Keeping up with ever-changing technology

It can be a challenge for any business to incorporate new equipment and other industry related specific, but it is important to make sure that you understand the reasons for doing so as, if you don’t, it can have potentially negative consequences.

Is it necessary?

It’s imperative to refrain from investing in brand-new equipment simply because it’s shiny and new, as it’s only a matter of time before you realise that there is no guaranteed ROI for your business; whether that’s efficiency or profits. If you are spending thousands, even millions, on machinery, and the potential for ROI seems nowhere in sight, you’ll quickly realise the mistake you made. 

The key with purchasing the latest technology is that you are doing it for the right reasons – which means having a reason – otherwise you will not only be wasting your resources to pay for the technology, but will most likely not even be able to implement the technology to its full potential. If you are a manufacturing company, for example, investing in technology that bolsters your precision, quality and speed is not only a benefit to you and your business, it enables your team to work at their most efficient, with your clients experiencing a plethora of benefits.

Investment

Investing in technology to benefit your business as a whole is imperative to the continued growth of not only your company but the development of your services.

Being able to spot potential areas for improvement within your company is paramount. In the modern world, one such aspect is of course the software systems implemented throughout your business. There are continual developments and upgrades within any industry, but often software is almost living, in the sense that it is continually being updated and amended, meaning its capabilities shift. As such, investing in the right piece of software can ensure that your services are increasingly diverse and malleable to any potential demand – allowing you to grow at the same rate as the technology.

Understand capabilities

When incorporating the newest technological products into your business, it is important to know their capabilities and where and how they will be most effective. An example of using the latest technology to a business’ and client’s advantage was when European Springs was asked to design, engineer, and install West Ham’s canopies that were located over the retractable seating voids of the London Stadium. 

To do this, European Springs invested in a new Fortuna coiling machine that is able to design and deliver springs to a range of specifications. Through this carefully considered investment, European Springs is now able to manufacture springs that range from 0.3 to 26mm in diameter, resulting in a potential for new markets across multiple industries.

Through investing and diversifying the company's technology, it is able to branch out into a new world of industry, building valuable connections and opening its services to a wider customer base.

Through the combination of careful research and company aspiration, companies and their employees can experience the many potential benefits that modern technology can provide. Improved efficiency, pace, yield, quality and customer satisfaction aren’t necessarily guaranteed, but through due consideration and analysis of how and where such technological advancements can be implemented, you and your business could find yourself benefitting from all of the above.

European Springs is a specialist in spring manufacturing, striving to provide and develop the highest quality springs, wire forms and pressings in the industry, for a range of bespoke purposes.