Technology is important in today's world because it serves a variety of functions in many

of the most important aspects of modern society, like education, communication,

business and scientific progress.

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Why is Technology Important?

Owing to the application of technology, our standard of living has increased. Our needs are met with
greater ease. Technology has brought advancements in agriculture, due to which food produce has
increased. Owing to the developments in engineering and architecture, building robust civil structures
has been possible. Technology has boosted every industry. Businesses have grown, creating more
employment opportunities. Advancements in technology have led to the evolution of newer and faster
modes of transport and communication. The application of technology has boosted research in fields
ranging from genetics to extraterrestrial space. The computer and Internet technologies are ubiquitous.
They have changed every sector; be it medicine, tourism, education, entertainment or any other.
Technology has touched every aspect of life, making it easier, better and different. Technology has
changed living.

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Advantages and Disadvantages of Technology

Advantages Disadvantages

>Waste Reduction: this will lead to lower costs
and higher profitability
>Reduced Workforce: with the use of technology,
many jobs become automated resulting in fewer
required positions
>Increased Profitability: by increasing efficiency
and reducing expenditures, technology allows
jobs to be completed quicker and more
accurately
>Increased Productivity: team members coupled
with the implementation of technology creates
overall efficiency and success.
>Higher Income: the greater business profits, the
more opportunities employees may have to raise
their incomes
>Improved Communications: allows information
to be sent, received, and responded to
instantaneously (whether through email,
computer networks, cellphones, etc.)
>Management: considering technology is always
improving, the decision to purchase new
technology is controversial (whether to buy the
current form or wait for the new) while managing
your financial budget.
>New Skills: people will need to be
learned/trained to successfully use the new
technology that is incorporated
>Maintenance: the duration of its efficiency may
affect the value of the product
>Costs: Once you purchase an expensive piece of
technology the value of it will decrease
significantly
>Time: reorganization and integration of new
technology into any lifestyle will result in much
loss of time to become acquainted with the new
system
>Competitive Advantage: allows for reduction in
product/service costs while increasing profit
margins and maintaing customer service

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