Technologies

Rapid technological advances and convergence in areas such as biotechnology, nanotechnology, microelectronics, computers, telecommunications, designer materials, and robotics have had substantial impacts on industrial structure, and productivity growth.

Industries are being transformed by the availability and application of new technologies. New technologies have allowed for substantial productivity increases in traditional industries such as manufacturing.

In manufacturing, technology is increasing the degree of control that firms have over everything they do. The improvements in IT and its combination with other new technologies (eg. smart sensors) means that all aspects of all processes can be remotely monitored and increasingly controlled with great precision.