For consumers technological innovation is great because the prices drop as technology gets advanced and products become better. Digital phone service is one such area in technological advancement. Commonly called VoIP or Voice over Internet Protocol, it is a telephone service transmitted over the Internet featuring many benefits over traditional telephone. For instance, those using Cincinnati Bell Customer Service know that it offers high quality for just a fraction of the cost that they once incurred with traditional telephone service
This is quite evident if we look back. Ever since 1995, durable goods like cars, TV, computers and the sort have been getting cheaper in the United States. According to the US Bureau of Labor Statistics for the last 18 years, prices have decreased dramatically in almost every tech sector. The decrease in computer hardware is predominantly steep.
There has also been a persistent drop in the price of components that are used in majority of the electronics gear. This is mainly due to manufacturing advances, and things like Moore’s Law. According to this law, the number of transistors that can be fitted on a chip will double every eighteen months.
All this has cut down on the manufacturing cost!
With new technology, now it is possible to reduce mistakes & errors. If the product is faulty, this will also be a burden to the company. It will have to deal with the cost of repairs, in addition to refunding their customers.
Technological advancement has helped give companies a chance to function with a lower number of employees. it also makes a company more efficient, and in the end, provides them with the opportunity to save.
New technologies have also helped companies to keep a tab on their production processes. Now they are able to identify if and where the production process is lagging. If it is found that an area needs improvements, it is easier to make corrections and adjustments.
Technology has now made it possible to outsource. Instead of hiring more people to get a job done in a factory, the better option is to simply outsource the job to contractors. These contractors can help decrease the cost of production. Most companies are now outsourcing minor work to other countries in order to save even more.
Today’s technology has made it extremely easy not to mention very inexpensive to start accepting credit cards. The average American today carries a lot of plastic and very little cash!
Tracking Sales & Supplies
Only a few years back, we saw a lot of the companies and businesses using pen and paper or expensive software. Not anymore! Tracking customers as well as sales is now easier. Now there are several low cost and even free tools available. Gone are the days when it used to be a privilege of big businesses to enjoy such tools.
Mobile technology and innovation in cloud-based software has radically increased the ability for businesses to capture data easily in order to better manage their restaurants. Now, restaurants can analyze various aspects of their business with data that wasn’t easy to collect or available previously. Restaurants can optimize processes with timely insights, and make better decisions. This ultimately helps them to save time and money.
Moreover, the availability of an inventory app is a great help. It can help track daily inventory and communicate that information to the suppliers. This can hugely ease a restaurant’s supply chain not to mention helps to keep up with the demand.
Technology has helped cut waste, which in turn has facilitated businesses in managing margins
Freezers and refrigerators that are only some degrees off impact massively food and energy waste. It could result in lower margins if you are not piloting regular temperature checks. With the help of a thermometer that has a Bluetooth connectivity, it is now possible to automatically warn the staff in meat storage factory. So in case temperatures go higher than the standard levels, they are able to take action quickly.
Another area where technology can or has helped cut down on the cost is common. Millions of dollars can easily be saved from going green. How? By investing in eco-friendly technologies like CFL and LED lights. These consume seventy five percent less energy as compared to incandescent bulbs. A single CFL bulb help save thirty to eighty dollars in electricity bills over its lifetime. Now multiply this with the total number of bulbs in your office. It’s evident that though you are investing in this expensive upfront, yet in the long run it is quite cheaper.
However, there are trends among the services people are opting for, which indicate that the costs of the digital information economy may not decrease in certain areas. There are the rising costs people are willing to bear for online security. Then, in certain cities, people are still apprehensive of the digital technology. For instance, those who have been using Xfinity Phone Service may not want to switch to any new service. Therefore, in order to have a sustainable decrease in the cost of technology, healthy competition in the market is necessary!