ECONOMIC SYMBIOSIS BETWEEN TECHNOLOGICAL CHANGES AND PRODUCTIVITY IN COMPANIES
Keywords:
technological changes, productivity, symbiosisAbstract
The purpose of this paper is to show that there is very close connection between technological changes in companies and productivity. Those economic symbioses that exist in these two entities are wholesome evolution of competitive modern company, where the prizefight for the larger quantity of the market is enormous. The paper will explain technological changes and their impact on productivity in the companies. Technological change denotes to the progress of the already current technologies and inventing innovative ones to increase the existing merchandises in the market while also creating new ones. Technology adopts innovation, generates jobs, and boost long-term economic success. By refining communication and making prospects for data-sharing and cooperation, information technology symbolizes an arrangement issue as important as bridges, highways, dams, and buildings. Productivity is the output created per unit of input. The progression of technology has a considerable effect on productivity. The companies can accomplish enhanced outputs thanks to more efficient systems used in production. The 6 important factors which are affecting the industrial productivity are: Government Policy, Quality of Human Resources, Availability of Finance, Technological Development, Natural Factors, and Managerial Talent. Methodology that is used in this paper is vast literature reviews by many authors that are interested in this area of research. Also, and comparative analyses will be used about these two entities. Technological changes lead to increase in productivity of labor and capital of the companies.
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