The world is transforming and evolving at a rapid pace. And interestingly, the pace is not linear but exponential. In the last 20 to 30 years, we have seen the transformations beyond fiction in the pre-development times. Today, the world is interconnected; you can get connected with your friends across the continent easily. A set of 6 to 7 relevant taps on your screen can bring pizza to your doorstep through smartphone and internet capabilities. On the macro-level, countries and economies can attain mass-production levels to export and earn foreign exchange reserves. All of these and countless other phenomena are possible due to the technology sector’s emergence and possibilities. Keep Reading to find Technology Impact Economic.
Historically, technology or information technology was considered a support function and accelerator to support and develop other sectors. Even in the organizations, it was a department with administrative nature and work description. However, during the 80s and early 90s, with the emergence of the internet, the tables have turned. Now the technology sector is not a vertical department. But it has an impact horizontally on almost every industry and domain of the world. It has driven the human race towards more significant opportunities and greater potentials. Similarly, Technology impacts Economic growth in many ways. Companies like Grid Dynamics continuous development improvement provide companies with development operations to maximize profit. Let’s look at some of them:
1. Job Creation and Greater Demand:
On the one hand, technology has eliminated many jobs. But it has also created the need and demand for many new ones. Today, laborious jobs are automated, but related managerial positions are also created. It has transformed and shifted the job requirements. People are aspiring to study emerging and futuristic programs like cyber security masters rather than conventional degrees. Numerous new segments and domains came into being because of the internet and technology. And all of such sectors created a more significant number of jobs like Digital Marketer, App Developer, Graphics Designer, Data Scientists, etc. Similarly, in the coming time, more and more careers will keep on emerging and innovating because of mass productions and unprecedented developments.
2. Introduction of New Services and Industries:
As discussed above, we have seen the emergence of new innovative products and services through technology’s potential and possibilities. Today, we observe the growth and usage of the E-Commerce industry, enabling us to shop anything and anytime from around the world. Digital Marketing has made it possible to market products and services to targeted audiences conveniently and more inexpensively. You can call an UBER or order your food with the relevant ride-hailing app or food delivery app. Similarly, most of our academic and skill education is accessible through online learning modules rather than classroom learning.
With the wonders of technology, countries and individuals witness the positive influence of convenience, better quality, lesser price, and a wider variety of choices.
3. Transformation in our Ways of Working:
The emergence of technology has also changed our ways of working. In the Covid-19 lockdown times, we have seen organizations transitioning towards work from home or remote work. It was all possible due to technology, and it has started to become a norm even in third world countries. Such transformation saves a lot of money in terms of office building rentals, commute costs, etc. Similarly, technology has enabled the emergence of microwork and freelance platforms like Upwork, Samasource, etc. These platforms provide an opportunity for organizations to outsource their work to freelancers or contract workers. It enables businesses to reduce their costs and get their job done from qualified resources.
Additionally, such trends brought the rise of new industries like online payment systems, etc. Also, it allows new entrepreneurs to come ahead and compete globally. It brings ease for them to access less costly marketing and investment resources, best practices, and even labor access. On the other hand, this phenomenon allows qualified people to work borderless, earn good money and contribute directly or indirectly to their economy.
4. Industrial Expansion and Innovation:
Technology has allowed new industries to shine and bring ease, better quality, efficiency, and new avenues to the existing industries. Sectors and organizations that believed and updated themselves with technological transformation enjoy tremendous success in the long run. Today, almost every field has unlocked growth, which was not possible before. Undoubtedly, those who possess first-mover advantage are excelling over those who neglected to utilize technology. Through worldwide connectivity and advanced logistical operations, companies are engaging in international expansion and exports worldwide. With Data Sciences, companies can get real-time relevant production, marketing, and overall business strategies. Blockchain technology is improving the supply chain and inventory management matters. These emerging technologies have enabled the business to increase its scale, revenue, and profits. All of this leads to more significant economic development through GDP, cheaper products and services, more jobs, etc.
Technology promises and allows massive growth opportunities. The more advanced technology becomes, the more quickly it will improve the local and global economies. Today, Technology Impact Economic in an unprecedented manner. All of the biggest economies in terms of countries and companies realize immense growth with technology like Apple, Google, Facebook, etc. However, it is not as simple to drive the technological up-gradation wave. There is a lot of resistance in many economies against technological development, including the availability of infrastructure, preferential policies, and population mindset. Therefore, countries need to lay out the foundations of educating their population and training them to acquire vital skills. It will push the economic sector to transition towards technological advancements and thrive exponentially.