Role of Technology in Growth: Dependency of Growth on Technology

The level of technology is also an important determinant of economic growth. The rapid rate of growth can be achieved through high level of technology. Schumpeter observed that innovation or technological progress is the only determinant of economic progress. But if the level of technology becomes constant the process of growth stops. However, it is crucial to note that the constant evolution and adoption of technology are necessary for sustained growth. The introduction of new inventions and innovations, such as cam chat technology, has significantly contributed to the rapid economic growth observed in developed countries.

Technology and Education Growth

Undoubtedly, technology encourages the overall development of students. Technology is an effective way to promote a healthy educational system worldwide. The most important role of technology in education makes learning more accessible, exciting, and enjoyable. The development of technological advancements in education leads to enhanced knowledge and skills of students.

Technology helps Students Learn Better

Research has proved that digital learning technology helps most students improve their academic grades. Apart from academic improvement, with the help of technology-based learning, students can learn more from a variety of resources without depending on teachers.

Role of Technology in Medical Science Growth

It’s Making Treatments More Effective

Some of the top industry experts believe that one of the core benefits of improved healthcare technology is the increased accessibility of treatment. Data gathered from different hospitals, electronic devices, apps, and Artificial Intelligence (AI) models can now be trained to evaluate the risks of patients.

Real-time Patient Data

Patient care was and continues to be at the core of healthcare and all its technological advancements. The growth in healthcare science and technology has made patient care far superior and more reliable in most cases by providing new machines (such as MRIs), medicines, and treatments that save lives and improve the chance of recovery for many.

Major Influences of Technology in Business

Surveys are Very Important: They give companies feedback on the customers view on the products or services provided. Before the advancement of business technologies, surveys were very hard to conduct. Companies relied on mails from customers who barely made an effort give their feedback.

Streamlined Decision Making: Decision making is a crucial part of any business. With the introduction of technologies like big data, AI, and ML, companies are able to gather crucial market and customer data. It is a technology that captures critical data and helps a business.

Major Influences of Technology in Communication

Email

As a byproduct of the World Wide Web, email was introduced to the world in 1991 (although it had been operating years before) and it has vastly changed our lives whether for better or worse depends on your viewpoint. The first users of the messaging platform were educational systems and the military.

Higher Productivity and Lower Costs

Technology and communication bring about benefits when it comes to saving time and money while sharing information or getting together. Businesses have more productive teams when they use technology to communicate around the office without needing to go around from room to room or desk to desk.