Technology consists of the applications of conceptual knowledge to achieve practical goals. It encompasses both tangible tools, such as utensils and machines, and intangible tools, such as software and processes. It also consists of the infrastructure that supports these tools, such as computer systems, networks, and databases.
Modern businesses use technological resources to stay competitive in their industries. They often create new products and services using the latest technological tools, then use them to deliver those products and services to their customers.
Technology helps people make better decisions by transforming large amounts of data into useful information. It also reduces the risk of making bad decisions by preventing human error in the decision-making process.
For example, it’s easier to store business data electronically than to keep track of many hard-copy files that could potentially get lost or stolen. In addition, most businesses now rely on electronic communications technologies like email and social media to connect with their employees, suppliers, and customers.
The advancements in industrial and manufacturing technologies allow companies to produce complex tools, engines, products, hardware parts, and other machinery faster, simpler, and more efficiently. They also help them reduce cost and increase productivity.
The most widespread technological development of the 1900s was the invention of integrated circuits. These small chips, which can fit many electronic components into a single package, have made possible everything from personal computers to cellular telephones and digital cameras. They have also enabled electrical devices to be placed inside living things, such as hearing aids and kidney dialysis machines.