Technology Profit and Loss: Technology has changed the way we live our lives. It has changed the way we work, communicate and even entertain. With the advent of new technology, we have got more convenience in our daily life, but somewhere it has also resulted in loss of time and productivity. In this article, we will find out on the basis of data that how much time technology saves and wastes our time every day.
How much time does technology save?
Communication Device : According to a study by the McKinsey Global Institute, the average employee spends 28% of their work week reading and responding to email. Communication tools such as email, messaging apps and video conferencing tools have made it easier to communicate. This saves time spent in in-person meetings. Research by McKinsey also found that using digital communication devices can increase productivity by up to 20%.
automation : Automation has revolutionized the way we work, due to which many tasks which used to waste time, now become automatic. A Deloitte research found that automation alone saved the banking industry 17,000 hours of manual work per year, saving $1.3 million annually.
shopping online Online shopping has become increasingly popular in recent years. According to a study by Statista, online shopping saves an average of 45 minutes per transaction compared to in-store shopping. This is because online shopping eliminates the need to visit physical stores and spend time searching for products.
How much time does technology waste?
social media : Social media can be a major time-wastering technology, as people can easily get lost scrolling through their feeds for hours. According to a survey by GlobalWebIndex, the average person spends 2 hours and 22 minutes on social media per day, which can go up to 16 hours and 36 minutes per week.
Distraction : Technology can also act as a distraction, such as information from apps or websites can interrupt your work or other important tasks. A study by Rescuetime found that the average person spends 3 hours 15 minutes on their phone per day with an average of 58 phone pickups.
multitaskingA Stanford University study found that multitasking can reduce productivity by 40% and increase errors by 50%. This is because the mind is unable to effectively focus on multiple tasks at once, resulting in a loss of quality.
The impact of technology over time depends on how you use it. If used wisely, technology can save a lot of time, but if used improperly, it can waste time.
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