are incidents where there are two sides to it. Technology allows both parties to present their sides using social networking sites and let the world decide who they want to choose. You will see examples where people have used social media to expand their businesses across the globe. They were able to have a global impact using technology.
Previously, only large-scale businesses were able to conduct international business. They had the right contacts and funding that they needed to function in the global market. But, now you don’t have to be a part of large groups to do business globally. You have technology that helps you to set up your business online, reach out to people through social media and advertising, and deliver your products or services.
Handling eCommerce has become so much simpler with the help of technology. At every step, technology is used to carry out business activities. Some software helps to track the shipments and ensure they are delivered to the customers on time. This has increased global trade.
Establishment of Global Institute
In important matters, it is necessary to keep track of activities and maintain records. Consider the health care sector, which organization is responsible for global public health? No doubt, it’s the World Health Organization. These organizations use technology to fulfill their responsibilities.
Technology helps global institutes to discover new ways to carry out current tasks. They find innovative solutions to our existing problems. The benefit of being global is that they receive inputs from people all over the world. They work on it and develop solutions that work globally.
Impact of Technology on Globalization
We learned about the role of technology in globalization. Now, let’s look at the technology that is having an impact on globalization.
Technology has created an online platform where people can trade all around the globe. They can expand their businesses globally with little investment. All you need is the internet, and you are all set to reach out to your global audience. It allows you to reduce the operational cost and at the same time improve your services.
There is no need to set up a physical workplace. Using technology, you can run the business from anywhere in the world. You can create a global brand. You can produce goods at one location and market them using online platforms.
Artificial Intelligence can increase the productivity of businesses and this will have a direct impact on their growth. Some nations have taken steps towards implementing AI on a wider scale while some nations are still skeptical about it. AI will bring automation and will result in job loss. So, some nations are preparing themselves before getting involved in it.
But, we cannot deny the fact that AI is the future. We will experience international business growth with the use of this technology. We will have more opportunities for global trade. It also helps to study patterns and make accurate predictions. Just imagine, if AI can let you know what your customers want, then how easy it would be to run businesses.
During the COVID-19 we were forced to think of alternative ways to carry out normal tasks. For most of the things, we have switched to online mode. Here’s where technology like blockchain provides economic benefits. The sectors that will get more benefit from this technology across the globe are health care and education.
Blockchain technology helps to track products which has become a very basic requirement. Since we are going global, now more than ever we need to keep an eye on business activities. This technology is used for tracing the origin of the products. So that even if business operations are conducted across the globe, ethical business practices are still followed.
In this discussion, we learned how technology has accelerated globalization. Think about it, if we didn’t have the technology how we would have known about what people around the globe have to offer? We should be glad that we have technology that has eliminated barriers and allowed us to find our own ways and reach out to many people. We can see the impact of technology in both the private and public sectors. These sectors are using technology to eliminate manual repetitive tasks and replace them with automation to gain more profits. Technology is the very foundation of the global market. Over time, we will make advancements in technology and change the way we trade globally.