Technology+and+Communication+Networks

=Technology=

Technology is constantly changing to suit the needs of mankind. This transformation is often referred to as the information economy because of information’s superior role. It has been also noted as the industrial revolution that is even more important than the second industrial revolution which made the age of productivity growth possible.

The diffusion of computer hardware and software, new communications networks like the internet, and advances in information technologies have played a major role in the shaping and development of the new economy. Just over the past decade there have been many emergences of information technology producing industries such as e-commerce, ubiquitous computing, virtual reality and a wide range of developing ICTs. Millions of businesses have moved their supply networks to new online marketplaces

As time progresses, costs of computer power, electronic connectivity, computer processing, data storage and new software will continually decline. This is turn will increase internet activity and business IT hardware and software growth.

=Communication Networks=

In establishing a network large fixed-costs such as purchasing equipment, laying new cable, developing new software are involved, but adding an existing user to an already established network cost very little. A prime example of a major communications network is the internet.

As communication networks become more popular, new technological specifications are required and new software and hardware innovations are introduced. Communication networks provide several advantages such as improving human resource functions, making transactions in real time and a much faster and easier way to communicate over long distances. In addition these networks allow businesses to improve efficiency in business processes, reduce administrative costs and improve customer service