The Importance of Technology in Business


Technology is a collection of techniques or tools that enable us to create and deliver products, services and experiences more effectively. The use of these tools and techniques is necessary for any modern business to stay competitive in the marketplace.

Technology can be applied to any kind of human endeavor and in many different ways. For example, it can be used to improve an existing product or service; create a new one; provide a means of transport or communication; or help people live healthier lives through improved medical care. The term also refers to the scientific and engineering disciplines that apply knowledge of the natural or social world to the development of products, processes, systems and environments.

Every engineering design operates within constraints: economic (only so much money is available to spend); political and regulatory (local, state and federal laws), ecological (likely disruption of the natural environment), social (public opposition) and even ethical (disadvantages to some individuals or risk to subsequent generations). The optimum design strikes some reasonable compromise among these factors.

The use of technology is a daily part of life for most people. They use communication technologies to communicate with others through phone calls, email or instant messaging; they use information technology tools to work with each other and with clients; and they make use of audio visual technology tools like cameras or projectors to capture and display images and media for entertainment purposes. Businesses use technology to improve customer service, increase productivity, research and develop new products, to manage employee training programs, to promote their business to prospective customers and more.

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