Why we should be cautious of new technologies

 estimated read time: 2m 15s 

New technologies are often seen as exciting, innovative, and beneficial for society. But are they always as good as they seem? I will explore the benefits and downsides of new technologies, and why we should be cautious before embracing them blindly.

How fast is technology growing

According to a report by mediapeanut.com, technology grows by 2x every 18 months in processing capacity. Over 89% of Big Data has been generated in the past two years. The future of technology does not appear to be slowing down and only looks to be increasing. The speed at which technology is growing is 2x every 18 months when computing is measured. Over 89% of big data has been produced within the last 2 years.

Some of the recent technology advances in the past few months as of May 24, 2023 have been the following: Self-fertilizing crops, On-demand drug manufacturing, Breath-sensing diagnostics, 3D-printed houses and as most of us might be aware of due much in part to ChatGPT is Artificial Intelligence and Machine Learning, which has had an impact Marketing.

What are the benefits of new technologies

There are many benefits to new technologies for us and multitude of different industries including marketing. Some of benefits of new technologies include easier, faster, and more effective communication, better and more efficient manufacturing techniques for a plethora of industries, more efficient stock management and ordering systems, more effective marketing, and promotion and of course plethora of new sales avenues that we could have only dreamed of many years ago.

Downsides of new technologies

Just as there are many benefits to new technologies there is bound to be downsides to them as well which impact business, business stakeholders, and consumers. Some of the downside include Increased dependency on technology (which I’m strongly concern about, but that discussion for another day), often there are large costs associated with using the latest technology (especially for small businesses), Increased risk of job cuts (especially in light of artificial intelligence and automation), Security risk in relation to data and fraud, technology can go down anytime or have faults, which can stop all business operations instantly (For example when Rogers Communications had an internet outage across Canada).

Why should we be cautious of new technologies

New technologies can offer many advantages and possibilities for our lives, but they also come with risks and challenges. We should be cautious of new technologies because they might have unintended consequences, ethical dilemmas, or social impacts that we are not prepared for. We should not blindly trust or adopt new technologies without critically examining their benefits and drawbacks. By being cautious of new technologies, we can make informed and responsible decisions that will benefit ourselves and society in the long run.

Sources:

Mortensen, J. (2021, June 5). Why Is Technology Evolving So Fast? Tech Evaluate. https://techevaluate.com/why-is-technology-evolving-so-fast/

H. DIAMANDIS, P. (2017, February 17). A Look at How Much Humanity Has Advanced Over the Last 100 Years. Futurism. https://futurism.com/a-look-at-how-much-humanity-has-advanced-over-the-last-100-years

‌Michael, P. (2021, December 15). How Fast is Technology Advancing? [Growth Charts & Statistics] 2022. Mediapeanut.com. https://mediapeanut.com/how-fast-is-technology-growing-statistics-facts/

‌CENTER FOR CATASTROPHIC RISK MANAGEMENT. (2022, April 7). Benefits of Technology: What Are The Advantages Of Technology? – CCRM. CENTER for CATASTROPHIC RISK MANAGEMENT. https://ccrm.berkeley.edu/project/benefits-of-technology-what-are-the-advantages-of-technology/

The enterprise world. (2021, July 20). Latest Technology Advancements in 2021 | The Enterprise World. The Enterprise World. https://theenterpriseworld.com/latest-technology-advancements-in-2021/

Johansson, A. (2018, July 25). We need to reduce our dependence on technology if we want to keep innovating. TNW | Contributors. https://thenextweb.com/news/we-need-to-reduce-our-dependence-on-technology-if-we-want-to-keep-innovating‌‌

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