The tremendous technological growth that we have been experiencing is manufactured possible through extensive programmes of technological research being conducted by a lot of types of researchers working within universities, business, and non-profit research organizations. Technological developments are strong and all pervasive forces of the business environment. Technologies are the scientific knowledge to practical problems.
Technology eats itself and it affects business in two major ways:
Through its effect on society in general
Through its direct influence on business operations and activities.
Technology affects society. Actually, we feel its influence on our everyday life. It affects economic growth, our standard of living and our culture. However, a number of the effects of technology are highly beneficial and a few detrimental. One should be mindful that these effects on individuals the society in turn affect business practices.
Technology affects us. We are surrounded by so much of technology, that we become complacent and usually do not realize just how much it affects us until we must do without electricity, water, transport or telephone. Technological developments have raised the standard of living. Regardless of inflationary pressure and considerably a higher degree of unemployment, generally families eat better, wear a greater diversity of clothing, and reside in more comfortable homes.
Technology also influences basic areas of our culture, including religion, education, mobility, health care, art, language, laws as well as their enforcement. For example, technological advances in health care allow physicians to deal with their patients in a virtual environment through interactive video, which again is helpful in legal environment too for your judges to proceed with investigations on serious criminals, who need 't be produced before the court for security reasons.
Every new technologies are a force involved in creative destruction. Say, television hurts movies, synthetic fibres, rival for cotton fibre. The invention of new technology even sometimes affects economic growth-TV using its high entertainment value eliminates productive hours of mankind. Each new technology creates major long term consequences, that are not always foreseeable. How do you justify nations spending more income to develop missiles, nuclear weapons and bombs for the sake of security?
Developing nations must buy technology from foreign countries, as they are not resourceful in terms of capital needed for Research and Development, expertise, patents, licenses, equipments and so forth. This transfer of technology involves huge costs as a result of which a vicious circle is formed, in which weak technology creates dependence and dependence creates weakness.
The recent trend can be enumerated through this slogan, "Conserve, reduce and recycle". The strain today is on clean production measures, advanced robotics, zero-emition vehicles, material recycling and alternative fuels and materials. This change towards love for environment through the technologists is a sure symbol of positive development.