The Impact of Technology on Society

Digital technologies have advanced more rapidly than any innovation in our history, reaching around 50% of the developing world’s population in only two decades and transforming societies. By enhancing connectivity, financial inclusion, access to trade and public services, technology can be a great equaliser and shows how much of an impact it has on today’s society. Technology has allowed the communication of people from all around the world from a single device and this as a result has made it easier for people to socialise and talk without having to go in-person. 

How technology has changed over the years

According to a study by The Office for National Statistics (UK), in 2000, only 47% of households in the UK had a mobile phone, and unlike the ones we own today, they were very limited on what they could do, mostly restricted to SMS texting and calling. This shows how much different today’s world is as every household has at least 1 mobile phone which contains everything from the internet to a calculator, all in one device. 

The effects technology have on how we work

Digital technology has allowed us to work from anywhere whether that be in a business office or at home as it has paved a way for people to use the internet and devices to allow work to be sent right to you without you having to be there. Where once companies were concerned about potential pitfalls and costs to business, they’re now seeing new opportunities and innovative solutions for streamlining processes to save time. Working from home gives some people a better work ethic as they are comfortable and less stressed which boosts their productivity making them work better and more efficiently. 

The future of technology

At the rate at which data is growing, businesses of all sizes will be forced to modify how they operate. Businesses that digitally transform, will be able to offer customers a flawless and frictionless experience, and as a result, claim a greater share of profit in their sectors. Take, for example, the financial services industry like banking. Whereas most banking used to be done at a local branch, recent reports show that 40% of Americans have not stepped through the door of a bank or credit union within the last six months, largely due to the rise of online and mobile banking. This shows that as the years go by, people will be less likely to go in person to use financial services as everything would be digital and done online. 

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