Convenience and lower costs makes the adoption of technology more attractive. The invention of new technology usually appears as a single event or occurrence. However, the diffusion of technology is usually continuous and a rather slow process. Yet, it is the diffusion process of technology rather than the invention on technology that has an impact on the growth rate of the economy and the rate of change in productivity.
There is no doubt that technological change can bring about social change. However, advances in technology is not equitably shared with society. People with money have more opportunity to acquire technology, which enables them to acquire even more wealth. Technology leads to greater social economic division. Employees are viewed as commodities and expendable. Technology leads to alienation because it can create jobs that require no specialist knowledge.
The internet in its current form was developed as a free exchange of information, unregulated by any one government or owned by any one person or company. The free flow of information, has brought about technological advances at an unprecedented rate and has made many rich and brought companies who failed to adapt to a standstill. The internet dissolves all boundaries; already the barriers between countries are non-existent. Any person can use the Internet to search for a company’s details and can commence trading without ever having met. Resisting the tide of technological advances has become almost impossible for any company who wants to remain competitive. Business today is about remaining competitive and technology is the leverage.
The impact of the technology revolution means e-commerce will affect the middle man and allow direct trade with consumers. Efficiency brings about lower prices for the consumer, though it is more accurate to argue that efficiency brings about greater wealth for shareholders, directors and owners. Technology has greatly altered the structure and operation of all industries. The fundamental constructs of trade, can be unravelled and made into a horizontal supply chain. E-commerce will create efficiencies that effectively remove the need for a long supply chain but at the expense of social relationships.
Maslow’s hierarchy of needs is being redefined. According to Maslow's theory, people are motivated to achieve certain needs. When one need is fulfilled, man strives to fulfil the next one, and the next, without end. While technology does not have any direct influences on the basic (biological or physiological needs) needs of a man, technology has addressed some basic needs and requirements. Technology has created certain devices, instruments and even, some weapons for one's safety. Advancements in technology has enabled one to stay connected his dear and near ones, whenever and wherever necessary with communication devices like mobile phones, internet etc. Additionally, technology has allowed man to access any knowledge without much difficulty – everything is now at his fingertips. Thus technology has made man to fulfil his needs more rapidly and to strive for more needs and requirements.
• Social issues – any routine job can be replaced by technology. At a time when the economic forces of emerging countries are taking away jobs, company’s need to bridge the gap between efficiency and solving a critical problem by resisting the urge to adopt new technology and
• Ethical Issues – as a society we are part of the remarkable advances in the way we communicate and interact. In this new landscape we are witnessing physical objects merging into the digital infrastructure. For example, we can now remotely access door locks, and medical devices. This new evolution of communication brings with it many challenges for security and privacy.
• Sustainability – the internet of things can contribute positively towards the environment, for example, there is now technology that can help us be more efficient at home with products to control heating and cooling costs. To get a sense of what this sustainable picture looks like in the long term, just look at a city like Copenhagen, which is transforming its infrastructure with the aim of becoming a city entirely independent of fossil fuels by 2050. The city’s urban development project has, piece by piece, built smart technology into its transportation, architecture, and operations; now, before its residents’ eyes, Copenhagen has grown a data-centric infrastructure that is decreasing resource costs, minimizing pollution-related health problems, freeing the city from dependence on foreign energy, and attracting environmentally conscious residents and businesses.