The effects of rapid technological change

on September 5, 2017 at 1:55 pm

Technology is changing rapidly in this era and we’ve seen so many innovations so far in the year 2017. Companies are being innovative to stay competitive in the market by increasing their efficiency. Since there is a rise in technological change, there is a sharp increase in output. New ways or processes of producing things make it possible for companies to increase output without increasing inputs. A decline in production or process costs makes goods and services more affordable. Moreover, new possibilities are emerging, for instance, self-driving cars, electric powered trucks, online gambling (visit aussie pokies for types of casino games) and water resistant gadgets. One of the positive impacts of technological change is industrialization. Industries keep on growing at faster rate than before due to better ways of doing or executing things.

Globalization

Globalization is strengthening, economies are now more interdependent. Billions of dollars from investors across the world circulate at international Stock Exchange on a daily basis. This is due to change in communication technology making it easy for real time interaction between parties.

Transport and communication

Transport and communication are the sectors that are doing well in terms of rapid technological change. Mobile device companies are releasing different improved gadgets every year. Especially cell phones keep on improving in performance for example wireless charging, OLED screens, facial recognition system, 4GB RAM, water resistant, and some phones no longer have headphone jacks.

Social media and the internet are changing the face of marketing. How businesses reach their customers has become easier with the introduction of online content or digital marketing. Products are now more marketed on social media pages and websites rather than tv and radio commercials. Most businesses are set online for the convenience of customers. Everything is now available online for instance online casinos, shopping, banking, classes, gaming and much more. You can enjoy anything you want from the comfort of your own home.