Technology is a broad term that refers to the tools and machines humans create for themselves. It can be as simple as a crowbar or wooden spoon, but it also includes complex devices such as particle accelerators and space stations. It can also include virtual technology such as computer software or business methods.
Every technological design operates within constraints. Some are absolute, such as physical laws and the limits of materials. Others are more flexible: economic (only so much money can be spent on a project), political (local, state, and national regulations), social (public opposition), ecological (likely disruption of the natural environment) and ethical (disadvantages to some people or risk to subsequent generations). An optimum design tries to strike a reasonable compromise among these constraints.
Businesses use technology to stay competitive in their market and develop new products quickly and efficiently. This is possible because of advanced current technology that allows them to combine and process massive amounts of information at a much faster rate than humans can by hand.