Do you often feel overwhelmed by technology? Especially when it comes to tech in your business? We all know the digital world has evolved remarkably over the last few decades and that it has deeply rooted itself into our lives, and in our businesses. In order to keep up, it’s important to understand as much as possible, but with the constantly changing trends and updates, where on earth do you begin? This article will explore everything you need to know and understand about tech – from its history to its future and why it is an important part of any business. We’ll even throw in a couple of fun facts. Ready? Let’s go!
A short history of technology
In order to understand technology, we must understand its history. The term technology first appeared in the English language in the 17th century and was used to describe the applied arts. By the beginning of the 20th century the term included more means, processes, and ideas in addition to tools and machines, according to Encyclopaedia Britannica. It was only during the second half of the 20th century that the term technology became more commonly used – and it quickly evolved. It started invading our homes and changed behaviours. e-Commerce and Social Media meant technology spread through the business world like lightning, and it is clear that we are now living in a “digital world.”
Fun facts:
- In April 1976 the first Apple computer was released. It was also the first computer readily available to the general public.
- 17 years later, in April 1993, the World Wide Web, or as we know it, the internet, was ‘born’ and put in the public domain. The 90s were revolutionary in that the technological advancements made were extraordinary.
- The year 2000 saw the very first touchscreen cell phone.
- The 2010s saw some serious tech innovations including the arrival of 3D, the arrival of the iPad, the iPhone 4 and subsequintely Android, artificial intelligence (AI) went mainstream, Social Media boomed, 4G created the opportunity for apps like Uber, Spotify, Google Maps, Uber Eats, etc. to thrive, and it was the decade when the streaming revolution was born.
Technology today
Technology exists to serve a purpose and that is even more evident today, especially when we talk about technology in business. There is no doubt that computer science and industry will continue to grow rapidly in 2022 with the rise of the Fourth Industrial Revolution (4IR), a term coined in 2016 by Klaus Schwab. 4IR is characterized by the fusion of technologies that is blurring the lines between the physical, digital, and biological worlds. It is a fusion of new technologies such as artificial intelligence (AI), robotics, cloud computing, 3D printing, genetic engineering, and the Internet of Things (IoT).
In 2021 AI was undoubtedly one of the biggest trends in technology (and still is). Other big technology trends of 2021 included robotics, cloud-based platforms, 5G, Blockchain and the Internet of behaviors (IoB), and it is clear that tech innovation will continue on this growth trajectory, increasing exponentially as more and more advancements are made.
The importance of technology in business
Technology has changed the way we live, interact, and even the way we do business. The Oxford Dictionary describes technology as the “scientific knowledge used in practical ways in industry, for example in designing new machines.” With that in mind, understanding the importance of (modern) technology in business is vital.
The biggest role of technology in business is to drive growth. Companies such as Apple and Meta rely solely on technology to stay ahead of the game. These global companies would not exist (and succeed) if it wasn’t for technology.
Embracing the digital world in business is important for various reasons:
- Communication. Social media, newsletters, email marketing, video conferencing technologies such as Zoom and Microsoft Teams, e-commerce, and organizational apps like Slack and WhatsApp for Business are some of the technologies that allow for better internal and customer facing communication in business.
- Efficiency. Automation increases the efficiency of business processes and operations. For example, technological advancements such as robotics and AI help businesses to facilitate their customers.
- Cyber security. Cyber-crime and online attacks are increasing rapidly, putting businesses at risk. Therefore, safeguards and strict defense systems are non-negotiable to ensure cyber-safety.
- Globalization. Technology makes it possible for businesses to reach a global market in a way the world has never seen before.
- Cryptocurrency. Blockchain technology makes digital currency possible, and this is one of the most exciting technologies that will dominate the future of our world.
The reality is, the digital world is already upon us whether we like it or not, and it is vital for entrepreneurs and business owners to be aware, up to date, and ready for change in order to stay ahead of the competition and see success in business. There are a lot of new trends coming our way in 2022 and we want the Future Females community to feel prepared. More so, we want them to benefit from these trends and leverage them for their business success.
Join us, and over 10,000 entrepreneurs, on Monday 21st & Tuesday 22nd February for our Future of Digital Entrepreneurship summit, in partnership with the UK Government’s International Tech Hub Network and Payfast. This will be our biggest online global summit yet, and we have 9 incredible international speakers coming to share their expertise. Register today by clicking here.