Technology has important effects on business operations. No matter the size of your enterprise, technology has both tangible and intangible benefits that will help you make money and produce the results your customers demand. Technological infrastructure affects the culture, efficiency and relationships of a business.
Technology can be most broadly defined as the entities, both material and immaterial, created by the application of mental and physical effort in order to achieve some value. In this usage, technology refers to tools and machines that may be used to solve real-world problems.
The development of technology may draw upon many fields of knowledge, including scientific, engineering, mathematical, linguistic, and historical knowledge, to achieve some practical result. Technology is often a consequence of science and engineering, although technology as a human activity precedes the two fields.
We created technology to make those so we could more easily satisfy our sweet tooth. Humans invented the wheel to move things like goods around without having to carry them. We invented the horse or oxen-pulled plow to help us grow more food. We created cars to help us get from one point to another faster.
The technology life-cycle (TLC) describes the commercial gain of a product through the expense of research and development phase, and the financial return during its “vital life”. … The development of a competitive product or process can have a major effect on the lifespan of the technology, making it shorter.
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