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What is technology ?

Meaning of Technology and Its Use
Types and Examples
Impact of Technology on Business
Economic Effects of Technology

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What is technology ?

  1. 1. Course Title, Code: Business Environment (BUS201) Semester/Year: 1st / 2014 Teacher’s Name: Ujjal Barua ASSIGNMENT NO: 2 Topic:  What Is Technology  Impact of Technology on Business  Economic Effects of Technology Submitted By: Shimul Haldar Roll: 3223 Date of Submission: 4th December, 2014 Submitted To: Ujjal Barua Lecturer Dpt. of Business Administration World University of Bangladesh
  2. 2. Page 2 of 6 What Is Technology – Meaning of Technology and Its Use Types and Examples The word technology comes from the Greek words “techne” and “logos”. A modern definition proves hard to pin down. Technology is a body of knowledge devoted to creating tools, processing actions and extracting of materials. Merriam-Webster says, technology is: “ Application of knowledge to the practical aims of human life or to changing and manipulating the human environment. Technology includes the use of materials, tools, techniques, and sources of power to make life easier or more pleasant and work more productive. Whereas science is concerned with how and why things happen, technology focuses on making things happen. ” The term “Technology” is wide and everyone has their own way of understanding the meaning of technology. We use technology to accomplish various tasks in our daily lives, in brief; we can describe technology as products, processes or organizations. We use technology to extend our abilities, and that makes people as the most important part of any technological system. Technology is also an application of science to solve a problem. But what you have to know is that technology and science are different subjects which work hand-in-hand to accomplish a specific task or solve a particular problem. We apply technology in almost everything we do in our lives, we use technology at work, we use it to , extract materials , we use technology for communication, transportation, learning, manufacturing, creating artifacts, securing data, scaling businesses and so much more. Technology is human knowledge which involves tools, materials and systems. The application of technology results in artifacts or products. If technology is well applied, it can benefit humans, but if it is wrongly applied, it can cause harm to human beings. We use technology to accomplish various tasks, so technology comes in different types, below I have listed some of the different types of technology we use on a daily basis and on each type of technology; I have included an example of that particular technology.  Communication Technology: This is a system that uses technical means to transmit information or data from one place to another or from one person to another. Communication is used for many purposes; it is used to convey ideas, exchange information and express emotions. Humans use communication technology tools like phones, computers, emails, fax, text messaging tools to stay in touch with friends and family, then, businesses use communication technology tools to facilitate the flow of information in a workplace, to help in decision making, to serve customers needs and requests, to promote new products or services to targeted consumers and so much more. Example of Communication Technology: KUDOS Presenter for iPhone Presentation
  3. 3. Page 3 of 6 Let your iPhone control your power point presentations. This KUDOS presenter uses audio connector to communicate. So you can improve the way you make power point presentation using your iPhone with this KUDOS technology.  Information Technology: Information Technology is a set of hardware and software tools used to store information. Information technology tools help in providing the right people with the right information at the right time. Knowledge workers in organization use information technology to complete various tasks and these can include; transferring of information which facilitates decision making within an organization, improve customer service, and so much more. In this information age, it is very important to manage information systems to ensure accuracy and efficiency. Management information systems (MIS) involves planning for, development, management, and use of information technology tools to help knowledge workers and people perform all tasks related to information processing and management. Big financial institutions like banks use information technology to operate their entire businesses as well as serve their customers. Example of information technology: Transporter This IT based technological tool will enable you share, access and protect files. Transporter is an online, off-cloud storage solution which supports private sharing of valuable files. Unlike cloud storage facilities like Dropbox.com & Box.com, this device is private and it can allow you to store your files remotely and share them with your employees or partners. To use the device remotely, you will have to create a free online account, create shared documents, and much more, the only difference with Dropbox.com, is that the files are stored on this device, so the all cloud service is brought to your office or home.  