Leaping Into the 6th Technology Revolution

In recent decades there is a huge revolution in computing and communications, and all indications are that technological progress and usage of information technology will continue at a rapid pace. Accompanying and supporting the dramatic increases in the ability and usage of new information technologies has been the declining cost of communications consequently of both technological improvements and increased competition. In accordance with Moore’s law the processing power of microchips is doubling every 18 months. These advances present many significant opportunities but in addition pose major challenges. Today, innovations in information technology are experiencing wide-ranging effects across numerous domains of society, and policy makers are functioning on issues involving economic productivity, intellectual property rights, privacy protection, and affordability of and access to information. Choices made now can have long lasting consequences, and attention must certanly be paid with their social and economic impacts Samsung.

One of the very most significant outcomes of the progress of information technology might be electronic commerce on the Internet, a fresh method of conducting business. Though just a few years old, it might radically alter economic activities and the social environment. Already, it affects such large sectors as communications, finance and retail trade and might expand to areas such as for instance education and health services. It implies the seamless application of information and communication technology along the whole value chain of a company that’s conducted electronically.

The impacts of information technology and electronic commerce on business models, commerce, market structure, workplace, labour market, education, private life and society as a whole.

1. Business Models, Commerce and Market Structure

One important way in which information technology has effects on work is by reducing the significance of distance. In many industries, the geographic distribution of work is changing significantly. For instance, some software firms have discovered that they may overcome the tight local market for software engineers by sending projects to India and other nations where the wages are much lower. Furthermore, such arrangements may take advantage of the time differences in order that critical projects can be labored on nearly around the clock. Firms can outsource their manufacturing to other nations and count on telecommunications to keep marketing, R&D, and distribution teams in close connection with the manufacturing groups. Thus the technology can enable a smaller division of labour among countries, which often affects the relative demand for various skills in each nation. The technology enables various types of work and employment to be decoupled from one another. Firms have greater freedom to discover their economic activities, creating greater competition among regions in infrastructure, labour, capital, and other resource markets. In addition, it opens the entranceway for regulatory arbitrage: firms can increasingly determine which tax authority and other regulations apply.

Technology

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