The Impact Of Technology On Business And Society

Technology, specifically the interrelationships of Artificial intelligence (AI), big data, and the Internet of things (IoT), is accelerating its ability to help businesses do more with less and provide better results. Businesses can use technology to decrease time from product idea to product creation and product creation to customer delivery, while using fewer workers. Costs can be cut as automation and robots replace humans who need wages and benefits. Although this will create more products and services at lower prices, it may also decrease the number of consumers for those products and services. There has been significant research in those jobs and activities that can be automated now and in the near future. With jobs disappearing, a new economy is growing that turns employees into contract workers who work from gig to gig in solitude. While this new structure of work may allow some people the work/life balance to pursue their creative goals, for others it may mean a life with no stability or future. The result may be a two-tiered society where the rich can afford expensive products and services, and the poor require governmental assistance because although products can be produced more cheaply, they cannot afford them and so they are not produced