This technological advancement has brought significant benefits to these countries. From increased foreign trade to high investments in human capital. Many developing countries are embracing new technology to increase efficiency.
Technology enhances the proper management of resources while ensuring the effective production of goods and services. Its advancement is vital for the economic growth of any country. So, developing countries need to prioritise technological innovation rather than just adoption.
In this article, we examine how technology is helping developing countries economies. Let’s get started.
Creation of jobs
Technological advancement in developing countries is eliminating unemployment in different sectors in developing countries. It offers employment to skilled workers to enable them to generate a decent income. A stable source of income is improving people’s lifestyles in these countries.
Additionally, more companies are embracing technological innovations to expand their services. They are creating more job opportunities and increasing their workers’ wages. An increase in salaries means more revenue to the governments from taxes which results in economic growth.
Increased production
Technology has led to the automation of complex processes and workflow in many businesses in developing countries. This automation has led to an increase in efficiency and effective running of companies.
Computerisation has also led to high productivity and the elimination of human errors in various tasks. More business owners are now focusing more on revenue-generating activities as technology handles complex tasks. Increased production means more government revenues.
Advanced communication
Technology is improving communication processes in developing countries. Smartphones and social networking platforms have taken communication to extraordinary new levels. Technological advancement has made it possible to conduct business outside the office. You can comfortably communicate with your employees through video conferencing, emails, or video chats.
Technology has made communication instant, fast, collaborative, and more deliberate. For instance, you can now access government services through a centralised portal at the comfort of your home or office.
Business innovation
With the advancement in technology, many businesses have created an online presence. You can now reach a large audience and find what your competitors are offering through the internet. Social media is an excellent marketing tool, and it’s affordable in developing countries.
Increasing online presence by businesses has attracted innovation. Many companies are looking for creative ways to stand out in the competitive environment. They are experimenting with new products and services that will give them a competitive edge.
Workforce transformation
Technology has made workers more active and productive. It has increased speed and production rate in businesses which results in significant revenues. Workers have become more efficient and collaborative.
The technology minimises time wastage in businesses as it automates most processes. It allows the workforce to focus on profitable tasks. A productive workforce means enormous profits in these businesses and significant revenues to the economy.
Growth of new businesses
The availability of networks has led to the emergence of new businesses online. Many new companies are selling their products and services on social platforms such as Facebook and Instagram.
Computerisation has fueled the growth of new sectors such as the app industry. A study done by the University of Maryland shows that the Facebook app has an aggregate value of over $12 billion.
GDP growth
Technology advancement in developing countries contributes to significant gross domestic product growth (GDP) in most countries. Governments in these nations are hugely investing in technology to improve the quality of products, increase the market share and encourage e-commerce business.
Creation of a broader market of products
Markets in developing countries are getting integrated into the global economy thanks to technology. The internet is also providing an excellent platform to research market trends and behaviours. People can also sell their products internationally via the internet in the comfort of their country. Additionally, business owners can ship products from other countries within a short time.
Better trading
Technology has made transactions efficient through inventions such as credit cards and mobile banking services in developing countries. Sellers are trading their products through e-commerce, where buyers shop conveniently. Technology development has also made foreign transactions more accessible and faster than before.
Improvements in education
Photo by Julia M Cameron from Pexels
Technology has improved the education sector, especially during the covid-19 pandemic. Students are enrolling in online classes at their convenience. It has helped them research a wide range of topics online since it has a wealth of resources. Additionally, they can attend web seminars from the comfort of their homes where they can learn, interact, and ask questions.
Security
The technology ensures secure online transactions and record keeping. It denies unauthorised persons permission to access sensitive data of an organisation. The use of passwords ensures that your information is accessed by the proper authorities only.
Improved healthcare
Internationally, medical research is primarily based on technology, and developing countries are not excluded. Using it facilitates the safe manufacturing of large quantities of drugs to meet the needs of countries.
Researchers are using technology to develop vaccines to combat the covid 19 disease. The use of technology has been instrumental in the production of various vaccines. Additionally, modern technology has made it possible to detect a wide variety of diseases and treat them through the development of powerful medical devices.
Bottom line
Every country needs technology. Processes have become more manageable through it, and the world has become a better place to live. To improve a country’s ways of doing things, governments in developing countries should focus on technological innovation.
Technology is an essential tool in time management, increased productivity, and the overall growth of any economy. It has helped in curbing issues such as climate change, food scarcity, and environmental degradation.
There is no doubt technology has made life more accessible and comfortable. As almost everything people use is connected to technology, it has become part of our everyday lives. As a result, various nations have had high GDPs, created job opportunities, increased innovation, etc. Generally speaking, technology has improved the lives of people.
