The difference between technology and technological change is that the former focuses on production techniques while the latter deals with new production methods. In other words, technology is an equipment-centered process of turning inputs into output while technological change is an intellectual exercise into seeking ways to improve production techniques.
Technological change includes the invention of new technologies, their commercialization or release as open source (which is based on research and development), the improvement of existing technologies, their diffusion into industry or society and the gradual adoption of the innovations. This process is influenced by a number of factors, including cultural setting, the nature of political institutions and marketing strategies.
Measurement of digitalisation is an important part of any business strategy, but it is crucial that the right software and platform are chosen to ensure effective measurement and insights. This article will help SMEs get started on measuring long-term digital adoption and identifying areas where cost-cutting measures can be implemented.
