The Importance Of Technology In Business

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TECHNOLOGY: is a art to do human work with the help of science and knowledge. The technology is defined as the body of knowledge which can be used to produce goods and services from economic resources. Technological progress means the increased application of new scientific knowledge in the form of inventions and innovations.


 An integrated application of engineering, science and management capabilities.
 Process of MOT includes -Identification of technologies, -Selecting , -Procurement, -Assimilation, -Exploitation of technologies for production of goods and services.


By above figure we can get an idea that technology is associated with each and every
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Traders in Stocks and forex are able to better analyze and forecast economic trends earlier and with more accuracy. Newer technologies in vehicle engine design are directly because of technology. Fuel cells, hybrids, hydrogen, electric, the alternatives are abundant due to advances in technology. Then there is the whole security/navigation area with GPS for mapping, tracking, and vehicle theft recovery.…show more content…
All this because of emergence of new technology.

Technology had lead to mass production an very easy task and it leads to saving the time and human energy which was earlier wasted but now with the help of capital intensive techniques human are able to multi tasking.

Role of technology in economic development:-
Importance of Technology :-
In the present age technology is playing very effective role in increasing the rate of economic growth. Today each country considers it is the basic tool of economic development. Only capital cannot bring development in the country. It is technical progress along with capital which can boost the rate of economic growth. The impact of technology can be judged by the following
1. Use of Natural Resources :- Technology helps to utilize the natural resources like land ,material more effectively.

2. Saving of Time :-
As the demand of any commodity increases, the supply can be produced in short period of time. So it has saved the time of the producer.
3. Improvement in Quality :-
Technology has improved the quality of goods and services. Now the goods have also been
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