Technology is the application of knowledge and skills in a way that makes it possible for people to do things they would not be able to do otherwise. Basically, technology involves making processes more efficient, whether it is a business process or a personal one. The use of technology is often the key to success in any industry because it enables organizations to increase sales and improve customer service.
While individual inventiveness is essential to technological innovation, social and economic forces strongly determine what technologies will be undertaken, paid attention to, invested in, and used. These factors include consumer acceptance, patent laws, availability of risk capital, government regulations, media attention, and economic competition.
Complex technologies are costly to produce, build, operate, maintain, and replace. They may also require complex and expensive training for personnel who will sell, use, operate, and repair them. These costs can significantly impact the ability to commercialize new technology.
The development of technology has helped society in many ways, but it has also led to a rise in problems such as obesity, sleep deprivation, eye problems, and addiction to social media. Moreover, it has made people so engrossed with their gadgets that they have a hard time focusing on their work.
Nevertheless, the benefits of technology have outweighed its drawbacks for most of the time. For example, the invention of the printing press allowed scholars to communicate their ideas with ease, which resulted in the Age of Enlightenment. Similarly, the invention of computers has revolutionized education by providing students with tools and resources that make it easier to learn. This is a significant improvement from the time when they had to go to the library to look for books, borrow materials from ex-students, and ask their teachers for help.