The Advantages of New Technology in Your Business
Reduced Waste
will lead to lower costs. Today, the amount of waste produced by technology can be the difference between strict environmental regulations and closure (but of course, also profitability).
Increased Productivity
where properly assessed, increased production, through efficiency and better planning, can also result from the introduction of new technology.
Less Workforce
may be needed if jobs that previously required personnel can now be automated, further reducing costs. This is an added advantage if you have few employees already, otherwise you may face redundancies.
Higher Profits
due to the increased efficiency which produces less costs. It may also be that new technology allows jobs to be completed quicker so that cash flow is more fluid.
A Higher Income
can be yours if your business is making more profit. You may even decide to give your employees a bonus that could increase their motivation.
Advanced Communications
such as the use of e-mail, computer networks and mobile phones allow information to be sent/received instantly. This is especially useful for long distances where documents and information needs to be passed on quickly. Remote work-force employers (employing travelling sales, home workers etc) have instant access to staff from mobile phones, web cams from PC’s and on-the-road lap tops.
More Competitive
as you can afford to lower the price of your product/service if your profit levels increase, without lowering your standards.
The Disadvantages of New Technology in Your Business
The Management
of new technology can be extremely difficult.
If the decision of purchasing new technology is down to you, do you buy now or wait for the next technological advance? Also, you have to decide if the technology is really needed as some things can be expensive. Integrating the technology into your workforce is another task in its self.
New Skills
may be needed to operate the new technology and so you will have to re-train your employees.
Maintenance
of the technology will be required to keep it efficient. More importantly, if it is a piece of machinery on a production line: what if it beaks down – will it put a stop to all production?
Costs
are something that will be reduced if integrated properly. You have to consider if you have the finance to purchase the technology in the first place. Secondly, if it is to replace employees, will you have to issue redundancy pay?
Time
can be lost if you have to reorganize the workplace to set up the new technology. This could be an important issue if your business works to tight deadlines.
If you have a network of PC’s (even two) you will have to know something about computers to ensure quick resolvement of IT issues.
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