Role Of Technology In Economic Development
The development of technology is rapidly altering every aspect of the lives of human beings and extending the changes towards economic development. Technology refers to the body of information whose utilization elicits the manufacture of products and services from various sources of the economy. Today, the use of technology has penetrated all sectors in a country, from crop management, food processing, healthcare, marketing, resource management, environmental management, communication, and transportation among others. According to business experts, technology plays the pivotal role of the source in the development of the economy with its numerous changes contributing immensely to the growth of the economy in various ways.
Technology promotes the usage of natural resources. Different countries boast of a wide array of natural resources found in various places in their environment especially below the earth surface. Due to the lack of know-how and ability to detect and retrieve them, numerous countries, particularly in developing nations, grapple with sitting on economic treasures such as minerals, oil, and land that are unutilized. However, Technology alters this dynamic by developing various machinery that enables businesses and the government to adequately access and utilize a wide range of natural resources efficiently, benefiting businesses and boosting the overall economy of the institution and country.
Technology elicits the saving of time. The utilization of technology in various aspects of industries such as computerization of data, use of machinery to carry out different jobs instead of human labor, as well as, utilization of the internet for communication readily alters the dynamic and operation of a business. It does so by ensuring the utilization of machines powered by technology plummets the time needed to produce various goods and to decrease the delivery period for the said products. Additionally, the adoption of technologically fueled communication through the internet ensures customers can communicate with the production team on placing urgent orders or making changes to orders within a limited period, promoting efficiency and the overall increase in profits that translates to economic development.
Utilization of technology results in saving of labor. Among the most expensive expense in business is the management of resources due to the high cost of labor. However, through technology use, this has changed as many manufacturing, and other industries move away from human labor and adopt automation and robotics in the different sectors of their businesses. For instance, in production, data management and in food service industry where robots deliver food. Consequently, this has reduced the burden of work and lessening of the input of a labor force, thereby resulting in reduced number of employees.
Technological advancement facilitates research. Technology offers new opportunities and the discovery of new ideas. The conducting of research encompasses activities such as the writing of a proposal, creating theoretical models, designing and conducting experiments, collecting data and maintaining of communication with research sources and colleagues. Technology comes in handy by facilitating the doing of research by all businesses sectors. Thus, they gain insight that aids in advancing businesses through the discovery of alternative methods of running and managing a business that is more profitable, and the discovery of new technical capabilities in the market.
The utilization of technology has boosted international trade. Information technology has revolutionized the sale of products to customers throughout the world. The presence of internet has made the world a global village, connecting different people from all over the world into a single platform, where they can communicate, share ideas, sell and buy commodities. Thus, for businesses, utilization of the internet enables them to reinvent themselves by ensuring their online presence. Hence, reaching a wide array of customers within a short period and increasing their sales by acquiring a more significant customer base through online shops, social media and by use of ICT marketing tools from all over the world.
Use of technology in businesses has resulted in the expansion of industries. With the usage of technology, numerous institutions including the government have adopted measures of making available most of their services to the public through online platforms. The new changes have necessitated the development of new infrastructure to support all these services. As a result, new sectors have come up such as the App industry, creating more opportunities for numerous people and resulting in the expansion of industries. Moreover, technology has increased the efficiency of production while reducing the workload and production cost. Consequently, businesses reap more profits from their ventures at a lower expense while giving them opportunities to expand their businesses for more returns.
In conclusion, the adoption of advanced technology is the wisest decision for any business in the world today, as its benefits are innumerable in all sectors. Technology plays crucial roles in economic development by facilitating the utilization of resources saving on time and labor, boosting research and international trade while leading to the expansion of industries. Countries that are alive and ready to make substantial investments in the changing environment can continually benefit from technology.