Unit 4 P2 Business

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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…show more content…
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
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