Innovations in technology are a crucial business tool for managing the growing customer demand, managing the life cycle of products, and creating loyalty. Leaders who prioritize technological innovations can achieve best-in class business results in an era of fierce competition and erratic customers loyalty.

Technological innovation brings a myriad of benefits to society and to the economy. It helps combat the impact of climate changes, improves health by providing better diagnosis and treatment and increases productivity and efficiency in the workplace. It also helps boost economic growth by enhancing the competitiveness of regions, companies and countries. It also helps in reducing poverty by increasing production and creating new job opportunities.

Some of the major technological advances include:

AI and ML Advanced machine learning algorithms and deep learning are revolutionizing business processes, by speeding up the pace at which data can be processed, offering advanced capabilities in a variety of applications. Examples include facial detection as well as natural language processing (NLP), image analysis and text classification.

Robotics: The rapid growth of robotics, which is a type of disruptive innovation that is transforming business processes by automating tasks and providing significant cost savings. It also facilitates faster and more accurate work, as well as improved human-robot interaction.

Agricultural technology is an example of an innovative technology and helps to reduce hunger through improved crop yields. This technology innovation is particularly important for small-scale farmers in developing countries that produce as much as 80 percent of the world’s food. However, the efficacy of technological innovation in promoting economic development and alleviate poverty must be considered as must its potential negative impact on society.