Technology is the application of scientific knowledge to practical aims. It is a broad term, covering both tangible tools such as utensils and machines and intangible systems like computer software. It can be used to solve real-world problems or to change and manipulate the environment. It is a central feature of modern life. It has helped humans to travel and live in new ways, and it has reduced physical barriers to communication and interaction. It has also enabled a global economy and led to the development of a leisure class. However, some technologies have had unwanted side effects and have depleted natural resources. This has led to calls for greater consideration of ethics and societal impact in the design of new technologies.
Technology has a powerful effect on business, as illustrated by the growing trend of remote work and the rise of digital apps and devices that perform tasks more quickly and accurately than human employees. It can also help businesses to reduce costs and operate efficiently. A company can use technology to automate many processes and to improve the quality of its products. For example, it can use 3D printers to create custom parts and reduce the need for costly prototypes.
In addition to reducing the amount of time spent on repetitive tasks, technology can help companies to better predict customer demand and market trends, making supply chains more efficient. This can help them to avoid overproducing or running out of goods, a phenomenon that was accelerated by the COVID-19 pandemic.