Now-a-days most organizations are adopting new technologies in their manufacturing processes to improve productivity, reduce labor cost, provide safe work environment for their workers, improve material handling and manage inventory better. In studies conducted to find the relationship between financial performance and the investment in technology, it was found that organizations which invested more on technology performed better than the organization with less investment in technology and R&D. But this is applicable to only those organizations which require technology or which have scale of operation that would justify investment in technology.
A number of significant developments have taken place in various fields in the recent past, which include the invention of the digital computers, improvements in data-storage technology, sophistication of software, advances in sensor and optical technology, artificial intelligence and many more. All these developments have contributed in the progress of operations technology.
Investment in technology needs careful consideration, because the costs involved are very high and organizations may sometime have to alter their current processes to make them compatible with the new technology.
Technological upgradation is essential for an organization to remain contemporary and competitive in the market. Hence, many organizations today have adopted advanced technologies in both product development and production methods. In this chapter we discuss the significance of technology in operations management, recent developments in the field of operations technology and how organizations can improve productivity by adopting the latest technologies.
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