Technology is the application of knowledge for achieving practical goals in a reproducible way. This may include tangible tools and machines, but can also include intangible things such as software.
The development of technology is often a consequence of science and engineering, although it may also be a byproduct of other human activities such as farming and manufacturing. In addition, many technological processes produce unwanted by-products known as pollution and deplete natural resources to the point where they harm the environment.
It is important to understand how technology affects society as well as the environment because a variety of technologies can be both beneficial and harmful. In some cases, technology is a good thing and can improve life, but it can also be used for negative purposes such as depleting natural resources or creating a new leisure class.
Increases production: Technology helps businesses automate most of their processes, which can lead to increased productivity and efficiency. For example, a bakery can use temperature sensors to automate the cooling room and reduce labor costs.
In a school, technology can be used in classrooms to improve learning outcomes and engage students. Teachers can use video content to teach different subjects and allow students to practice skills they’re acquiring in class.
Prepares students for the future: As technology becomes more and more prevalent in schools, teachers need to be able to integrate it into teaching in order to keep their classes interesting. For instance, a teacher might use a projector to show a short video of an activity that’s relevant to the lesson and then have students practice the skill on their own computers.
Educators can also use technology to engage learners in the classroom and help them learn by engaging their attention, promoting active learning, and infusing fun into learning activities. This can help students to become better communicators and retain learning materials.
Time to Market: In a rapidly changing business environment, companies must be able to commercialize their technologies quickly and efficiently. This is essential because a company that’s first to market can command premium prices, which are especially attractive in the case of products that have limited lifetimes.
Range of markets: A company’s ability to develop and market a wide range of products is crucial to their competitiveness in an increasingly complex marketplace. In a market such as the telecommunications industry, which spends a large amount of money on research and development, the range of markets that can be served by a company’s technologies is particularly important.
Competition is fierce in many industries, and a company that can’t compete effectively in multiple markets will fail to survive. In telecommunications, for example, companies spend more than $1 billion per year on R&D in central office switches and other related products. They must spread that spending across all of their product and geographic markets to recover those costs, maintain price parity, and continue developing new features for existing systems–all of which are crucial for a company’s competitiveness.