Technology is the collection of techniques, processes, tools, and raw materials necessary to produce desired products.
The word technology can also refer to the knowledge accumulated by humans in order to achieve practical goals with reproducible results. It includes both tangible tools (such as utensils or machines) and intangible ones, such as software.
Technological inventions have benefited human welfare in many ways, especially through increased prosperity and medical progress. However, they can also disrupt social hierarchies, cause pollution, and harm individuals or groups.
In a business context, technological innovations are often viewed in terms of a company’s competitive advantage. As such, they can help a company increase sales and improve profitability.
For example, the use of computers and automated processes reduces costs by reducing the need for manual labor. It also ensures improved accuracy and efficiency in the production process.
When a company uses technology as part of its business strategy, it can take an objective view and choose solutions that meet multiple needs at once. This approach can save time and money, since team members no longer have to make decisions based on limited information.
Technology also provides an opportunity for companies to innovate and become better at what they do. For example, artificial intelligence and machine learning allow organizations to extract insights from massive amounts of data to help make crucial business decisions. The same technology can be used for communication, which can make it easier for employees to stay in touch with their coworkers and clients.