Businesses are the leading innovators in technology. They seek to create new products that customers will buy or work to improve their own office processes. So, many businesses systematically adopt new technology. Below are just a few of the different kinds of technology that businesses regularly implement in order to become more efficient and save money.
Automation
Technology has automated jobs in almost all areas. Through automation, companies can perform necessary tasks with fewer workers, reducing the costs of hiring employees and paying benefits. The increase in efficiency afforded by automation also has a downside—namely, that it could increase unemployment. Job losses have already begun. Forbes reported that companies such as McDonalds employed 400,000 workers in 2008, while Google only employs 20,000 employees, showing that technology companies tend to use fewer employees. The Bureau of Labor Statistics (BLS) has projected that between 2008 and 2018, chemical manufacturing employment will decrease by 13 percent, automotive manufacturing employment will decrease by 16 percent, and machinery manufacturing employment will drop 8 percent. The BLS reported that these declines are mainly due to improvements in production technology.
Information Technology
Information technology has increased the speed at which companies can communicate and also reduced costs in the storage of information. In addition, advances in technology continue to minimize office paper dependence, which not only reduces waste but also allows information to be transmitted faster. As businesses become more networked, it will become increasingly easy for them to communicate with one another.
Green Technology
Companies have increasingly shifted to processes that minimize waste and minimize energy costs. This waste minimization saves the company money and also reduces the environmental impact that businesses have on the Earth. Composting techniques have enabled many companies to turn waste into compost that can be used to produce food and perform other beneficial actions for the environment. By implementing green technologies, businesses have begun saving money on energy production, as well. For example, many businesses have begun installing solar panels on the roofs and walls of their buildings, as well as putting in green roofs that keep the building cool and provide a relaxing environment for workers. If you’re interested in how investing in green, energy efficient technology could save your company money, check out some of the articles on http://www.varoofingcontractor.com/virginia-beach-roofing/.
Product Development
Technology creates new industries and its advances lead to the development of new products. For example, the billion dollar computer industry only came about be because of the invention of the computer. New technology can create new businesses dedicated to developing, testing, and marketing new products. As robotics becomes more affordable and more useful, robotic technology could enter the market.
Security Technology
Technological advances in computer security have reduced the number of computer crimes that cost businesses money. Also, as technological resources become cheaper, criminal attacks have a lower impact. Companies continue to develop safer systems so customers can give companies personal information without fear of identity theft. This increases the customer base for many companies, especially companies that operate entirely online.
Hopefully this article has helped you to understand how implementing new technologies could save you a lot of money by making your business more efficient. Of course, all new technology comes with an upfront cost, but if you keep your mind on the long term, you’ll see that new technology only saves you money down the road.