It is impossible to compare the impact of the industrial revolution and many previous technologies with that of the revolution in information technology. The main objective of this article is not only to highlight the significant effects of information technology on the global economy, but also to highlight the division of usage and access between less developed and developing societies, nations and continents.
The global economy is in the midst of a rapid transformation as the internet mobile technology social media and big data have unleashed a wave of new startups and is reinventing traditional industries.
So how do we measure how much a society is being impacted by technology?
Technology has become ubiquitous and every industry has been impacted so it’s harder to quantify necessarily sort of some of the economic figure but overall, the society are able to look at trends like cloud social mobile big data analytics and how those things are changing how we live and how we work.
So how does technology impact the status quo?
If we want to know the impact of technology in the history, we need to go back to the industrial revaluation and taking a look at the steam engine and how that changed even manufacturing.
So, the society have seen over time technology has become sort of a lever for a progress unfortunate consequence is there's displacement of jobs. There is also creation side that people look at things as maker movement like the sharing economy, the technology is enabled and provided new jobs
Information technology and community development:
The role of information technology in the economic development of inner-city communities argued that information technology has the potential to transform the inner-city economy by bridging the digital divide and extending rural communities to the statue of a new economy.
There are two main components of the modern economy: e-commerce and skilled employment. In e-commerce, defined as using the internet to conduct business transactions, he argued that it is the most powerful business tool to be developed since computer invention. That e-commerce has its real power either as a business-to-business or as a business-to-consumer in its ability to use and maintain elaborate customer preferences and inventory databases, eliminating the need for data entry and manual collection.
Information technology and economic growth:
In developing countries, knowledge is among the three strings of technology advancement; Information is a critical and essential factor of production alongside capital and labor.
This is a significant contributor to production of labor and the overall output factor. An increase in information content has dramatically changed the production paradigm, meaning that timely information flows are essential.
Information technology affects productivity:
Increasing productivity determines the standard of living and the richness of nations. This is because the amount a nation can consume is closely linked to what it can produce. Moreover, a productive company typically relies on its ability to produce more real values to customers with less energy, resources and other inputs.
In the industrial age, measuring productivity in as much as it was simple, it is not the same in today's knowledge economy. These days efficiency can be seen clearly as the implementation of new manufacturing methods and techniques.
Conclusion:
Since the advent of the digital economy, information technology has redefined the world economic principles. Therefore, Information technology has improved and redefined the world 's productivity, education, social and political landscape. This in turn have significantly impacted the economies of the world. Because it brings with it a divide between advanced technology and less developed economies, attempts should be made by nations' committees to bridge the gap by growing investment in IT.
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