How industrial innovation is related to technology
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New technological developments are rapidly being adopted in sectors that include manufacturing, robotics, construction, and more. These developments will be transformative, offering a new level of efficiency, flexibility, and responsiveness across a range of industries.
Innovation has been recognized as a key element affecting the growth and transformation of industries, and the rate of entry, survival and growth of firms.Technology makes production factors more efficient. Invention of new technology can be applied in many fields.For example, technology in painting can make painters paint more in a given time period so that shifts production function.
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