Impact of Technology on industries (innovation): Positive and negative impacts

Impact of Technology on industrial innovation:

Impact of Technology on industrial innovation
source: exponent.com
We cannot deny that we live in an age of technology. No matter what industry or aspect we look at in our lives today, technology is influencing it in one way or another.

Especially in industries, the way we look at and do everything has changed, due to increasing innovation and technology.

What is the real impact of technology on industrial inovation? Is it good or bad or is it helping or hurting us?

Positive Impacts of Technology on Industries (Innovation):

  • Greater inventions:

In today's world, technology is fully responsible for all inventions. Even if a person invent anything in any field, he has to use technology to make his invention viable. This clearly shows that technology cannot be sidelined when talking about innovation. Therefore, technology is very relevant for industrial development as it promotes large inventions that will drive the various aspects required for industrial development.

  • It Makes Working Easier:

An industry needs to be efficient in distributing its products and services. The time taken for production is one of the measures taken to determine the efficiency. An industry that takes less time to produce a specific product is considered efficient. Technology has a big role to play in increasing the efficiency of industries and facilitating this work.

Advances in technology have made it possible for an industry to operate faster than ever before. This means that employees in the industry are becoming more technically equipped so their work is happening faster. As a result, production is improving, so technology has become an important factor in industrial development.

  • Play an important role in profitability:

Development in any industry is done to increase profits, in addition to changing the world. So the industry does what it has to do to reduce production costs. For this, various advanced softwares and machineries are used to complete most of the work in minimum time.

  • It helps to reduce time required to overcome any difficulty while doing work:

There are many challenges Manufacturers need to face while production process. Some of these challenges can stop the production process. which can lead to major losses. The solution to these problems is usually in technology. You can use technology to solve these kind of challenges that the manufacturer has to face. These is done because of advancement in technology.

Negative Impact of Technology on Industries (Innovation):

  • Face to Face Communication Decrease:

Most employees, staff and managers use communication software's like Skype, Messenger, WhatsApp, etc. during working hours. Even when they are on the work, they communicate with each other through technical software. This is a detrimental effect of modern technology on industrial innovation, which reduces the regular interaction between industrial staff and employees.

Instead of walking to the employee's desk and talking to them, they use technology to communicate with them.

  • Hacking and Stealing of Data:

Data plays a vital role in the success of a industries. Most successes and failures in Industries depends on data, research, strategies and plans. And if the competitor got any data, the industry may have to bear huge losses.
Most industries bears losses due to hacking.

Hackers and competitors hack server's and steal valuable data and information and sell it to competitors through which they face failure.

  • Expensive Technologies:

Modern technology gadgets and devices are very expensive, and most small businesses cannot afford the expensive technology gadgets and devices.

As we all know that technology is updating day by day, it will be used everywhere, and we also known that it is going to use more effectively in future. In today’s modern world, every business has to update and use technology to improve their productivity and business profitability. But the problem is that modern technical equipment and tools are so expensive, not every business can afford them.

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