Technology

In the last half-century first-world economies have developed from producing goods in mechanical plants with a large people component, to computerised applications in virtually every sphere of production and services with a lower people requirement. Technology is computerisation, techniques and processes that program and drive machinery to precise and phenomenal rates of production. Peoples’ roles have adapted from being a part of the production line to programming, managing, supervising and handling processes to feed and support that production or service. In business, technology has created the following change: craftsmen are replaced by robotics and highly automated plants that produce high volumes at usually lower costs. Crafts have become the exception that compete by unique product or service differentiation usually at a premium.

Technology affects just about every corner of the economy – be it the type of business that makes products or provides services.