Over the past decades, the world has witnessed different changes that have affected countries and continents. The way economics activities and business are conducted in the world poses challenges and opportunities. Technology is one of those changes or development that has occurred over decades. In a way, technology has changed every aspect of human life. In generally, it has change the ways businesses is conducted. Now, people do not need to see face-to-face in other to conduct business.
Businesses can be conducted at home, long distances, in plane and through online real-time. In the education and business environment, technology development has been major catalysts that influencing the way activities are conducted. However, book business is our major focus. In this paper, we are going to analyse the effects of technology development on book business in the next 10years. Through the past technology age or years, we could analysis effects of technology on businesses and nations. Technology has replaced the use of human in industries by machines or robots.
Before the advent of technology into businesses human has been the main source of labor for entrepreneurs but in the world today, it is apparent that machines have taken over. Availability of new and old information has been made possible through these changes or development in technology. Through this information, there exist different options of communicating and performing tasks and jobs. Moreover, people now prefer to get information through the internet rather than getting it from its source (most times the hard copy).
People prefer to read book, novel and articles online rather than getting the hard copy to read. In a way, these have affected publishers, writers in the way they conduct their businesses. This has affected the rewards writers, editors and publisher makes from their jobs, since there works are published online at a reduced cost and most time they do not enjoy these rewards. In few years time, innovations of several types are to be expected. Precisely, in the next 10years new technologies would be introduced into the book business.
These new technology will add to the existing ways of conducting or doing the business and will bring fundamental changes into the way book business will be conducted. However, in 10 years time technology will continue to influence the book business in terms of advertisement, sales and production. The effects of technological development will either be positive and negative. For instance, it will reduce the number of people that will be employed by industries that produce books.
This in its own way will increase the unemployment rate and leads to decrease in standard of living of people. This is an example of the negative consequences that will be caused by development in technology. On the other hand, it will increase profitability of those in the business. Since, the workability of book business will require few amount of finance. Therefore, cost of production will reduce since there is an innovative way of organizing the business, consequently leading to increase profit.
In conclusion, in years to come various innovations will evolve in business and determine the way business will be conducted. Technological developments have continued to influence the way we live, conduct business and carrying out jobs. However, in the book business technological development will poses different opportunities and challenges in future. In other to be able to cope with this challenges and opportunities, investors, writers and publishers should put measure in place that will be capable of withstanding the pressure.
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