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Factual Tech Revolution that disrupts the global economy

 Technological changes continue to shape humanity. 

It's no longer business as usual as the internet connects the world. Tech apps, social media, digital media among connected devices turn the world toa global village.

Forbes ranking listed tech companies such as Google, Microsoft, Amazon and a few others among the top 10 most valuable brands.

Technological upheavals shaping the world can only be comparable to the industrial revolution.

Currently, numbers (digits) control the world by prescription, while words shape the world in descriptive terms. 

The advent of the digital revolution kick-started the process of making work easier for humanity to thrive.

How Tech controls Humanity

How we communicate: Social media platforms has caused much disruption to telecommunication companies in offering both voice and text-based conversations. 

WhatsApp and Facebook messanger are among the most used social media.

In 2014, Facebook (currently Meta Company) bought WhatsApp at USD.16b.

How we Shop: E-commerce is slowly devouring traditional shopping malls as consumers navigate the web to shop. 

Amazon, eBay and Alibaba are among the global e-shopping sites.

Alibaba is slowly overtaking Amazon and eBay due to its innovative approach of doing business.

In 1999, Jack Ma a former English teacher launched alibaba.com with the intention of creating a business-to-business online market platform. 

Alibaba has morphed itself and currently supports business-to-consumer, consumer-to-consumer and a third-party online payment platform.

How we entertain ourselves: Movies and music streamlined online can be availed on Netflix, Showmax and YouTube. 

Netflix is the most sought entertainment site.

Netflix was started in 1997 as a video renting company. The site currently turns any internet connected device into a video-on-demand service.

How we take vacations: Airbnb is an acronym for Air, bed and breakfast.

Airbnb provides a web platform which connect apartment owners with clients seeking short term accomodations. 

The Company was started by Brian Chesky and Joe Gebbia. Airbnb disrupted the hotel industry on how rooms are booked.

How we travel: Travels can now book taxis online. 

Uber is the king of virtual transport booking. It's a taxi hailing app that is shaping modern transport in Urban centers across the world.

What industries are being disrupted by technology?

From historical perspective, the industrial revolution saw the emergency of machinery, manufacturing process improvements that replaced artisan and craft production.

The current information revolution gravitating around computing, internet and mobile telephony seeks to replace human labor.

Below are some of the industries which have been affected by technological upheavals:

Tax Softwares: Tax accountants are slowly replaced with tax Softwares such as TurboTax.

Travel websites: Currently, there's no need for travel agents as travellers can seek destinations via travel portals like Travelocity, Expedia and Kayak.

Virtual Assistants: Virtual assistants eliminate the need for human Secretaries, phone operators and office Assistants as they replace their services with mobile apps, telephone systems and Enterprise Softwares.

Translation Softwares: Reduces the need for human translators. 

Media: Digital media is slowly edging out traditional newspapers and magazines. 

Delivery services: Drone technology has revolutionarized the manner in which products are delivered. Drones may replace pilots in the film, crop dusting and travel monitoring sector.

How technology has impacted the world economically

Tech is the main driver of the economic growth of most countries across the globe.

Technological changes have impacted the way business is conducted thus becoming a major booster in the global economy.

Through technology, there has been sustainable efficient production of goods and services and enhancement of their delivery to potential customers.

E-commerce has led to the expansion of the market for goods and services.

The disruptive technology has created new markets and business practices, opened market for new product infrastructure and diverse labor skills.



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