Technology is sometimes detrimental to business because it can lead to ongoing expenses, alienation between employees and distractions that reduce productivity. Criminals also exploit the advances of technology to commit cybercrime.Know More
Businesses must allocate funds for upgrading and maintaining their infrastructures if they want to adapt to the latest technological breakthroughs. Technology is always improving, thereby necessitating costly upgrade cycles. Businesses must also spend for training to acclimate employees to the changes.
Through computers and mobile devices, technology causes employees to become detached from others. Text messaging, emailing and other electronic forms of communication have largely replaced personal interactions between employees. Interaction is important in developing interpersonal communication skills, which is crucial in establishing business relationships. Technology may also divert workers from their responsibilities. Distractions like incoming emails, text messages and calls interrupt workers from doing their tasks and reduce the overall productivity in the workplace.
The prevalence of technology in businesses also invites cybercrime-related risks. According to a McAfee-sponsored study published in June 2014, businesses worldwide annually lose nearly $400 billion due to hacking incidents, intellectual property thefts, credit card frauds and other computer crimes. Businesses have to spend resources not only for securing their systems as a precautionary measure, but also for recovery in the aftermath of a cybercrime.Learn more about Industries
A commercial business is defined as a business or individual who provides a service or sells physical products. Commercial businesses are also defined as an industrial, retail or commercial business office within the limits of a specific city.Full Answer >
Some popular retailers that went out of business include Borders, Circuit City and Montgomery Ward. Thought they were once industry giants, these departed retailers were unable to adjust to changing market conditions.Full Answer >
There are ten different main business industries, including transportation and communications; mining; agriculture, forestry, and fishing; construction; manufacturing; finance, insurance, and real estate; retail trade; wholesale trade; services; and public administration. These categories are defined by the United States Department of Labor and tracked via the standard industrial classification, or SIC, code system.Full Answer >
If a scientific study were being done on employees of a company to see if changing their hours would affect productivity, the Hawthorne effect says that their productivity could change just because the study was being done and not because of the change in work hours.Full Answer >