Information Management Technology (IMT)

Categories: Tech

Pretty much every company in our service economy lives and dies based on the data they keep, manage, optimize, etc. As a key driver for success, an entire industry revolving around the science of managing this data has evolved, cleverly named Information Management Technology.

The industry comprises things like database management, salesforce success tracking, email marketing, security, global compliance, and a zillion other things that make companies go.

Great careers came out of this tail-wind industry as well: the founder of Amazon was running IMT for a hedge fund (and others) who carefully tracked data. And if you think about it, in a lot of ways Amazon is, in fact, an IMT logistics company simply shipping the result of clicks on a database to people's homes in timely fashion.

Want an almost-guaranteed job out of college? Major in CS and you can pretty much write your own ticket. Electronically.

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Econ: How does Technology Change Market ...6 Views

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And finance Allah shmoop What is technological change Well let's

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see We all benefit from technology Just think about it

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We're talking to you through time and space thanks to

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a little thing called the Internet Yeah great No big

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deal In economics technological change is used to describe anything

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that increases output without increasing input In other words technological

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changes magic It's anything that makes creating economic value more

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efficient like the Internet and computers are tools that we

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often think of when we hear technology But changes in

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processes count as technology as well For instance the invention

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of the assembly line and great process there was first

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put into play by Henry Ford in the late nineteen

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twenties and it was the key to making mass production

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possible By combining the use of machines with stationed workers

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and interchangeable parts Ford was able to produce far more

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vehicles with the same amount of inputs as before Even

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hammers wristwatches and dialogue were once leading technological change Today

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we've got self driving cars flying cars three D printing

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and neural network development increasing market efficiency and well yes

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Granted our relationship with technology has never been straightforward in

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the case of the assembly line While workers in Ford's

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factories did have better working conditions In some ways they

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had worse working conditions In other ways workers didn't have

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to do any heavy lifting or low stooping like they

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did before And there were jobs almost anyone could dio

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plus the assembly line allowed for to pass on some

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of those efficiency gains from technological change to workers wage

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improvements Despite these benefits the turnover at Ford's assembly line

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jobs was incredibly high For a while workers could on

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Lee do the mind numbing jobs for so long It

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was also argued by Karl Marx that doing the same

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little repetitive task over and over and over again made

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it difficult for workers to feel like they were actually

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contributing anything meaningful in their jobs Well guess what The

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turnover at Ford's factories was so high that Ford decided

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to give his workers two days off working only five

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days a week eight hours a day What a concept

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That's right The technological change of assembly lines lead to

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increased market efficiency and supreme boredom among workers which then

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led to the forty hour work week who go forward

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Increasingly these repetitive type tasks are being done by advanced

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robots Even more creative jobs like writing for shmoop and

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making music composition are now being done by robots It's

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nothing personal It just makes sense for business to use

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more robots If doing so allows them to doom or

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with less well as technological change progresses it's increasingly a

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concern that robots will take up so many jobs There

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won't be many left for a human Beings will have

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a huge part of the workforce just permanently unemployed then

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Plus most economic gains from technological change in the last

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several decades haven't ended up in workers pockets which is

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kind of a concern We've always had a love hate

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relationship with technological change We love how easy it makes

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our lives but sometimes it makes them too easy can't

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live with robots and well can't live without him What

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