Technology involves understanding how knowledge is creatively applied to organised tasks involving people and machines to meet sustainable goals. It is a general term that covers everything from simple gadgets such as mobile phones, computers and TV’s to sophisticated IT systems that keep businesses running. It also refers to the processes and tools used to make products in any field, such as medicine, space exploration, or farming.
Technological advances are accelerating, with experts warning that many blue- and white-collar jobs could be replaced by automation in the future. This has prompted widespread concern that technology is eliminating jobs and contributing to inequality in society. Moreover, technology has been blamed for many problems, such as addiction to electronic devices and bullying in schools.
In a business context, technology relates to the use of computer software, hardware and networks that enable communication, data processing and workflows. It often overlaps with information technology (IT), which is the more focused discipline involving the design, development and management of information systems.
The word “technology” is derived from the Greek words techne and logos. The former means art, skill or the way something is gained, while the latter signifies an utterance expressing inward thought. Historically, it has been widely believed that science and technology have a mutually supportive relationship; they influence and are influenced by each other, e.g. through the influence of societal issues/factors such as economics, values, ethics, institutions, groups and the environment. This is known as the science and technology in society concept.