Productivity Improving Technologies

This article discribe about Productivity Improving Technologies, which is increased by lowering the amount of labor, capital, energy or materials that go into producing economic goods. Implementing new information technology in a business is not without its risks, but, properly applied, it can have a considerable positive impact on productivity. Innovations in technology have improved operations at companies of all sizes and helped turn small local businesses into global businesses. Most major innovations of the Second Industrial Revolution were based on the modern scientific understanding of chemistry, electromagnetic theory and thermodynamics and other principles known to a new profession of engineering.