There has been a huge explosion in computing and communication over the past few decades. It is evident that technological advancements and applications for information technology will continue to grow at an accelerated rate.
The dramatic rise in technology and the power of new technologies in information is due to the declining cost of communication and increased competition. Moore’s Law states that microchips’ processing power is increasing by more than in each year. These advances have many benefits, but they also pose big problems.
Technology’s impact on society is diverse. The policy makers are addressing issues such as economic productivity, intellectual property rights privacy protection, and the cost of accessing and obtaining information.
The decisions made today could have long-lasting effects. Therefore, it is important to pay close attention to their economic and sociological impact.
Electronic commerce via the Internet is a new way to do business. This is one of the most important and significant effects of technological advancements in information technology. Even though it’s only a few decades old, it can have a profound impact on economic activity and the socio-economic context. It already has an impact on important sectors such as finance, retail trade, communications and finance. It could also impact other areas such as education and healthcare services. It is the seamless use technology for information and communication throughout the entire value chain of any company that is managed electronically.
Electronic commerce and information technology have a profound impact on the commercial model, market structure, educational system, labour market, society, and overall society.
1. Business models, Commerce, and Market Structure
Technology has made it possible to reduce distance. The distribution of jobs has dramatically changed in many industries. Software companies, for example, have found that they can overcome the lack of a regional market for software developers by moving work to India and other countries with lower wages.
These arrangements may also benefit from the fact that projects can be completed at any hour of the day due to the difference in time. It is possible for companies to outsource manufacturing to other countries and to use technology to keep R&D and marketing teams connected to the manufacturing company.
Technology will make it easier to divide labor between countries. This will impact the demand for different skills in each country. Different types of work can be separated by technology. Companies have more control over where they operate, which allows them to compete better between the regions that supply labour and infrastructure capital as well as any other resource markets.
The ability for firms to choose which regulations and tax authorities are in place opens up the possibility of regulatory arbitrage.
Communication technology and computing also make it easier to distribute and produce products and services in a market-based manner. The network of communication and computing technology that provides instant access to almost every type of product or price information buyers need at a low cost can help lower the barriers to market operations. Infrastructure may allow for instant transactions and make intermediaries such as stock brokers, sales clerks, or travel brokers redundant. Their role is to act between buyers and sellers. The elimination of intermediaries will reduce the distribution cost and the production value chain. Information technology has allowed for the development of enhanced mail-order shopping. This allows goods to be ordered quickly via phones and computer networks. The goods are then shipped by integrated transport companies, which heavily rely upon communication and computers to manage their operations. Software, which is not physically a physical item, can be shipped electronically to eliminate the entire transportation process. You have the option to pay in different ways. This reduces the number of intermediaries in the distribution chain. It results in lower costs, lower consumer prices, and higher profits.
The method of teaching has changed with the advent of technology. An effective instructor can play many roles. The instructor is a facilitator of student assistance, which could be considered its customers.
The most effective instructors are also teachers. They help students to be inspired, encouraged, evaluated, and improved. There is always a small percentage of students in any subject who have the ability to learn self-paced workbooks and computer instruction.
While the majority of students will benefit from the assistance of an instructor who can be present in the classroom, it is still better to have one who can assist students in achieving positive results. Technology has the greatest potential to improve the efficiency of students not present in the classroom.
The Internet offers students a lot of convenience in finding solutions to problems or reading the materials they have been assigned. E-mail makes communication easy between students and faculty, as well as between students working together on group projects.
The most effective instructors have a second role
Technology has made it possible to enhance rather than eliminate traditional classes. The most effective teacher can perform many roles. The instructor can provide assistance to students in one capacity.
Students could also be considered its customers. they are able to supervise students and can also inspire, encourage, evaluate, and improve students.
There will always be students in any subject who have the motivation, self-control, and determination to be able learn through self-paced books and instruction via computer. It is evident that a live instructor is more effective than an instructor who uses computer technology to help students achieve success.
Technology has the greatest potential to improve the efficiency of students not present in the classroom. It is easy to find solutions and reading materials online that students need. E-mail allows for easier communication between students and faculty, as well as between students who are involved in group assignments.
Distance learning is a method of learning that has existed for some time, but the internet can make it easier to spread your education and deliver better results. Students can combine audio and video with text, and they can communicate in real time via email and discussion boards.
These technological advancements coincide with the increasing demand for retraining by people who are unable or unwilling to attend traditional classes due to work/family commitments. While distance learning via the Internet is likely to enhance existing educational institutions for students and university students, it may not have the same effect as continuing education programs.
Some degree programs can be used by the most prestigious institutions to attract students from the surrounding area. Because distance learning is accessible and easy to use, there will be a greater demand for these courses which will result in an increase in online commerce.
3. Private Life and Society
Digital representations of content are easier to replicate and distribute. This can have two effects on content distribution.
One, content might be available at a lower cost per unit. Distributing content through channels that do not adhere to intellectual property rights might make it harder for creators and distributors to create and distribute content in the first place.
Information technology presents a multitude of problems regarding intellectual property rights. New rules and tools are needed to address this issue.
Freedom of Speech
Many issues concern freedom of speech and restrictions on what is posted online. There are still demands for mechanisms to restrict unacceptable content. However, it is difficult to find a practical solution. It is important to be aware of the various viewpoints and their evolution over time when dealing with offensive material.
Similar technology that allows content to be modified in line with morality can also help to filter out political speech and limit access to political material. Labels are an alternative to censorship. Users will likely be more informed about their options to avoid objectionable content.
Privacy concerns have been raised in the public and private sectors due to rapid growth of computing power and communication. It is possible for private and public companies to mine data for detailed information on citizens, thanks to the cost-savings in storage and processing. It is impossible to determine who is collecting data about individuals and what data are shared and used.
This could reduce trust in online commerce and communication, and hinder the growth of electronic transactions. Cryptography could be a technological solution to security, but it could also be claimed that cryptography is a major obstacle to criminal investigation.