New advancements can be utilized adequately to counter swelling and retreat. New machines can decrease generation costs.
The expanding figuring and preparing abilities of PCs is upgrading the proficiency and adequacy of organizations. Advances in data innovation has made it conceivable to design genuinely worldwide supply chains, in which assembling and warehousing are disseminated all through the world relying upon where these exercises can be performed best.
Organizations will have the capacity to improve items at bring down cost, and will have the capacity to disperse them monetarily when supply chains wind up plainly worldwide. An economy’s capacity to create riches will be to a great extent subject to the speed and adequacy with which they develop and embrace machines that enhance their efficiency.
- Technology For Nation
Economies will need to excel in both basic and applied research. Basic research attempts to expand the frontiers of knowledge but is not aimed at a specific problem. Economies which are well off should concentrate more on basic research because they can remain ahead of other economies only by creating new businesses through inventing new technologies by basic research.
- Technologies for products and services
New products and services are possible because of new technologies. These help to increase revenues and profits of companies. At different times in history, technologies have created new businesses like automobiles, railways, telephones, computers, etc. Currently we are seeing new products and services being developed by emerging technologies like internet, mobile connectivity, nanotechnology, genetic engineering, etc. These technologies are likely to fuel growth in the near future.
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- Technologies for business models:
Companies also use new technologies to do business differently and more effectively. Dell is able to sell its product directly to business customers because Internet enables it to be in contact with its customers without incurring much expense. It gleans valuable information about its customers from the interactions it has with them. Dell uses this information to segment its market further and then focuses its attention on the most profitable customers.
Thus by using the Internet, Dell is able to earn greater profits by serving only the most profitable customers. There are companies in fragrance and other businesses which have equipped their customers with design tools. The customers design their own products and services, and the companies manufacture them.