Technology is the way of achieving tasks by making use of technical processes, methods or knowledge. There are some important thing in a specific field. Technology is the usage, modification, and awareness of tools, machines, methods, systems of organization to solve an issue and improve an already existing solution to an issue. It also means to accomplish an objective and handle an applied input or output and d a particular function.
It is all about the gathering of tools like machinery, procedures and arrangements. It has been observed that technologies affect humans and other animal species to adapt to the natural environments. This term is applicable to some particular areas like construction technology, medical technology, and information technology.
It has been seen that many people think that it is technology drives innovation but from the definitions above, this is not the case. It is the chance that defines technology and innovation and that allows innovation. You need a technology to develop a nice mousetrap but in case there are no mice, there is no chance to develop a nice one. In case you have many problems with mice then there is an existence of a chance to create a product by making use of technology.
One more example is that of consumer electronics companies. They have exceptional cutting edge technologies. Those that did not have success did not get a chance to make a good innovation by making use of the technology. Technology is considered to be an enabler whose aim is to make the immense improvement to our lives. It has to be utilized to make various innovations that are driven by chance.
Many companies list a technology as one of their competitive benefits. Technology moves along two ways. One is the revolutionary path and other is an evolutionary path. A revolutionary technology creates new industries and makes solutions to the various issues that were not possible in the past. The good example for this is the semiconductor technology.
Evolutionary technology is the one that is created on the fundamental revolutionary technology. The alteration is simple for a competitor to suit. Technology can be of relevance in the short duration but not relevant for the long duration. Nowadays technologies have a tendency to become commodity based. The technology may seem like a product to a developer. For example, Bose utilizes a signal processing technology to make products that suit the needs of the market and so technology and what it allows them is of great relevance to them.…