The Impact Of Technology On The Economy

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Information technology has an impact on many different aspects of our life. Technology has influenced the economy and on the way people live, communicate and work. The growth and improvement of technology yields to a greater output and huge impact on the economy. Technology innovation provides more efficient and cheaper ways to make existing goods. Many institutions are spending a lot of their revenue on research and development. This resulted in creating new products and new services. Economy has been affected by technology in the number of the increased jobs, the emergence of new and developed services and the use of the Internet to reach customers. Technology has created more jobs in the past years. Technology is reshaping how workers…show more content…
One of the main benefits of cloud computing is that the company’s resources are used in other different ways and reduce the overall costs. It eliminates the need for a physical hardware computer and replace it with an online storage or a software delivered over the internet. For instance, government agencies are shifting its government IT infrastructure into the cloud and launch mobile and e-services for citizens and businesses. As an example of cloud applications in some countries: In China a company named Wang Fu Jing has deployed cloud services to share supply chain information and implement B2B e-commerce with suppliers (Kshetri, N. ,2011). Another example is in South Korea: IBM’s cloud computing centre provides architecture, skills and pilot projects for banking, telecommunications, and IT hosting services (Kshetri, N. ,2011). An Indian bank named ICICI’s uses Zoho’s applications to develop services such as personalised insurance for diabetes (Kshetri, N. ,2011). Cloud computing offers many services to companies and government agencies; applications, operating systems and data are secured in the cloud environment rather than on a physical computer that is exposed to the risk of lost, stolen or hardware failure. Compared to client-based computing, cloud-based software is easier to install, maintain and upgrade. Furthermore, mobile applications based on cloud computing are becoming increasingly popular. Ericsson estimates that there
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