How Technology Affects the Business Environment

1660 WordsFeb 16, 20137 Pages
During the last century, the world has been through a technological revolution. We have in few years moved from being a world where it could take months to receive a message, to being a world where it takes microseconds. Within most industries, technology is a very important factor to succeed. Especially in certain industries, like energy, transport and financial services, technological innovations have been vital to make those industries develop into what they are today. Companies are always struggling to acquire better technology, so that they in a more efficient way can produce their products or carry out their services. It is therefore important for companies to keep an eye on new technological innovations. The technological elements…show more content…
An article made by naturalgas states that “new innovations have reshaped the industry into a technological leader9.” A report made by the U.S. Department of energy in 1999 shows that if technology had stagnated in 1985, America would have needed twice as many wells to produce the same amount of oil and gas. However, because of technological improvement, we only need half as many wells to produce the same amount in 1999. In 1999, the America used 22 000 less wells to produce the same amount as they did in 1985. A statistical review of world energy made by BP illustrates how much oil and natural gas that has been produced in each country and worldwide from 1965-2010. Worldwide, the total development of oil has increased from 31,806,000 barrels daily in 1965, to 82,095,000 barrels daily in 2010. The development of oil has increased from 96,9 billion cubic feet daily in 1970, to 309 billion cubic feet daily in 2010. The main reason to the increase in production is off course the growing demand, but according to naturalgas it would have been impossible without the improvement in our technology. Consumption of oil increased from 30,783,000 daily in 1965 to 87,382,000 barrels daily in 2010 and consumption of gas increased from 63 billion cubic feet daily in 1965 to 306,6 billion cubic feet daily in 2010. Another industry that has developed because of new technology is the nuclear industry. Numbers taken from NEI shows that 13,5 of the world’s electricity
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