The development of technology has a direct impact on many areas of society. Technology has played a prominent role in the development of business, education, the social sector, and the banking sector. The primary reasoning for the use of technologies is the provision of practical solutions to certain issues, inconveniences, and actions, including daily activities, communication, transactions, and information sharing. The impact of technology on society shows both positive and negative aspects when it comes to business, education, communication, and banking. While economic transactions, information access, interactions, and banking services are easier to operate, technology hinders low cost, reliability of data, real-life experiences, and security.
The impact of technology on the business sphere is ambiguous, as it has led to both positive and negative effects. Increasing competition on the market, improving communication, and the efficiency of human resource management are positive consequences of technology development in business. Organizations use technology to gain an edge over their competitors. According to Wilburn and Wilburn (2018), if a company uses technology to improve its services or products, the consumers are more likely to invest. Advanced technologies can lead to improved customer service and the production of high-quality products or services.
Through technology, a business can easily communicate with its customers. The collected information is used to improve the business’s services, which leads to its growth. Using technology to hire and train new employees is an equally significant positive effect. This simplifies the recruitment process and saves time. However, the negative effect of introducing technologies into business is their high cost and the need for additional financial resources. Technology requires continuous maintenance and spare parts, which increases investment.
Technology has had a direct impact on education. The globalization of education has allowed students to share knowledge, access data, and form communities around certain research topics and subjects. Yamin (2019) notes that due to Internet technology, online education has become a strong force in education. Now students can study courses held in other countries without any restrictions. At the same time, the data that is being accessed for educational reasons is often unreliable and is not evidence-based. Thus, misinformation is one of the negative aspects of the increased influence of technology on education.
The social sphere has also changed under the influence of technology. On the one hand, technology has improved connections between people and contributed to building new relationships. With the help of mobile phones and social networks, people can easily communicate. On the other hand, such adverse effects as the lack of inclusion of people unfamiliar with the technology is a downside. According to Yamin (2019), while information technology is easily accessible in developed countries, the developing ones are yet to be included. Moreover, although social networks and text messaging technologies have played a considerable role in providing people with communication channels, real-life experiences have become less prominent. As physical interactions have been replaced by text messages and calls, individuals are less likely to engage in social behavior outside the virtual world.
Finally, technology has had a significant impact on banking. Banks have improved their services using the technology of introducing electronic banking. Customers can use online banks to transfer money or receive financial information. However, the problem of data theft has surfaced. When connected to the Internet, an experienced hacker can access a computer through an IP address and use private financial data for personal benefit.
In conclusion, technology has a special place in the modern world. The business has become more accessible and easier to both pursue and invest in, while the costs have increased. Moreover, the education sector is more globalized and information is widely available while being unverified. Social interactions have also become more accessible, which has led to a lack of real-life experiences. Last but not least, banking services have been optimized, yet security has become more vulnerable.
Wilburn, K. M., & Wilburn, H. R. (2018). The impact of technology on business and society. Global Journal of Business Research, 12(1), 23-39.
Yamin, M. (2019). Information technologies of 21st century and their impact on the society. International Journal of Information Technology, 11(4), 759-766.