New technologies promote prosperity and well-being beyond the material, but also bring new risks. Positive changes can take place in the areas of job security, material living standards, health, education, ecological sustainability, and equal opportunities.
Technologies such as artificial intelligence (AI), the Internet and similar aspects of digitalization can also bring major benefits to economies beyond gross domestic product from health improvements and longer life expectancy to greater job security and more equal opportunities.
There are new products being launched every day with different applications such as the laser transfer paper, 3D pens, and printing devices which give you a print of your digital photos at the moment you click them.
In order to shed light on the effects of technologies on companies, the economy, and society let’s see how the new generation of technologies can improve our lives.
Technological change itself is neither good nor bad
Many aspects of modern life have both positive and negative sides, which are constantly in the process of change. Such changes can usually be attributed to the development of technology. While some people believe that technology has brought nothing but negativity, others say the benefits of technology outweigh the negative aspects. Technology has made the world a better place.
Technology has contributed to numerous advancements. These are the improvements associated with improving the standard of living with many additional advancement and achievements in medicine.
1. Improved standard of living
Technological advances have made our lives more convenient and comfortable. In the hectic world of modern life, any added convenience makes life easier.
2. Communication made easy
One of the achievements of the past, which was the result of technological development, is the telephone. Telephone lines or mobile communications allow people to reach others over long distances. Thanks to the telephone, entrepreneurs can contact clients and parents can keep in touch with children, etc.
With the advent of cellular communications, people can make phone calls from anywhere in the world at any time, at home, on the bus, in the library or at school. Nowadays, it has become possible to watch TV, surf the Internet, listen to music or play video games from a cell phone. With these amenities, we all owe one single device.
3. Medicinal progress
The development of technology in the field of medical sciences allows people to live longer and be healthier. In the past, achievements such as kidney transplants or artificial hearts were considered common science fiction, and hardly anyone believed that such operations would be possible. Today, organs transplant and pacemaker insertions are regularly performed on patients of medical institutions, prolonging the life of people.
Despite a large number of congenital heart defects and other diseases. Nowadays, there are technologies that allow a new heart or machine to regulate the heartbeat and allow people to live a healthy and normal life. This is just one example of the thousands that are now possible through advances in medical science.
The improvements in health and lifespan could make the greatest contribution.
4. Job placements and financial access
The ranges go from online training and digital job placement to mobile payment solutions for better financial access, online marketplaces for cheaper goods and services, adaptive learning applications that prepare young people better for the job market, clean technologies for environmental sustainability and AI-based drug research and personalized medicine for longer and healthier life.
New technologies improve people’s quality of life and at the same time smooth out the negative consequences as possible
5. Increase in economic prosperity
In Europe and the USA, new technologies can increase economic prosperity by 0.3 to 0.5 per cent by 2030. The innovations should focus on aspects that increase growth and expand people’s abilities, instead of just reducing costs and reducing personnel. The additional boost is due to higher productivity growth and lower unemployment. Greater public-private cooperation is also required, which leads to the rapid qualification of workers for new tasks.
6. More social benefits
The additional effects on well-being that go beyond the purely material aspect could be increased by the same order of magnitude – measured by the widespread indices for non-economic social benefits.
7. Aiding in research and development
If we use technology to our benefit and take it to a level where all the different agencies can pool in their resources and efforts then the state can help drive innovation and improve the well-being of the society.
Technology supports research and development in the health sector and various other sectors, the diffusion of new technologies through appropriate procurement practices allows for a smoother workflow and supports workers who suffer from drastic changes in their work environment.
8. Manage risks
The negative impacts on wealth growth – such as income inequality and the risk of unemployment – are similar in all scenarios of how the transition can be managed. Resisting the spread of technologies like AI does not reduce the disadvantages, but it does reduce the advantages.
With the use of technology, companies can concentrate on new products, services, and markets. They can also expand their employees’ skills – by using technology – and improve employee mobility by creating new careers, among other things. They can also focus on the many technological solutions that can improve both business and social wellbeing.
In conclusion, it can be said that many people are focused on the shortcomings and problems associated with the development of technology, but I believe that the benefits far outweigh the negative aspects. Technology has made the world a better place, bringing additional conveniences and opportunities for a healthy lifestyle through the development of science.
With the advent of new technologies, the modern world brings about drastic changes in the economy and in the workplace. The same technologies can also help to overcome some of the challenges better.
Technology has made a significant contribution to the world over the past 40 years. The positive trend will only continue if companies use new technologies correctly.
The great potential of AI, IT, and automation cannot hide the fact that technologies are tools that can help us in solving many problems of the modern world.
The state and the economy must actively explore the potential of technologies and continue to use them for the benefit of the world.