Technological change describes the process of invention, innovation and diffusion of technology. Change comes inevitably together with technological progress. Technological change has allowed the process of disruption that we’ve seen in all aspects of life from digital companies. Amazon for instance applied technology to retail and thus disrupted the retail business.
Change is most evident where the human factors come into play. When computers start doing human jobs, when technology changes the way we interact with each other, when new economic sectors are enabled by a new technology. Computing, social media, crypto-currencies are just some examples of new sectors that were enabled by technological change.
As the rate of technological change will increase in the next years, both businesses and individuals need to expect to change the way they work, interact and play multiple times during their lifetimes.