The Importance Of Technology In Economic Development

Technology is a critical factor in economic development. Because of the advances of international communication, the increasing economic interdependence of nations, and the serious scarcity of vital natural resources, the transfer of technology has become an important preoccupation of both industrialised and developing countries. For many industrialised countries, the changes in the technological environment over the last 30 years have been immense particularly in such areas as chemicals, drugs, and electronics. It is vital that organisations stay abreast of these changes - not only because this will allow them to incorporate new and innovative designs into their products, but also because it will give them a firmer base from which to anticipate and counteract competition from other organisations.

In today’s fast paced and rapidly changing business environment, companies has deeply modified their strategies to integrate technology into the business planning process. Technologies are now everywhere in the firm’s value chain. Thus, it is necessary for firms to adapt their strategic process as technology is pervasively important as a part of a business function. This implies the need to develop a technology strategy that link technology with business objective.

15.2 OBJECTIVES:

Products Development

The duration it takes for products to get into the market can be easily speeded up with this type of technology. This is for the simple reason it makes it possible for the majority