--- title: "Impact of Technology" description: "Technological EnvironmentTechnologicalenvironment consists the methods, techniques and approaches adopted for production of goods and services and its" author: "Ashish srivastava" published: 2015-11-25 updated: 2018-03-13 canonical: https://www.mindstick.com/blog/10990/impact-of-technology category: "services and business process" tags: ["software development"] reading_time: 2 minutes --- # Impact of Technology ##### Technological Environment 1. Technological environment consists the methods, techniques and approaches adopted for production of [goods and services](https://answers.mindstick.com/qa/101686/can-you-explain-the-goods-and-services-tax-gst-in-india) and its distribution. 2. Technology is one of the important factor of success of a firm [as well as](https://www.mindstick.com/interview/2481/can-you-write-a-java-class-that-could-be-used-both-as-an-applet-as-well-as-an-application) economic and [social development](https://answers.mindstick.com/qa/114073/how-does-early-childhood-education-impact-long-term-academic-and-social-development) of nation. 3. Technology includes the tools - both machines (hard technology) and ways of thinking (soft technology) – available to [solve problems](https://answers.mindstick.com/qa/42014/how-did-the-u-s-constitution-solve-problems-with-the-election-of-legislators-under-the-articles-of-confederation) and promote progress, among and between societies. 4. Type of technology in use, the level of technological developments, the speed with which new technologies are adopted and diffused, the type of technologies that are appropriate, the technology policies, etc. are important to business. ##### Features of Technology 1. **Technology** **brings change:** like the way we cook, the way we communicate etc. technology has brought lot of changes in business from barter system to e-business. 2. **Technology reduces time** **:**between conceiving an idea and implementing that idea. By the invention of internet technologies what has reduced time of transferring information in no time. 3. **Technology improves [quality of life](https://www.mindstick.com/blog/305486/the-role-of-technology-in-improving-quality-of-life):** the advancements of [medical technology](https://answers.mindstick.com/qa/111055/what-are-the-latest-advancements-in-medical-technology) the [life expectancy](https://yourviews.mindstick.com/view/87834/is-it-safe-to-trek-in-kashmir-explore-your-life-expectancy) rate is increased and the control of various diseases is possible. ##### Impact of Technology on Globalization 1. Global sourcing was encouraged not only by trade liberalization but also by technological developments which reduce transport costs. 2. Advent of [containerization](https://www.mindstick.com/articles/337430/what-are-dockers-and-how-they-work-benefits-of-containerization) cargo ships reduced transport costs. 3. Technology monopoly, like possession of patented technology, encourages internationalization because the firm can exploit the respective demand without any competition. 4. Transport and [communications](https://www.mindstick.com/articles/44489/leased-lines-and-other-tools-for-business-communications) given a great force to globalization by their tremendous contribution to the reduction of the disadvantages of natural barriers like distance and cost. 5. Developments in the field of air cargo [transportation](https://www.mindstick.com/articles/44185/the-transportation-revolution-with-electric-skateboards), enabling quick and safe transportation of sensitive goods (like perishables and goods subject to quick changes in fashion/taste). --- Original Source: https://www.mindstick.com/blog/10990/impact-of-technology Copyright © MindStick Software Pvt. Ltd. This Markdown version is provided for developers, AI systems, and offline reading.