Role of Business Technologies in the Outperformance of Firms
DOI:
https://doi.org/10.52218/ijbtob.v2i6.249Abstract
Since the onset of Industrial Revolution in Europe and United States, Technology became
integral part of production and business. Started in 1712 the pace of research and innovation has become
multifold. Started with technologies like Spinning Jenny, Newcomen steam engine, Locomotive,
Telegraph communications, Photograph, Printing Machines the progressive journey included
technologies and products like Electricity, Automobile, phonograph, Airplane, Antibiotics, Atomic
Power, Insecticides, Computers, Internet, Cloud, Robots, Artificial intelligence, Big Data and many
more to count. Technologies have significant influence on the business and society. According to
economic historian Paul Bairoch (1750) Third World (Asia, Africa, Latin America) had GNP (PPP) in
billions of US dollars* 495 while First World (Western Europe, Northern America, Japan, Singapore and
South Korea) had GNP (PPP) in billions of US dollars 155. In the year 1990, it reached to GNP (PPP) in
billions of US dollars 7640 and 19210 respectively. Empirical studies show that apart from
Liberalization, Privatization and Globalization (LPG), technological advances have influenced business
throughout the world and lead to mass production, mass marketing and automation. On one hand it has
helped many firms including Indian to outperform on financial fronts but created challenges and threats
for small firms. It has also resulted in to ethical and environmental concerns especially for Third
World.Those Indian firms who relies on technologies have high market value like Reliance Jio ($65
Billion/2020), Honda Cars India Ltd. (HCIL) , Grofers ($1 Billion), Paytm ($16 Billion), Flipkart ($37.6
Billion). These companies have explored opportunities with the help of Emerging Technologies and
many are close to financial outperformance.
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Weblinks:
https://entrackr.com/2021/05/exclusive-decoding-grofers-real-financial-numbers-in-fy20/
https://www.business-standard.com/article/companies/reliance-jio-q1fy23-results-profit-increases-23-8-to-rs-4-335-crore 122072200879_1.html#:~:text=In%20the%20first%20quarter%20of,Rs%2012%2C071%20crore%20in%20FY21.
