Technological development is the process of developing a new product, process, or service. It is a multifaceted process, requiring coordination and additional layers of control. It is possible to develop elaborate systems of control owing to the rapid communication and processing of information. However, technological developments are not without their drawbacks. All technological systems include human components. For example, even the most automated systems require human control to program and monitor the system’s components, change its purpose, or react to a malfunction.
The use of technology has profound societal impacts. It has contributed to human welfare, while also disrupting social hierarchies and harming individuals and groups. Its effects on the environment have been criticized since the 1970s, resulting in a recent influx of investments in renewable energy and green technologies. Moreover, some technological innovations have unintended consequences that affect society as a whole.
The development of a new technology always involves a cost. It requires resources, such as human labor, materials, tools, and know-how. It may also entail other costs, such as the need to dispose of waste materials safely. In addition, new technology also presents a risk to the environment and other species. As the process proceeds, the benefits and costs of each new technology will change.
The development of technology has shaped the course of human culture. It has contributed to the growth of civilization and influenced human life for more than a few millennia. Agricultural technology, for example, has helped to increase the size of human populations more than any other single factor. Other technological advances include sanitation, preventive medicine, and gunpowder. It has influenced the nature of wars and the development of urbanization. In addition, technology is responsible for a great majority of the economic interdependence of the world.
In addition to improving the lives of people around the world, technology also benefits businesses. Businesses can use technology to create new products or services that better serve their customers. High-end technology helps them deliver products and services on time and within budget. Mobile phone companies, for example, use advanced technology to create new electronic devices. This helps them gain an edge over their competitors. They can also communicate and share information with people around the world. All these advantages make technology a powerful tool for many people.
However, some technology developments can cause unexpected side effects. For example, the lack of interest or resources in a technology may result in conflicts between the interests of different groups within a community. In such a scenario, planning authorities will require the development of an environmental impact study. In many communities, this process is required before any new technology can be introduced.
Apart from hardware, technology includes software, data, and networks. Large financial institutions and other enterprises use IT to provide services to customers.