The Internet and other developments in communication technology have aided in hastening the pace of globalization. Access to technology can help developing nations in various ways, one of which is boost to their economies. Technological economies in developing countries benefit from technology since it lowers production costs, promotes the development of new businesses, and improves communication.
Prioritizing technological innovation over merely adopting new technologies is a problem that emerging nations must avoid. However, AI has drastically changed almost every development sector (helpwithdissertation, 2021). Another problem is that access to technology needs to be distributed equally throughout a nation; until now, the poor have not had the same level of access. To address these concerns, businesses must monitor technology and support innovations and job development.
INFORMATION TECHNOLOGY ADVANTAGES
Our lives have significantly changed because of information technology. Everything is at just a single click for you. So, the advantages of information technology in our life are listed below. Information technology is also essential in every industry.
- One can access the company’s system from anywhere thanks to IT advancements. The consultant need not be limited to the office. One’s productivity has undoubtedly increased despite not being physically present in the office, thanks to easy access to the system.
- There is a huge need for IT specialists across many industries. The demand presents a massive chance for IT professionals to learn more about the industry and showcase their skills. People can get hired in the IT industry doing things like system analysis, web application design, software development, testing, and computer programming.
- The education sector has changed its vision and adopted a contemporary approach to teaching and learning due to the development of information technology, such as providing the best assignment writing services. Today, using a blackboard for instruction has almost outdated. Institutes and teachers are using modern technology to instruct kids. With a computer and an internet connection, students may learn new things and absorb concepts more easily and thoroughly.
- Information technology also benefits patients. They can now access doctors online and get guidance. Many virtual healthcare applications are also available to offer help. Patients receive adequate and high-quality healthcare thanks to electronic health records and telemedicine.
- In the realm of technology, the limitations of time and distance in business activities have been eliminated by information technology. Buying and selling are becoming far too hustle-free. Both domestic and international suppliers are available for customers to purchase from online.
THE CONTRIBUTION OF TECHNOLOGY TO ECONOMIC GROWTH
Technology includes a vast body of knowledge and technologies that facilitate the efficient and creative use of economic resources in producing goods and services. Economic growth and development depend heavily on technological advancement, and the quicker the local and global economies can advance, the better. The impact of technology on economic growth is described in more detail below.
Money Is Time
Technology can noticeably reduce the time it takes to create a good or provide a service, increasing a business’s overall earnings.
Technology can help a company’s output rate be more effective by enabling the movement of larger quantities of goods or providing more services.
The technology has increased job specialization and the division of labor inside an organization, which positively impacts how efficiently a corporation can operate.
Natural resource technology significantly impacts how easily enterprises and governments acquire and utilize natural resources to their most significant economic and business advantage.
Businesses can raise total output, resulting in more significant profits and economic development. This is made possible by the increasing labor efficiency and the constantly improving state of technology.
Online Trade and The Internet
The success and expansion of international trade and the job market are primarily attributed to information technology, which enables companies to share information and transact business in the blink of an eye.
INFORMATION TECHNOLOGY USES FOR COUNTRY’S GROWTH
In various areas of our society, we can observe how information technology is used and plays a role:
The entire landscape of business has transformed since computers first appeared. Information technology is crucial for efficiently managing the various corporate departments, making it possible through computers and software. Information technology is used in manufacturing, security, human resources, and finance. IT’s role cannot be disregarded.
With the use of education technology, teachers can keep up with new methods and assist their students in staying current with cutting-edge tools like the use of tablets, smartphones, PCs, etc., in the classroom. Similarly, students can get any help they want in no time; for instance, if you are a MBA student, you can get the best operations management assignment help in a single click. Information technology benefits students who have dropped out of college and those who are learning new things.
Information technology makes it possible for business people and regular people to make online transactions. Banks use IT to uphold records of all employments and accounts. Contrary to before, transactions and other agreements are now faster and simpler.
Information technology has made great advances in the fields of medicine and health. Doctors may now check patients, confer with other professionals, and exchange and receive information very easily. Additionally, it expedites paperwork.
Globalization has thrived as a result of information technology progresses. ICT plays a significant role in the growth of high and upper-middle-income groups (Yousefi, 2011). The global economy is speedily becoming a sole, organized system as the world becomes more connected.
Information technology has given rise to new employment. It produces new employment openings for systems analysts, software engineers, web designers, and many other experts. For IT experts, information technology has formed thousands of new career opportunities.
Technology may be incredibly beneficial in boosting economies’ wealth when appropriately applied. There are many countries where technology has a tremendous economic influence. Information technology aids in maximizing output as well as the growth and development of the corporate and commercial sector. Information technology advancements have shortened the time it takes for different industries to generate revenue.
HWD, (2021). Artificial Intelligence. Online Available at <https://www.helpwithdissertation.co.uk/blog/artificial-intelligence/> [Accessed on 8th July 2022]
Yousefi, A. (2011). The impact of information and communication technology on economic growth: evidence from developed and developing countries. Economics of Innovation and New Technology, 20(6), 581-596.