The twin facts – technology helps in the development of new services and products, and its usage helps in increased productivity. Leading companies have used these two facts to their advantages. Let us take example of information technology. Information technology has replaced repetitive kind of work, which needed many people to do the same is now completely automated. Even in the areas of scientific calculations. What would take scientists days to solve math problems can be now be done in a fraction of the time. For example to do weather forecasting it would take days before the weather could be predicted and also not very accurate. Today we do this much accurately and in less time.
A large number of new ideas are generated and marketed as a result of technology. For a high-tech firm it would help face numerous challenges in terms of ever tightening development timelines, shorter market windows, evolving standards, changing technologies and severe price pressures
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