If you look for the definition of Economy you would get the state of the country in terms of the production of goods or services.
This article isn’t about the economy of a country or the technology effects on the economy. It’s about the Technology Economy. A term which may be new to you. Don’t worry, Let us Explain.
It is stated that the Technology Economy is the 3rd Largest Economy in the world after China and the United States of America.
This term is derived from the fact that some companies choose to cut back technology to cut losses to increase profit, however, the research found that companies end up with exactly opposite due to missing out on important technological advancements.
Technology advancements include improved cybersecurity, the blockchain, better devices for the workplace and internet of things.
Not investing in cybersecurity may lead to cyber threats or worse, attacks. The investment must be continuous to continue to improve security and limit the damage. As cyber damage may end in court to data theft of employees or clients which would lead to more costs.
Seeking to improve and invest the current devices or electronics for the workplace can make the job easier for the employees and a better service or product to the clients which can only bring prosperity and more profit.
Internet of things is the network of command between all the devices in the world. The network of a workplace is also a part of the Internet of Things.
A company must look to keep investing in the internet of things so the communication stays clear and there aren’t maintenance issues that may delay the production of the product or service.
Many companies are moving on to be part of the blockchain craze currently going on. Companies, rightly so, believe that the way forward is the blockchain due to its numerous of benefits it offers such as transparency, security, and efficiency.
It’s a change that companies must embrace. It’s another technological advancement that is getting part of this Technology Economy with devices already being implemented with the blockchain operating system.
On another note, Technology Advancements are also breaking through the health sector with the growing industry of medical cannabis, where doctors and scientists are finding the technology available to keep improving the medicines. During the World Cannabis Forum 2018, speakers will be speaking about the benefits that technology can bring to the industry.
We mentioned the most important technological advancements, and why it is important to invest. However, why is it an Economy?
To put it in simple terms for you, one can’t expect a nation to be successful if the economy is bad. The higher the better.
It’s the same for companies and technology. You can’t compete with the top of the market if you don’t invest in research and technology advancements. The higher tech, the better.
The interesting part now is, blockchain being the new breakthrough tech. This tech can lower other non-tech costs, so it opens new opportunities for companies to increase competitivity while cutting costs if done right.