Technological advances have significantly improved operations and lowered the cost of doing business. Advancements in the computer industry, coupled with advancements in telecommunications, have increased job opportunities and strengthened economic growth. All physical barriers to communication over distances have been properly overcome by the internet. In addition to that ecommerce and online banking capabilities have also helped reduce the cost of doing business.
Within this new context, and given the fast-paced emergence of disruptive products and business models, as well as the transformative power of digital technologies on business and society, executives must become masters of the global “technology economy”, being capable of detecting the economic impact of such fast technological changes and respond with similar speed and foresight.
The impact of technology economy in the market is very significant, infusing even the measurement of the market economy. Technology has an amazing power to permeate companies. An important measurement of the technology economy is the observing the Worldwide IT Spending volume, which is regarding the corporate spending for hardware, software, data centers, networks, and staff, both internal and outsourced IT services.
Technology spending, gross margins and economic growth have a strong relationship when measured by productivity. The application of complexity science tools to the study of society allows for the analysis of phenomena that have been hard to identify and analyze with more traditional tools, especially in the field of Economics, which in the absence of these tools has tended to work with relatively low dimensional representations of reality. But the increasing availability of more detailed information of social phenomena makes it particularly useful to use tools that can exploit this informational richness. This opens up fascinating new horizons on almost all fields of knowledge in the social sciences.
It is necessary to remember that the two main ingredients for the development of new technology are codified knowledge in the form of theories, frameworks, scientific papers, patents, recipes, protocols, routines and instruction manuals and tacit knowledge or knowhow, which is acquired through learning by doing in a long process of imitation and repetition and which exists only in brains. The development of science, technology, innovation and production require both codified and tacit knowledge but the codifiable component of science and technology get registered, respectively, in the form of scientific publications and patents, and these are grouped into categories. Scientific publications, patents, industries, occupations and products are proxies of scientific knowledge, technological development, economic activity and human skills.
One aspect of technology that has had a great impact on society is how it affects learning. It’s made learning more interactive and collaborative, this helps people better engage with the material that they are learning and have trouble with. Also, it gets you better access to resources. With the creation of the internet, it gives us access to information at a twenty-four-hour rate and you have access to almost anything online. In addition, it allows students to get work done easier. Students can take quizzes and exams more easily, and teachers being able to hold online classes can be very effective. It also expands the boundaries of the classroom, encouraging self-paced learning. People can access learning through YouTube and social media. This helps students learn better than sitting down for lectures and reading from textbooks. These technological advancements made learning more fun and convenient.
Another way technology has impacted society is through communication, how we talk and communicate with one another worldwide. Technology brought many new methods of electronic communication. For example, there are emails, social networking, you can facetime a person that lives on the other side of the world, and here’s video conferencing where you can have conferences electronically. Lastly, the technological advancements that were made within the health industry have helped keep people safe and healthy. There are many innovate apps on phones that although people to watch their weight, how many calories they intake, heart rate and other health properties any time of the day. There’s increased accessibility of treatment available, there’s the change in healthcare that adds benefits for the elderly, and hospitals using advanced technology within their surgical rooms.
