Technology is the application of scientific knowledge for practical purposes; it is machinery and equipment developed from the application of scientific know-how. It is a branch of knowledge that deals with engineering and applied sciences – the introduction of new things, ideas or ways of doing something.
Technological innovation is the creation of new things with technology; it is the use of technology within technology. Technological innovation reflects the business value by working on technological aspects for products and services.
Technological innovation has shown us an easier way of doing business via scientific inventions, the effectiveness of opportunity for entrepreneurs to birth new organizations, establish competitive positions, invent new goods and deliver new skills and services.
The 20th-21st century has shown the full use of technological innovation. Businesses have evolved; organizations have improved in delivery and customer satisfaction through the use of technological innovations. Every sphere of life has been affected by technological innovation from business to health to education to government to religion to fashion and science itself.
In past and recent years, technological innovation has taken a new turn; we have seen enhanced, better and faster delivery, allowing the world to explore the technological space to meet up with human expectations and most of the time, exceed it. Technological innovation has described the new way of doing things through the use of electronic resources and making existing know-how obsolete.
Technological innovation has been advantageous in many ways and but a flip side to it is that it disrupts the human markets, changing the relative importance of resources, challenging organizations’ learning capabilities and altering the basis of competition. It has made humans dependent on electronic resources for their sustainability.No business can thrive without the use of technology; the world has become a technological space and in other words, a global village.
Centuries to come would bring in innovations that have never been imagined. Relevance will then be determined by knowledge of technological innovations.