Technology is an ever-changing force that impacts everything around us. It can be used to increase productivity in the workplace and create new jobs, but it also has substantial downsides. Researchers are just beginning to understand the nuanced ways that digital technologies shape our lives and businesses, including both their undeniable benefits and substantial risks.
In its broadest sense, technology is the application of scientific knowledge to the practical aims of human life or, as more generally phrased, to the change and manipulation of the environment in which we live. Technology is often thought to be a progressive force: new techniques are added to the stock of existing ones as societies advance, from comparatively primitive to more sophisticated tools. In fact, however, this assumption is mistaken. Even in the earliest times, technological development was not so smooth: new inventions were often met with resistance from the dominant social groups and were therefore slow to be widely adopted.
Modern societies continue to develop rapidly and use technology in many different areas. For example, in the media and entertainment industry, the production of special effects for movies and online streams relies on digital technology, as does virtual reality. Other industries rely on technology to improve efficiency. The Internet of Things (IoT) has made factories more connected and enabled them to be monitored remotely, allowing companies to optimize their operations. It has also allowed them to make more informed decisions about their business and predict when something is likely to go wrong.