Businesses have been shaped by technology in many different ways, opening up new opportunities and providing simpler options across all industry sectors.

According to Wikipedia, technology is:

The application of knowledge to reach practical goals in a specifiable and reproducible way.

Technology categories

There is a hierarchy that divides technologies because they are not independent of one another:

  • Fundamental technologies: These include engineering and electronic technologies as well as principles relating to science.
  • Generic technologies: These are similar to the first kind since they are a subset of fundamental technologies whose principal function is to address particular problems.
  • Applied technologies: These are developed to address special problems inside certain systems. Therefore, the two primary areas where this type of technology is used are robotics and office automation.

The first two types are the most popular because they can be used across all industry verticals.

In its book “The Strategic Management of Technology,” consulting firm Arthur D. Little categorizes technology according to strategic management. Consequently, technology can be classified as:

  • Key technologies: These are employed by businesses and can be made in-house or purchased. Its primary goal is to give the company it is utilized by a competitive advantage.
  • Basic technologies: These are the traditional, important technologies that any organization should be familiar with. Knowing them should be the cornerstone of any modern firm, even though they do not provide any type of competitive edge.
  • Emerging technologies: These are the “beta” versions of technology, but understanding them is crucial. These are the technologies that have the potential to be fundamental for the companies, creating them a competitive edge. Understanding and staying current with emerging technologies in your sector is critical.

Technology stages

Organizational technology goes through a number of stages before becoming part of one of the categories of technologies mentioned above. The stages are as follows:

  1. Introduction: This is the early stage, where the products may be crude and have plenty of room for improvement, but they also come at a high cost due to a lack of expertise, expensive marketing, and a lack of economies of scale. Emerging technologies are typically given this stage because, once developed and pushed on to the following stages, they can create significant competitive advantages.
  2. Growth: Although the benefits of the technology start to develop in this stage, demand is not significantly larger than it was in the stage before. The ultimate goal of R&D investments, however, is to shape them at a cheaper cost in the following phase. Key technologies are assigned to the growth stage.
  3. Maturity: Significant advantages are realized at this point, and businesses begin vying for cost and advantage. Innovation is essential, and there is unwavering motivation to cut expenses as much as feasible. This stage is suitable for basic technology.
  4. Reduction: At this point in a technology’s life cycle, only those companies with a competitive advantage are still in the running. The location of the firms and the raw materials they possess or have access to are the most prevalent types of competitive advantage at this stage. The remaining organizations then disband. This is also a component of fundamental technologies.

Contemporary technological aspects

The vast array of modern technology can be described in a variety of ways and has a wide range of features. These can be broken down into:

  • Transversal implementation: Showcase a technology that is used across multiple sectors, such as information technology (IT), which is, without a doubt, the field that has had the greatest expansion across industry verticals.
  • Combinational nature: Technology that can be coupled to create a competitive edge or raise functionality is referred to as having a combinational character. The end result of this will be the development of new technologies through the fusion of old ones. The current trend of laser and printing is one such instance.
  • Contagious nature: This has a dragging effect since it makes other technologies more likely to occur. Such technologies have an impact on other industries as well, so it doesn’t just influence the industry in which the original technology was used.

Cloud computing technology

The deployment of cloud technology must take place inside a modular framework with excellent reconfiguration capabilities, allowing the flexible accumulation of resources or services to satisfy shifting market demands. However, the idea is still in its most early stages of diffusion,  affecting the two main business sectors—large enterprises and small and medium-sized businesses (SMEs)—in different ways. Understanding the variables that may affect an organization’s or company’s adoption rate is crucial for the growth of cloud computing.

This section’s claim is that your intended use of the cloud system is influenced by its technological complexity. This is based on the findings of Tsai et al.  and Oliveira et al’s studies, which focuses specifically on the cloud.

Although cloud systems are seen as helpful and simple to use by organizations, it is implied that their implementation may come with some technological difficulties that some businesses cannot afford, such as:

  • The requirement for ICT specialists;
  • Technical requirements to protect processes and data.

In any case, there is an inverse relationship between technological complexity and intention to use, meaning that as complexity increases, desire to utilize the cloud diminishes. This demonstrates that technological complexity is also a mediator to be taken into account in this new technology, besides utility and ease of use, which have historically been significant mediators in the adoption of prior technologies.

SaaS technology

With the knowledge of SaaS technologies and their frameworks, it is safe to say that it is a tool which will assist in:

  • Increasing storage capacity;
  • Increasing transactional system performances;
  • Streamlining technical procedures.

Integrating a SaaS technology to the system means that the users need not do anything, while providing the business, through the use of the SaaS technology, with a solution to the issues of:

  • Performance;
  • Cost;
  • Time.

In general, SaaS differs from the other models due to its accessibility, practicality (both financially and operationally) and capacity to capture data gathered by software users in real time. This strategy provides individualized and all-inclusive solutions to a wide range of users. However, personalization, independence of usage, and data security, for example, are advantages of alternative models which for the SaaS model represent weaknesses.

Overall, the current technologies are effective due to their extensive and comprehensive structure, which provide advantages for all clientele. In return, business strategies convert into a model that is sustainable over time. All eyes are on the evolution and development of new technologies – capacity to interface with numerous functions, including real, physical, and tangible life, while discussing the technology of the future.