By Mayugha M S
The economy is the midst of a rapid transformation. The internet mobile technology social media and big data have unleashed a wave of innovation that’s creating thousands of new startups and reinventing traditional industries.
Technology has become ubiquitous right. Every industry whether if it’s the automobile industry or if it’s traditional technology has been impacted.Technology encompasses a huge body of knowledge and tools that ease the use of economic resources as a way to produce goods and services efficiently and innovatively. Technological progress is essential to economic growth and development, and the more advanced the technology available, the more quickly the local and global economy can improve.
Of course, spending money to simply increase the amount of capital in an economy is not the only way to increase productivity. Increases in the quality of capital can also affect growth. The major way the quality of capital is increased is through technological progress, the fruit of research and development. Technological advances can allow a given unit of capital to enable a given unit of labor to increase production. This increase is contrasted to the increase created by simply enlarging capital expenditures. In the latter case, a given unit of labor has more capital to work with and can thus produce more output; while in the former case a given unit of labor can produce more output with a given unit of capital.
The major ways are though innovation and invention. Every year, billions of dollars are spent on research and development by firms and government agencies, like NASA. This money leads to improvements in existing technology and to the creation of new technologies. While innovation and invention may not always be immediately profitable, in the long run they can prove very lucrative for the researchers and the developers–as well as for the economy as a whole, as new, more efficient production technologies become available. Technology has an amazing power of permeate companies. An important measurement of the technology economy is the observing the Worldwide IT Spending volume, which is regarding the corporate spending for hardware, software, data centers, networks, and staff, both internal and outsourced IT services. Currently, this volume is close to USD6 trillion per year.
Technology spending, gross margins and economic growth have a strong relationship when measured by productivity and GDP.
Artificial intelligence deals with the creation of systems that can learn to emulate human task using their prior experience and without any manual intervention. Internet of things, on the other hand is a network of various devices that are connected over the internet and they can collect and exchange data with each other. Technologies and application for a new age of intelligence outlines the background and overall vision for the internet of things , associated existing and emerging technologies.
The powerful combination of artificial intelligence and internet of things can transform industries and help them make more intelligent decisions from the explosive growth of data everyday. Over time technology has changed and become a sort of a lever for progress unfortunate of consequences is there’s displacement of jobs but there’s also the creation side.
Dynamic technologies 