What is Business Technology? – Characteristics & Development – Video & Lesson Transcript
Table of Contents
Evolving Phases of Technology
The idea of technology has been around since the beginning of mankind. There are six phases of technology. Let’s jump into Moogle’s technological time machine and travel back to the first phase called Nomadic-Agrarian (0-1650). Technology at that point consisted of the harvesting of food with stone tools.
The second phase of technology, called Agrarian (1650-1900), consisted of agricultural tasks focused on mechanization, such as the plow and the tractor, that helped with planting and harvesting.
Let’s zoom in our time machine to the third phase of technology, called the Industrial Age (1900-1960). In this phase, technology centered on building material goods with machine tools and steam engines. The emphasis was on harnessing alternative energy, such as coal, water, and steam, to power the technology tools.
The fourth phase of technology is called Service (1960-1975) and concentrated on intellectual pursuits, such as with the introduction and growth of computers.
The phase from 1975-2000 is known as Information and is also based around intellectual development of tools for thinking and design. The tools are computers, the early Internet, and applications, such as Microsoft Office.
The last phase of technology is called Semantic (2000-today) and focuses on intellectual pursuits and networking with the addition of smartphones, explosion of the Internet, and social media.
What Fuels Technology Innovation Today?
Now that you have taken a ride through our technology field trip, we will discuss what fuels technology innovation today. There are three specific areas that provide the foundation for technological growth. Government is the first element of technology development, as it is needed to help fund, create, and launch new technology. For example, the government actually started the Internet in the late 1960s. In addition, the government invests in future technology in the areas of science, clean energy, biomedical research, and hi-tech safety and security.
Private investment also fuels the growth of new technology through venture capitalists, which are investors that give capital to start-up businesses with hopes of large investment returns. The last area of technology growth is made possible through business investment. Investors use their finances to help research and development (R & D) operations to create new innovations. The combination of government, private, and business investment, coupled with society’s ravenous appetite for technology, ensures a continuing growth of new innovation.
Lesson Summary
The growth of technology has been instrumental to the growth of society and business. Business technology refers to the applications of science, data, engineering, and information for business purposes, such as the achievement of economic and organizational goals. The main element of technology is the idea of change, and how it can affect business and society. For many, the issue of future shock develops when technology change happens so fast that it causes individuals to be unable to tolerate changes or handle the consequences. There are six phases of technology:
- Nomadic-Agrarian (0-1650), which consisted of the harvesting of food with stone tools
- Agrarian (1650-1900), which consisted of agriculture and focused on mechanization, such as the plow and tractor, that lead to planting and harvesting
- Industrial Age (1900-1960), which focused on technology centered on building material goods with machine tools and steam engines
- Service (1960-1975), which concentrated on intellectual pursuits, such as with the introduction and growth of computers
- Information (1975-2000), which was based around intellectual development of tools for thinking and design
- Semantic (2000-today), which focuses on intellectual pursuits and networking, with the addition of smartphones, explosion of the Internet, and social media
There are three specific areas that provide the foundation for technology growth. Government is the first element of technology developed, as it is needed to help fund, create, and launch new technology. Private investment also fuels the growth of new technology through venture capitalists, which are investors that give capital to start-up businesses with hopes of large investment returns. Business investment is the third element. Investors use their finances to help research and development (R & D) operations to create new innovations.
Learning Outcomes
Your goal by the end of the video should be to:
- Recognize what business technology refers to
- Identify the six phases of technology
- Recall what fuels technology innovation today
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