The Impact of Technology on Business


Technology is one of the defining aspects of our modern world. While evaluating the full extent of its impact is almost impossible, it is evident that the development of technology has greatly modified all aspects of human life, from work to play.

Today, it is rare to find a device that doesn’t consolidate digital technology in some way. It has changed travel, shopping, work, education, entertainment and communication. It also has made machines smarter and streamlined many tasks, often freeing up workers for more interesting work. It has also lowered costs and opened up new business opportunities in terms of global reach.

However, it is important to remember that a technological tool is rarely ever as useful as the idea behind it. It is usually a long and painstaking process from a scientific result or engineer’s thought to an actual usable tool. Frequently, apparently promising early technologies stall midway through development. This is usually because the tools require complex manufacturing and construction techniques, specialized skills and training, sophisticated general and technical education, energy sources, maintenance, and disposal methods.

In addition, technology is prone to have side effects that can be harmful to the public and the environment, especially when developed without proper care or research. It is also easy for technology to be used as a tool by criminals or terrorist organizations, which has led to numerous cyber attacks. While a lot of the time these attacks are not successful, they still have a major impact on businesses.