Technological
Business would barely be able to exist without some form of technology. From laptops to mobile card payment technology to robotics, technology is a particularly important part of the business environment and technological advancements can open up new markets, products and services.
Automation
There is increasing use of automation in businesses. Automation has the advantage of being able to run 24/7. You do not need to pay a machine and it is never sick. However, it can break down and requires regular servicing and maintenance, which can be costly.
You can see the extensive use of robots in a manufacturing plant in this LEGO video:
Do you think that Lego could satisfy the demand for their products if they had not introduced the use of technology?
Improved Communication
Communication methods have completely changed in the last 50 years. Today's widespread use of the internet has improved business communication across the globe. Businesses are now able to communicate with customers or other businesses via email, video meetings and instant messaging methods such as Messenger or WhatsApp. For some businesses this means that their goal of trading globally is much easier. Global companies are able to locate themselves in a number of different countries but are still able to communicate easily with each other. This means businesses can take advantage of locating in countries where costs are lower.