What Exactly is Technology?

Let’s take a blacksmith forging a horseshoe. He picks up a suitable bar of iron, heats it up, forges it, and finally tempers it in liquid.

In all these phases a blacksmith applies some technique.

Technique is related to any effort, be it physical (concrete) or mental (abstract). One can talk about painting technique, guitar-playing technique, studying technique, swimming technique, or memory technique.

Simply put, ‘technology’ in turn is the understanding, art and readiness to apply proper techniques; in other words, to select among methods and exploit them to accomplish a desired aim.

Our example of a blacksmith is technology in its purest form.

What does it have to do with business? A lot…

With technology, one transforms material and other inputs into saleable products. It is technology that creates the added value. Technological advance is thus of vital importance in the creation of new products, services, or solutions. It is the most prominent factor in competition

technology

from Gk. tekhno- + -logia, "systematic treatment of an art, craft, or technique"