Technology is the application of knowledge creatively to organised tasks involving people and machines to meet sustainable goals. The concept covers a broad range of technologies from the high-tech gadgets we use in everyday life (such as smartphones and tablet computers) to the sophisticated medical devices used by healthcare professionals. It also encompasses the processes that allow people to make and change materials using mechanical, chemical or electrical energy. It is important to understand how technology shapes our lives because of its wide ranging impact on society and the natural world.
Technology enhances efficiency and productivity by automating manual tasks that consume time and effort. It improves data handling and analysis, enabling organisations to take more informed business decisions. Technology also allows people to collaborate from anywhere in the world, despite distance and differences in language and culture, through communication platforms such as email, social media and video conference systems.
It provides competitive advantages for businesses by empowering them to create new products, services and processes that are more efficient than those of competitors. It also helps them stay on top of customer demand by enabling them to deliver goods or services more quickly and efficiently.
It can also provide a ‘value added’ service by allowing companies to develop and produce cheaper or better products than those of their competition. This is especially important for small companies seeking to compete with larger enterprises. It can even serve as a differentiator for a start-up company in its early stages of existence.