Technology is the application of knowledge for achieving practical goals in a way that is reproducible. It encompasses both tangible tools, such as utensils and machines, as well as intangible software and systems that manage data. Technological innovation is typically a step-by-step process, and each stage validates the underlying concepts and tests them against reality. It is therefore not uncommon for apparently promising early technologies to stall midway through development, often due to unanticipated issues or challenges.

A key advantage of technology is that it allows businesses to increase productivity. With automation, repetitive tasks are eliminated and output can be multiplied without increasing workforce or energy costs. This is especially important for high-volume, low-margin business models where every incremental profit counts.

Technological advancements also make it easier for companies to analyze large volumes of data and make informed decisions based on this information. This helps them achieve more accurate outcomes while reducing the risk of human error.

However, technological advances can bring with them some serious ethical issues. For example, robots and AI are currently being developed to perform a wide range of functions, including driving, medical procedures, and even replacing jobs. This raises serious concerns about whether we are ready for a world where machines have the same rights as humans. It also raises questions about how safe and secure these systems are, given that they can be hacked or programmed to do malicious activities.