Although there is often the perception that technology is expensive, prices have actually dropped over the years.
Indeed, as Voucherbox recently pointed out, technology has helped lower the price of everything from accommodation to taxi rides. And in the business world at large, the cost of running a website and employing a global workforce has decreased thanks to innovations such as cloud computing.
According to Tata Communications, the advent of cloud computing has helped small businesses increase output and drive down costs. Surveying 1,000 IT experts, the telecommunications giant reported three main improvements: 69% saw an increase in productivity, 65% found they had better access to data, and 63% noted a reduction in costs.
By having access to data and software through a cloud server, businesses are now able to have more diverse teams and offer services in a more efficient manner. The end result has been a reduction in operation costs and, therefore, reduced prices for customers.
Aside from cloud computing bringing down the cost of business, electronics have also come down in price over the last decade, helping entrepreneurs boost their bottom lines. Indeed, as the Voucherbox’s cost comparison has shown, the price of a Smart TV back in 2006 was more than £3,000.
With this technology still being brand new and the process of connecting a TV to the internet more complex than it is today, consumers had to pay an average of £3,300 ten years ago compared to approximately £800 today. Naturally, this price decrease has benefited individual consumers more than businesses, but it’s indicative of the electronics sector as a whole.
The price of tablets has dropped significantly over the last ten years. When Apple launched its original iPad back in 2010 the price was a lot lower than many expected. At $499 (£375), it certainly wasn’t a bankroll buster.
However, as technology has improved and Apple’s prices have soared, competitors in the Android realm have stepped up and lowered the market price. Today you can get the Tesco Hudl 2 Quad Core Tablet PC with 16GB memory, WiFi and Bluetooth for just £99.
Just as cloud computing has allowed businesses to spread their workforce across remote locations and drive down their operating costs, tablets have done the same. Because employees can now access documents, emails, work schedules and the internet on the move, it makes them more mobile and, therefore, more able to work independently.
When a business can scale back its physical operations and have more employees working from home or out in the field, it helps to reduce costs. With IT provisions such as cloud computing and tablets getting cheaper, entrepreneurs can cut their operating costs and, therefore, earn larger profits if they embrace the tech revolution.