List three benefits to a business of investing in new technology:
(i)
(ii)
(iii) - Leaving Cert Business - Question 11 - 2013
Question 11
List three benefits to a business of investing in new technology:
(i)
(ii)
(iii)
Worked Solution & Example Answer:List three benefits to a business of investing in new technology:
(i)
(ii)
(iii) - Leaving Cert Business - Question 11 - 2013
Step 1
(i) Increased Efficiency
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Answer
Investing in new technology enhances production efficiency, leading to time savings. For example, automation of tasks can streamline processes, enabling businesses to produce more in less time.
Step 2
(ii) Reduced Errors
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Answer
New technologies often come with advanced tools that minimize human error. This helps ensure higher quality outputs, which can boost customer satisfaction and reduce costs associated with correcting mistakes.
Step 3
(iii) Cost Reduction
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Answer
Investing in technology typically lowers production costs over time. For instance, more efficient machinery can reduce labor costs and energy consumption, contributing to overall savings for the business.
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