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new and emerging technologies - Coggle Diagram
new and emerging technologies
impact on industry
efficiency savings improver quality and speed of manufacturing to maintain customer satifaction
automation
automated machines are used to carry out procedures multiple times and improve production times
high cost to set up but less waste is produced and running costs are lower
accuracy and scale of machinery improve production rates
robotics
use artificial intelligence to collect information and improve the performance of procedures
increase efficiency and can handle harmful materials that humans can't
expensive
robotics and automation can lead to unemployement
redundant workers may move areas to find employment - DEMOGRAPHICS MOVEMENT
impact on enterprise
privately owned business
owner makes decisions on direction of company
can quickly adapt to changes in the market
don't have funding to invest in larger projects
crowdfunding
uses websites to advertise products as investment opportunities
financial donations
backers receive free gifts, discounts and part of profits if a product is successful
government funding
financially supports a new business if they believe it will be beneficial to the economy
start up loans (UK)
not for profit
owner reinvesting their profit back into the business
profit is used to keep the business running, develop the business or invest in new and emerging technologies
Impact on sustainability
transport costs
manufacturers and companies need to transport materials and products
high cost and can lead to pollution
impact the price of retail products
pollution
noise pollution from machinery
release of greenhouse gases
water and soil contamination
extraction of raw materials
demand on natural resources
finite resources (non-renewable) are easily accessible
companies have become more aware of the impact that finite resources have of their ecological footprint
non-finite resources are found naturally and can be replaced