Innovation in technology and software infrastructure has greatly impacted our lives, creating a global culture. In a matter of years, we’ve become more connected and informed, leading to an increase in cross-border communication efforts between the developed and developing world.
For the majority of its infancy, technology, and internet-related services were considered a niche market mostly available to businesses or companies to help them cope with a myriad of problems such as staffing issues or conducting consumer research.
Rapid commercialization of certain products and services has now helped connect more than 5.07 billion people, seeing 63.5% of the world population using the internet daily. The desire for digital infrastructure and national governments partnering with private institutions has greatly helped bring more people online, and help find new ways to narrow the digital divide.
While countless arguments support both the good and bad sides of technology and its influence on modern society, many people often focus their attention on how technology has changed our social interactions. Yet, today we see a plethora of these tools and systems helping to improve our quality of life on an individual level, while increasing company and employee productivity.
Insight by Stanford University shows that technology has helped reduce the national cost of production, establish quality standards, and improve long-distance communication among residents in developing nations.
Further research by the World Economic Forum supports this statement, helping to establish data points that reveal how soft and hardware internet components can help to mobilize economic development and improve the quality of life for individuals in poorer regions of the world.
With a nearly countless amount of technological developments, products, and services now widely available, the coming year will only see further growth in this space as the commercial market needs continue to expand.
Improvement of healthcare
The parity of the global pandemic and technology-enabled faster development of Artificial Intelligence (AI) and telemedicine services. Although the adaptation thereof was slow to start with, today, we see an increasing number of healthcare professionals and practitioners utilize these tools more effectively.
Consumers from all walks of life can now have better access to the treatments they require, regardless of their location. For those in remote regions, telemedicine has become a viable short-term solution, helping to establish more convenient channels for diagnosis, treatment, and follow-up.
On the other hand, AI has been implemented throughout several categories of healthcare, including mental health treatment, cancer treatment diagnosis, and natural language processing, among other parts.
Another impressive advancement is AI’s success in analyzing healthcare data. Collected data and patient information allow healthcare workers, researchers, and governments to make more informed choices that can have an impact on the larger community. Although the majority of research and development for these systems still comes from private companies, government initiatives can help improve patient access and lower the cost thereof in the long run.
Building relationships
Perhaps one of the most notable changes in the quality of our lives through technology is how it’s helped us foster and build new relationships with people. Through the use of tech-based tools, we’ve been able to connect seamlessly with more people at once, whether it’s through traditional mobile or social media applications.
The University of Kansas found that relationship-building among people is crucial for several reasons, including:
- Building new relationships can give better meaning and richness to our work and lives.
- Relationships help us garner allies for a cause or movement.
- Typically, community building starts with one-to-one interactions.
Nowadays, it’s a lot easier to stay connected with those we deem important. We’ve become more inclined to build relationships with new people and venture outside of our social circles. Increasing our social interactions can improve our quality of life through connection, conversation, and creating personal experiences.
Against the backdrop of professional experience, technology enables employees and companies to build meaningful network connections, which not only helps the business expand its marketplace influence but increases authority among consumers. This can help to lead to better profits and new business opportunities.
Improved access to information
Learning opportunities have also become easier, not only for those in developing regions but for the majority of people. The internet now provides a plethora of information easily accessible from nearly anywhere in the world.
As of September 2022, there were more than 1.98 billion websites on the internet. Depending on the type of websites individuals make use of daily — these platforms can help them make more informed decisions and improve their understanding of the world around them.
The internet and technology can help us understand concepts we’ve never encountered. It’s easier to learn about foreign cultures, religions, and the economy and stay up to date on the latest trends. On top, it’s allowed more businesses to give employees access to software skills and tools that can help advance their careers.
Increasing digital exposure can help any person during any phase of their life. Learning new skills or understanding new concepts, such as the local tax system and regulations, are all possible through the advancement of tech-based tools. The simplest forms of technology have managed to make the biggest impact on individuals.
Borderless finance
Fintech and digital finance will perhaps see some of the biggest growth in the coming months as relevant tools and resources become more widely available through the internet.
Throughout the last few years, fintech or financial technology has enabled companies to hire and pay employees in different parts of the world, individuals can now transact through the virtual financial ecosystem, and economic equity has significantly improved.
Growing economic uncertainty and macroeconomic problems such as inflation, higher interest rates, increasing rental prices, and supply chain constraints will help promote faster advancements in the field of fintech and digital banking.
Fintech tools are more than digital banks and mobile payment apps; they help democratize the global economy, providing more foolproof access for ordinary individuals to financial markets and investment opportunities and growing their wealth.
As fintech establishes itself within the general population and enterprises increase their acceptance of these technologies, finance, and banking will become increasingly borderless and an open access ecosystem for billions of unbanked individuals around the world.
Final thoughts
Technology has made a strong imprint on modern society, allowing for more seamless connection and development of human interaction, the sharing of information, and overall improvement in the quality of life.
Ongoing investment in software and hardware will enable more people to come online; it will provide them with services and products to better their lives.
The coming year will present consumers with another host of exciting advancements. This will bring more people closer and provide practical solutions; which will narrow the digital divide between the connected and unconnected.
Featured Image Credit: Photo by Pramod Tiwari; Pexels; Thank you!
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