Please justify the high cost of technology versus the return on investment
A company that wants to spend on high quality technology must be ready to invest more of its revenue. High quality technology has its benefits, and it is probably advisable that a company invested in good quality technology. Technology helps the company to reduce redundancies in its process and therefore save money. Technology increases employee productivity. Work that was initially difficult and required a lot of labor is made easier. The company can, therefore cut on the cost of labor. Technology also facilitates new innovative solutions which can attract customers and help the company expand on its customer base.
Investing in high technology can be expensive at first, but the company will have a high return on investment. This is because technology will automate processes and reduce human error. Technology will help to reduce wastages by streamlining the operations as well and resolving security vulnerabilities which would negatively impact on the business operations. Investing in technology has its immediate and long term benefits. However, the company cannot just invest in high technology blindly; rather, it ought to ask itself certain questions. It needs to evaluate if the company really needs the technology investment. It needs to measure the benefits of investing in technology; will the type of technology help to solve the certain problems in the company?
References
Andru, P. & Botchkarev, A. (2011). The Use of Return on Investment (ROI) in the Performance Measurement and Evaluation of Information Systems.
Dehning, B. & Richardson, V. (2002). Returns on Investments in Information Technology: A Research Synthesis. Journal of Information Systems. 16. 10.2139/ssrn.302139.
Discussion reply
Hi, I like your post. I agree with you that there will be development in technology and communication as well. The health industry will improve intensely due to the emergence of new technology that will make it easier for health practitioners to easily provide health services to patients. However, I am more inclined to say that the cost of healthcare will reduce. This is following the new policies that have been implemented, Obamacare/trump care that focuses on making healthcare services more accessible to low-income patients. With the current pandemic, nursing and science research will advance to find the prevention and cure for upcoming diseases.