Advances in Technology
Rapid advances in technology are causing many products to become obsolete more quickly For example microcomputer chip technology has significantly reduced the size of cellular pones while at the same time expanding their capabilities Cell phones in Finland flit are now equipped with smart cards which actually allow purchases to b trans through the phone the co t of the purchase being charged to the individual credit want a drink from a vending machine. you just aim your phone ell it and all translates the necessary construction information to the machine and our Computers are another good example products that paced by advance.far exceed anything imaginable 15 years ago; and this trend will most likely continue into the foreseeable future Technology also has impacted the processes by which goods and services are produced
and slivered. Computer-aided design (CAD) and computer’-aided manufacturing (CAM) systems now provide firms with the ability to significantly reduce the time between product development and production As another example of how technology has affected the production process the increased use of robotics on the factory floor not only reduces labor costs but also significantly increases product quality.