We are living in the midst of a technological revolution with new advances being made every day. Looking back, it’s hard to imagine life without email or a smartphone. It makes you wonder how today’s developments will impact our society in the years to come. According to the Pew Research Center, in conjunction with Smithsonian magazine, 59 percent of Americans anticipate the influence of technology will be positive.
Advances in technology point to the possibilities of major scientific developments, like the ability to grow organs or even control the weather. But what will be the impact on business and everyday life?
Obviously there is no way to definitively predict the future, but there are certain advancements currently under use that will no doubt have a significant effect for years to come. According to the McKinsey Global Institute , the greatest economic impact will be felt from mobile Internet. The research done by McKinsey concluded the technology predicted to have the largest overall impact isn’t necessarily on the extreme end of development, such as cultivating organs or controlling the weather. Instead, the institute feels the technology that is currently in use and making consistent small advancements will be most powerful. In fact, it will be the mixture of commonly used technologies like cloud-computing and mobile Internet connectivity.
Technology such as 3D printing, hyper loops, and robotics are all things that futurists predict will dramatically alter our economy in the future. But what about the things we use today on a daily basis? Krista Canfield, senior manager of corporate communications at LinkedIn stated in an article that she felt wearable technology would be something to watch. Instead of pulling out your smartphone, or additional device, the technology used daily will actually be a part of what we wear. In the same article, Jessica Crawford, president of MedTech Association, sited she feels future medical technology will greatly impact the care and health of the general population for the better.
In their book, The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies, MIT professors Erik Brynjolfsson and Andrew McAfee believe work will be displaced from current practices, forcing employees to shift from specific jobs, which will be taken over by machines. However, instead of a complete loss of employment, a shift will occur in which people will be working on the actual technology itself, or simply displaced to alternative occupations. For example, the need for restaurant wait staff is slowly decreasing, as customers are able to place orders online or pay via tablet or app. However, because of this technology, more customers can get in and out of a restaurant thanks to decreased wait time. Because of this, the demand for kitchen staff, food preparation, or restaurant locations may increase, causing a need for additional jobs. Ultimately, technology will replace old jobs while creating the need for new ones.
In the end, it seems that today’s technology is just a glimpse of what’s to come. Instead of being nervous about keeping up with it or questioning if it will replace our jobs, look at the benefits it will bring. As technology has advanced and improved over the years, so has our standard of living. Imagine what life will be like when an organ can be manufactured, or traveling the world can literally happen in a flash. Sounds exciting, doesn’t it?
When it comes to the idea of connected mobile technology, we at PayProTec are already prepared. Today we can help merchants accept payments via NFC using Apple Pay and Google Wallet. We’re paying close attention to emerging technologies so consumers will be able to pay for your goods and services however they prefer no matter what the future holds.