Educational Technology: Is the type of technology which aims at improving performance by creating and managing various technological processes and resources. It is an academic discipline which prepares individuals to acquire deeper understanding and knowledge. It helps them learn how to devise solutions to problems through research, design, evaluation and utilization. Educational technology helps in improving the way we learn, some of the benefits of educational technology include: – It motivates students and it encourages individual learning. – It makes the access of educational material easy. – It helps students learn new subjects and languages through Gamification Example of Education Technology: Markup Teachers you can try this Paperless grading application for iPad. If you want to have a paperless classroom and your students have access to iPads, then this technology will be of great use to you and your students. Markup has completely changed the way teachers mark test and exam papers, students can submit electronic papers to be marked by their teachers electronically, this saves time and resources on both sides. Try out this Markup application for ipad from www.showme.com
  4. 4. Page 4 of 6 Impact of Technology on Business - Businesses are using technology to stay competitive, they create new products and services using technology, and they also use technology to deliver those products and services to their customers on time. A good example is, mobile phones companies like Apple & Samsung, these two electronics companies, use high end technology to create new smartphones and other electronic devices to stay competitive. This competitive edge is gained through employing advanced technology. Technology is good because it simplifies the way we do things in our daily lives, however, if technology is wrongly applied, it can be harmful in so many ways. Technology is developed by humans, so we can use it to accomplish almost every task; it makes the impossible look possible. If technology is well implemented it can be of great use to humanity, but it can also cause harm. Below I have detailed points on the advantage and disadvantage of technology in business.  Advantages of Technology in Business:  Increases production: Technology helps businesses automate most tasks and this process results into increased production and efficiency. Business can automate tasks in the accounting department by using accounting software like QuickBooks. Bakeries can automate the temperature room by using temperature sensors to detect a drop or an increase in temperature.  Technology Helps small business gain competitive advantage: If business technology is well implemented, it can help a small business gain position in a competitive market. Some of the ways small businesses use technology to scale out and gain a good position in the market are; improving customer care services through internet technologies like social networks and electronic mail, creating new products and services tailored basing on customer’s needs and wants  Saves time: Since most of the activities in the business are automated, time is saved during the process. Computers can be used to perform various business tasks, for example a computer can be used to record data, it can be used in video conferencing, and much more.  Technology accelerates innovation: The only way small businesses can succeed in today’s competitive world is by using technology to create new products or services. Small businesses can use internet technology to collect information about targeted consumers, so that they understand their needs and wants, this information can be used when tailoring new products or services.  It improves sharing of information: Many businesses use internal networks to facilitate the flow of information within the organization. This internal network can help in the transfer of information among different departments at work. Also employees can share different technologies like printers, fax machines and internet via an internal network. This easy flow of information also improves on the speed at which decisions are made in a business.  It improves on data storage: It is very important to keep business data secure, because a disaster can strike your business and you lose all important information. The use of databases and remote storage facilities helps in keeping business information and data secure and accessible from anywhere.  Technology simplifies business communication: Every business survives on communication; you need to communicate with your suppliers, business partners and employees, so technology will make this all process simple. Many businesses use communication technologies like mobile phones, video conferencing applications like SKYPE, text messaging services and electronic mail to exchange important business information.
