Innovations in technology are an essential business tool to meet growing customer demand, managing product life-cycles and building loyalty. Leaders who are able to prioritize technological innovation can achieve the best performance in an age of fierce competition and erratic customers ‘ loyalty.
Technological innovation is beneficial for the economy and society. It aids in the fight against the effects of climate changes, improves health by making it easier to diagnose and treat and increases productivity and efficiency at the workplace. It also aids in economic growth by increasing the competitiveness of businesses, regions and nations. In addition, it contributes to the reduction of poverty by increasing production and creating new jobs.
Some of the major technological advancements include:
AI and ML: Advanced machine learning algorithms and deep learning are transforming business processes by speeding up the speed of data being processed, and bringing advanced capabilities across a variety of applications. Examples include facial recognition natural language processing, text analysis and image analysis.
Robotics: The rise in robotics is an innovative technology that transforms business processes with automation and cost savings. It also allows for faster and more accurate work, and better human-robot interaction.
Technology for agriculture is another example of a new technology that is helping to reduce global hunger by increasing yields of crops. This innovation in technology is particularly crucial for small-scale farms in developing countries, which produce as much as 80 percent of the world’s food. However, the efficacy of technological innovation in promoting economic development and alleviate poverty should be taken into consideration and its potential negative impacts on society.
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