The enormous technological growth that we’ve been experiencing is made possible through extensive programmes of scientific study being conducted by several varieties of researchers working in universities, business, and non-profit study associations. Technological developments are powerful and all pervasive forces of the business environment. Technology is the scientific knowledge to practical issues.
Technology feeds on itself and it affects business in two major ways:
- Through its effects on society generally
- Throughout its direct influence on business operations and activities.
Technology affects society. In actuality, we feel its impact on our everyday life. It affects economic development, our standard of living and our civilization. However, a few of the consequences of technology are highly beneficial and some detrimental. An individual needs to be cautious that these impacts on members of the society in turn influence business practices.
Technology affects our daily life. We’re surrounded by a lot of technology, we take it for granted and generally do not understand just how much it affects us have to do without electricity, water, transportation or phone. Technological developments have increased the standard of living. Notwithstanding inflationary pressure and considerably a high level of unemployment, generally families eat better, wear a broader range of clothes, and live in more comfortable homes.
Technology also influences basic facets of our culture, such as religion, education, freedom, health care, art, language, laws and their enforcement. By way of instance, technological advances in health care enable doctors to treat their patients in a digital environment through video conferencing, which is helpful in legal environment also for the judges to proceed with investigations on hard core offenders, who need not be produced before the court for security reasons.
Every new technology is a force involved in creative destruction. Say, television hurts films, artificial fibers, rival for cotton fibre. The discovery of new technology sometimes affects economic growth-TV using its high entertainment value takes away productive hours of humankind. Each new technology generates significant long term consequences, which aren’t always foreseeable. How can you justify countries spending more money to produce missiles, nuclear weapons and bombs for the sake of security?
Developing nations have to purchase technology from foreign countries, since they’re not resourceful concerning capital required for Research and Development, experience, patents, licenses, equipments and so forth. This transfer of technology entails huge costs as a consequence of which a vicious circle is formed, where weak technology creates dependence and dependence creates fatigue.
The current trend can be enumerated by means of this motto,”Conserve, reduce and recycle”. The stress today is on clean production steps, advanced robotics, zero-emition vehicles, material recycling and other fuels and materials. This shift towards love for environment by the technologists is a certain indication of positive development.