Business Technology in Spain
According to 2009 data from the Central Intelligence Agency, Spain is the 13th largest economy of the world, with a gross domestic product (GDP) of $1.4 trillion. The prosperity of this European Union (EU) member depends largely on the services and the industry sectors, which contribute nearly 97 percent toward its GDP. Although the construction industry, as of June 2010, is yet to revive from the recession that started in 2007, entrepreneurs and politicians in Spain have realized the importance of enhancing the business technology in all sectors. Spain is also the world's largest producer of some agricultural products, such as lemons, oranges, strawberries and olive oil.
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Current Scenario
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The business technology in Spain needs to develop in accordance with the market-driven economy and the use of better machinery by other EU members. Spain is in the clutches of gloomy recession, which has caused the unemployment rate to surge to 20 percent in 2010. Industries have shut down, and the youth are jobless even after completing education at school. Innovation and better business technology can help Spaniards to attain prosperity, which was booming prior to the downturn in 2007.
Evolution
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Business technology has been evolving in Spain since 1960 but had a major breakthrough after Spain joined the EU in 1986. Although primitive technology was prevalent in agriculture and other industries, the adoption of information technology facilitated the developmental process. There was a gradual transition from using the imported business technology to promoting the national research and development programs in health, pharmaceuticals, food processing, communications, space research, environment, natural resources and other industries.
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Improvement in Rail Transportation
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The cost of the finished goods and services depends on the type of transportation. Although the United States relies on road and air for carrying goods, the EU exploits rail transportation for moving goods and passengers to various towns, cities, and countries. Spain is also rapidly developing its high-speed rail network to reduce the time and cost of transportation, and it has successfully launched a high-speed train that connects Madrid and Barcelona in two hours and 20 minutes. These developments in rail transportation will allow Spain to achieve competitive advantage over other EU members.
Commercialization and Upliftment
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Research and innovative ideas must be commercialized for benefiting the people and uplifting the declining economy. Policy makers are planning to use the strengths of talented youth to cater to the demands of the services sector, which contributes 70 percent toward the GDP, and the industries sector, which contributes 30 percent toward the GDP. Political and business leaders are working to commercialize new business technology.
Future Prospects
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There is considerable growth potential in telecommunications, information technology and production of electronic components, which would demand adoption of appropriate business technology by Spanish entrepreneurs. Textiles, iron and steel, naval machines, engineering, and food processing industries are already chief sources of revenue for the Spanish economy, and their sustenance would depend on adoption of new business processes and technology in a consumer-driven economy.
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References
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- Photo Credit flag of spain with globe image by patrimonio designs from Fotolia.com
