The paper outlines the applicability of the internet of things in triumphant business operations and the impact of technology on society. Technology and business operations are interdependent on each other in order to grow and excel in diverse areas (Oklahoma SBDC, 2015). The society has also enhanced a lot, by the competent use of technology in almost all the transactions and activities of day to day life (Accenture, 2019). As technology resembles to have control over the generations of the people, it is imperative to highlight some positive impacts of the technology in the banking sector and society as a whole (Accenture, 2019)
The technology is derived from two different part namely Techno that means the art or skill and Logy that refers to the art of learning, so the technology is defined as the tool with the help of which the society develop the solutions of the given problems (Younis and Zobi, 2015). Technology system refers to the combination of components that integrate together in order to store, transport and transform the available information with the help of artificial intelligence (Study, 2019). It is an organized set of the components that are interconnected to each other and work collaboratively to complete the whole system (TKI, 2019). The technological system is the combination of the following
Reliability and credibility
The black box
Effective operational parameters (TKI, 2019).
The technology system has many applications that can be applied in order to improve the business process, to ensure better results (More Clarified, 2017). The applications of the technology system are given as follows
The provision of improved customer service
The application to effectively manage project management.
Improved team performance.
The effective use of the hierarchy of communication.
The application of problem-solving skills (More Clarified, 2017).
The technology plays a significant role in the improvement of banking business operations (Mustapha, 2018). One of the victorious applications in the banking sector is the e-payment system that has created convenience in banking transactions (Mustapha, 2018). The electronic system of payment has transformed the financial innovation and contributes to the three major parts namely
Research communication of the e payment system
Reduction in the risk associated with the encrypted online transactions
Innovations in the e payment system (Mustapha, 2018).
The technology has improved the productivity of the employees in the era of cut-throat competition (Oira and Kibati, 2016).
The banking operational efficiency is the result of the internet of things. The improved technology has led to improved efficiency in the deposit system (Oira and Kibati, 2016).
The training and development of banking management can be easily ascertained with the help of the internet of things (Oira and Kibati, 2016).
The innovations like the use of ATM, smart cards, debit cards, credit cards, and e- payment system have made the operations easy and convenient for the banking customers (Gayathri and Vikram, 2018).
Information and communication technology is defined as the collecting, storing, and using the information for the diverse range of the financial operations (Peace et al, 2018). The information technology has improved the competence of the financial sectors by the use of online banking communication (Peace et al, 2018). The communication is associated with the improved customer service and quick business transactions (Peace et al, 2018). The technological innovation in the banking sector has improved the efficiency, penetration as well as productivity of the associated banking activities (Gayathri and Vikram, 2018).
The refined technology successfully opens up new markets by introducing business standards that facilitates the communication process of the banking sector (Gayathri and Vikram, 2018). The use of technology has improved the norms of the business at the international standards (Gayathri and Vikram, 2018). The transparency in business operations is the result of communication innovation and use of the technology (Gayathri and Vikram, 2018).
The technology has a great impact on society (GBIM, 2019). The effective digitization in the financial areas has improved the policies, competition, and employment of the society (GBIM, 2019). The unbeaten travel and transportation companies such as OLA and Uber are also using the technology to give convenient services to the customers (GBIM, 2019). The digital payment system has also improved the transaction speed the biggest example is PayTM that has proven to be a miracle at the time of demonetization in the country (GBIM, 2019). The technology is involved in the day to day activities of the society (Accenture, 2019). According to the survey, about 86 of the banking executives agreed on the increasing use of the technology and integration of financial innovations with the lives of the customers (Accenture, 2019).
The advancement in technology controls the lives of the peoples (Younis and Zobi, 2015). Technology tenders the life of society easier by giving the solution of all the problems adequately and easily (Younis and Zobi, 2015). The use of technology like machines, cars, electronic appliances have been considered as a significant part of living an easy life. From society point of view the technology is giving a hand, in almost all the activities from commercial transactions to personal transactions, from surfing to data gathering, from marketing to advertising, from national transactions to the international transactions, all the activities of the society are connected with the technology (Younis and Zobi, 2015).
The above paper concludes that technology plays a vital role in prosperous business guidance. The convenience of technology has benefited the business as well as society, by making life easier with the help of timely transactions and daily operations. The banking sector has also famously grown with the applications of the technology. The paper strongly elaborates on the advancement in banking communication and profitability. Apart from business, society is also swayed positively by the use of technology from online transactions to international transactions.
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https//www.gbim.com/the-impact-of-digital-technologies-on-society/Assessed on March 19, 2019
Gayanti, G. and Vikram, S. 2018. Impact of information technology on the profitability of banks in India. International journal of pure and applied mathematics, 118(20), pp. 225-232. Available at
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http//moreclarified.com/the-meaning-and-uses-of-technology-systems/Assessed on March 19, 2019
Oira, J. and KIbati, P. 2016. Influence of innovation on the performance of commercial banks in nakuru central business district. IOSR Journal of Business and Management (IOSR-JBM), 18(100, pp.102-113. Available at
http//iosrjournals.org/iosr-jbm/papers/Vol18-issue10/Version-3/K181003102113.pdfOklahoma SBDC. 2015. Technology as a business necessity. Online. Available at
https//www.oksbdc.org/the-role-of-technology-in-business/Assessed on March 19, 2019
Nkiru, N., Sidi, C.P. and Abomeh, S., 2018. Impact of Information and Communication Technology on the Performance of Deposit Money Banks in Nigeria. International Journal of Management, 7(4), pp.225-239. Available at
https//www.researchgate.net/publication/330248473_Impact_of_Information_and_Communication_Technology_on_the_Performance_of_Deposit_Money_Banks_in_NigeriaStudy. 2019. What is a technological system. Online. Available at
https//study.com/academy/lesson/what-is-a-technological-system.htmlAssessed on March 19, 2019
TKI. 2019. Technological systems. Online. Available athttp//technology.tki.org.nz/Technology-in-the-NZC/Technological-knowledge/Technological-systemsAssessed on March 19, 2019
Mustapha, S., 2018. E-Payment Technology effect on bank performance in emerging economiesevidence from Nigeria. Journal of open innovation technology, market, and complexity, 4(4), p.43. Available at
https//www.mdpi.com/2199-8531/4/4/43/pdfAssessed on March 19, 2019
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