  Technology was created to support and grow Business. Modern business that
uses technology efficiently, grows at a phenomenal rate (Statista.com, 2018).
The assumption therefore is that businesses that utilize insufficient
technology, or use technology inefficiently, experience reduced growth and
possibly, business decline.
  Technological development holds great significance in most industries
particularly in wastage reduction, process optimization and consequently
bottom-line revenue enhancement and price-leadership. We've seen revolutionary
technological development during the 20th century / 21st century thus far,
(Ivanovic et al, 2015) and it's led to drastic growth in fields like
communication, computer science, monitoring of operations, remote working, high
performance analytics and many more. Some fields have even come into existence
purely due to technology.
  Technological equipment cannot compensate for the skills, knowledge or
creativity of human employees. However, expertise of the average employee can
be greatly enhanced using intelligent software. Use of such equipment decreases
the need for unskilled and semi-skilled workers - but can exponentially
increase speed of performance for skilled workers. Innovations are key defining
criteria for competitive differentiation - but some of these can be easily
copied, which basically means that innovation and improvement are continuous
processes. Process standardization comes through in a big way when
technological solutions are applied in the work. It regulates/optimizes the
number of employees needed, power consumption, potentially reduces wastage,
drastically improves hygiene process (where relevant). The natural outcome is
greater process efficiency and cost efficiency.
  Keywords: technology, innovation, process efficiency, standardization of
process, waste reduction, continued improvement, business ROI.