  5. 5. Page 5 of 6  Disadvantages of Technology in Business:  It’s expensive: Technology comes at a price, not every small business can manage to use technology. After buying and integrating technology in business, you will have to pay another cost of maintaining that technology, monthly maintenance is recommended and this can be expensive.  Not Safe: Technology is not safe; it is very easy to lose business data through internet technology. Hackers can easily access your remote database and use your business data for their own personal needs.  Disconnectedness: Over-dependence on technology has killed workplace relationships, employees and business managers communicate through email, phones, text messages and video conferences, this kill’s face-face communication. Also most tasks are being automated, so you find that employees have less involvement in the final product which leads to dissatisfaction and workplace boredom. Economic Effects of Technology - Technology has been a major factor of economic expansion throughout mankind's recorded history, since the invention of the wheel. However, it was after the Industrial Revolution that extensive use of new technology revealed the boost machinery can give to an economy's output. Furthermore, relatively recent experience (of the last century) has also revealed certain drawbacks applied science can have for capital circulation and people's economic prosperity. Technological change is part of the economic process. The economist Joseph Schumpeter once described economic innovation as, “The perennial gale of creative destruction”; Competition and the drive to find better, more efficient ways to produce goods and provide services leads businesses to take advantage of every new technology. Technological innovation comes with a price, however, destroying some jobs while creating others. Technology has dramatically changed the face of economics by reorienting the economy from industrial to service-oriented. Computer technology created the information sector, and the greater increased efficiency of transportation infrastructure has made labor arbitrage a viable tactic for even small businesses. Below I have detailed some points on the positive and negative effects of technology on economy.  Positive Effects of Technology on Economy:  Service Oriented Economy: The biggest change in economics caused by technology is the shift from a manufacturing-based economy to a service-oriented one. Before the invention of the Internet, services like accounting or writing had to be transmitted by mail, which resulted in significant time lag; enough to make it uneconomical for some businesses. By having instantaneous information, service-based industries were able to expand to the entire country and grow rapidly. For example, investors can now contact trading firms via website instead of having to meet an actual broker.  Automated trading: Automated trading has changed the landscape of investing. Gone are the days when it took days or even weeks to accrue the necessary information to make a trade. Now smart programs shift through gigabytes of market data to time their investments and sell off points. Derivatives went from being an esoteric investment vehicle to a market mover because computers
  6. 6. were able to do the math on all the variables involved in the space of seconds. Arguably this has also exposed certain weaknesses in the markets that the derivatives are based on, like housing, though a skilled human trader could have also acted upon those markets with equal pressure.  Lower Cost Production: Robotization of assembly lines has drastically lowered the cost of many items to the point of lowering the advantage of economies of scale. In the past, a company could become a behemoth in the market by leveraging its size to squash competition.  Lower Transportation Costs: Even though the economy is more service-oriented now, it still has physical goods that must be transported. However, the creation of cargo container ships has drastically lowered these costs. By having goods transported in standardized cargo containers that can be loaded onto ship, truck or train, costs can be lowered due to ease of transportation. Union costs can also be reduced due to the automation of seaports and ships.  Increasing Productivity: Since the start of the Industrial Revolution in the 18th century, the introduction of advanced machinery in factories has made it possible to give human workers only the most delicate or crafty of jobs and leave the rest to automated devices.  Reaching New Markets: An important aspect of a successful economy is its ability to sell its Page 6 of 6 excess production to other markets, in other words to export goods and services.  Negative Effects of Technology on Economy:  Reliance on Technology: As technology has become a basic element of all modern enterprises, production is affected greatly by flaws and malfunctions of machinery and information systems. E-commerce businesses cannot function if Internet connection is lost, while production of a factory is reduced when a machine stops operating. In addition, as technological devices become more advanced and complicated, only specialized professionals, such as mechanics and programmers, have the ability to fix a problem.  Loss of Jobs: New technology has created a whole new field of jobs, which includes mechanics, programmers, machine operators and other relevant specialized professions. However, at the same time a number of low- to middle-level jobs -- requiring no particular specialization -- are lost, as machines replace the human capital. For instance, modern machines can undertake routine tasks in factories, making one or more salaried employees unnecessary. Unemployment deprives people of money that they could spend in the market, making their contribution to the economy tiny.  Technology and Economic Growth According to classical economic theory, the accumulation of physical capital – tools, trucks, bulldozers and assembly lines, for example – is responsible for increasing human productivity. You can drive a nail with a rock, a hammer or a nail gun, but you will be most productive with the latter. But capital goods do not account for all economic growth. Technology plays a significant role in fueling economic growth. The impact of technology can be seen in advances in manufacturing where robots perform precision operations and in hospitals where robots are used to make medical procedures less invasive. Advances in technology are improving batteries to create better performance in everything from hand-held devices to electric automobiles. Predicting the advances made possible by technology is challenging, but they will continue unabated. _ The End