Technology refers to the application of knowledge for achieving practical goals in a reproducible way. This encompasses both tangible tools, such as utensils or machines, and intangible technologies, including software and systems that automate tasks.
Developing new technologies involves a series of steps, which must be completed successfully to validate the ideas underlying the technology and test them against reality. This is why a technology often takes longer to reach the market than expected, and why seemingly promising early technologies sometimes stall in development.
The concept of technology is rooted in the Greek words techne and logos. Techne means skill or craft and, later, a particular form of know-how that was applied to the production of artificial goods. The meaning has since been extended to include all designed, material means to an end.
A wide range of industries now make extensive use of technology. Many companies rely on it to streamline business processes, improve customer service and increase productivity. It is also used in healthcare, where devices such as smartwatches and implants can track health data and provide doctors with real-time information about the condition of a patient.
In the workplace, technology has transformed how work is done and facilitated new kinds of collaboration between teams. It also makes it possible to scale up and down business operations based on the demand, creating an increasingly flexible workplace. However, not all businesses take full advantage of the potential benefits of technology. Those that don’t may find themselves struggling to keep up with the competition and losing ground in the competitive landscape.