The advent of computers has remarkably improved our economy and the standards of daily life, as business, commerce, and world trade have flourished at an unprecedented rate in recent decades. In addition, the use of resources has increased significantly, which in turn resulted in a large rush of production in many commercial establishments. Despite brief periods of recession, the sudden downturn in the economy did not leave a devastating impact as predicted, as it quickly recovered after a period of adjustment.
Computers served as a tool for global communication where the export and import of manufactured goods between the companies of the countries are organized as communication through emails or emails that travel as fast as the speed of light. With imported products entering the local market, today’s consumers don’t need to go abroad just to sample some of the world’s best food, clothing and toiletries.
As trade between nations allowed for the gradual removal of some barriers, imported goods freely enter the market of a given country with a markedly reduced tax on such goods, thus lowering the selling price of manufacturing. As the economic rule shows that the abundance in supply reduces the price of a commodity. Due to stiff competition, international manufacturers and suppliers have no alternative but to lower the price of their products in order to stay on the commercial scale.
Thanks to computers, Business Process Outsourcing or BPO has given countries like India, the Philippines, and South Africa a boost to their economy by providing thousands of jobs to their workforce. On the other hand, countries that provide outsourcing receive the biggest boost to their economy as they are freed from paying labor costs in their own country as cheaper labor costs in other countries allow them to cut expenses. Records show that India alone has revenue of US$10.9 billion from offshore BPO and US$30 billion from IT and total BPO in 2008, giving the country a 5-6% share of the total BPO industry.
Computers and the Internet have provided an avenue where scientists and researchers at pharmaceutical companies, for example, can make modifications to certain drugs, develop drugs of superior quality to other existing drugs, and discover new ones that promise immense financial rewards for production alone. and distribution over a period of time.
In fact, the invention of computers and the Internet has become the most effective catalyst for competition to grow not in increments, but in a great avalanche that gives companies the scare of their lives. As the competition gets stronger, manufacturing companies employ various marketing strategies to increase sales which ultimately ends up benefiting the consumers in general.