What is Technology?
Technology can be defined as the study and knowledge of the practical, especially
industrial use of scientific discoveries or advancement.
Information Technology (IT)
Out of different kind of technologies, the Information Technology (IT) is the most
important one, which is being widely used in different fields of industries. This is also the
fastest changing and growing technology of the day. The IT which is latest and most
relevant to-day, will become altogether obsolete and irrelevant tomorrow, as soon as a
more advanced version of the same comes to the market.
Investing in IT
As we have seen that IT is a fast changing technology, it becomes a very difficult task for
the policy makers of an organization to decide about the funding in IT. There can be
(i) Before investing in IT, wait for the new advance version to be launched in the
market, that too at much cheaper price than the present one. By the time a decision
is reached regarding funding in IT a further advanced version of IT starts
knocking at the door. Thus another postponement is taken regarding the
funding. This process goes on and on and ultimately funding in IT never
(ii) In the second scenario, the policy makers having decided to implement IT in the
organization instantly invest on whatever version of IT available in the market at
the huge prevailing cost. But soon they realize that whatever they have bought has
become obsolete and has become a liability.
Thus we see that while investing in IT a very balanced and judicious decision is required
to be taken by the competent policy makers, who are also essentially required to be IT
Relation ship among Technology & Business.
In today’s global market no industry or business can survive without having latest
technology. Technology is the tool through which a business is going to grow funding
is required to buy the technology. Thus we find that there is direct relation among the
The good R.O.I. can be reflected through various factors, such as:
(i) Cost saving: The foremost impact will be felt through the cost reduction of the products of the firm.
(ii) Improved productivity: The productivity of the employees will increase dramatically and enhance their efficiency. This results into better employer and employee relations.
(iii) Improved Quality: There will be appreciable improvement is the quality of the products, thus the products will have decisive edge over other such products available in the market. Due to this factor more and more customers will be attracted towards the products of this firm, which has invested in technology.
(iv) Able to provide better customer services: Presently having been equipped with
better technology than earlier, the firm is in a position to render much better
services to the customers. This will help in creating good will of the firm in the
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