As the management of this company, I would like to recommend the appropriate project that can be undertaken by our corporation during this time. I recommend for the company to consider the project of a package for an electronic sensor. Indeed, smart sensor technology will be beneficial to our company because it will fully transform it. The new breed of unobtrusive, wireless sensors will avail our company with real-time information hence giving us a more holistic view of our environment. As the company aims at providing professional engineering services, then the electronic sensor will be of huge benefit to us if we consider initiating it.
With the adaptation of the electronic sensor, our company will benefit from real-time, continuous data shifting from assets and processes. At the end of the day, the executives will be more empowered with a holistic view of a process plant. Our company will be more connected, agile and even secure than before. As our company deals with data of various forms, our organization must consider the electronic sensor because it will ensure improved sensitivity during the capture of data and real-time analysis. This will further ensure that our company has active processes that are optimally executed.
Our company can consider the electronic sensors because they have electrical circuits that enable them to take measurements and values of output as digital data. Such features of sensors have been embedded on the units of microprocessor and have various sensing devices that have been mounted on a signal convertor. By shifting our company activities to electronic sensors and leverage the collected data effectively from processes, our company will with no doubt increase its productivity, improve its efficiency and reduce total ownership costs of the availed services. If our team is capable of monitoring data and retrieving it, we as leaders can easily spot the areas of high energy consumption and hence limit such wastage. This is because our technology processes usually utilize a lot of energy hence should look for ways to limit this and thus cut on costs. Through this, we will be in a better position to achieve the sustainable development goals.
Moreover, it is very definite that we need our company to be protected from any form of harm, therefore, if we consider initiating the project of electronic sensors, we will enhance safety and security within our corporation. Indeed, a safe and secure environment is usually comfortable and enhance productions. Electronic sensors have the ability to detect anything to ensure safety. Thus, through implementing this system, we will have peace of mind bearing in mind that our corporation is safe and secure from any form of threat.
In order to enhance our understanding of the adoption of electronic sensors, analysis through Porter’s five forces of competition is appropriate to show if it is worth initiating it. Our company will benefit from competition rivalry as we will be an edge higher than our competitors if we consider the electronic sensor. This is because other competing firms will assume this technology maybe because of the associated high costs, and hence our corporation will benefit from this. In this regard, we will be able to outdo our competitors because of the distinguished technology that is different from the rest. In the long run, our company will take a toll on the average long-term profitability.
In regards to the electronic sensors, our company will surely know the ease of suppliers to increase the prices for their products hence consider switching to other suppliers. Due to the technology our company considers, it will not be difficult for us to switch suppliers in case our initial suppliers offer higher prices. Therefore, we will manage to get the technology at a slightly lower price hence saving on cost; this later translates to profitability within our company which is of much concern as well. Besides, the buyer power is another force whereby, as a company, we will assess the market and check on how easy it is for buyers to drive down prices. Buyers usually consider a company that sells them products at slightly lower prices because they usually compare prices before making a purchase decision. In consideration of this, we will ensure our technology is not too expensive so as to reduce the prices charged for goods and products produced by us and hence increase demand and profit.
We should also pay keen attention to the threat of substitution. In that, our customers can consider alternative vendors of material technology instead of us. However, to minimize this, we should put into consideration the price matters because this is the number one factor that drives customers out of business. The electronic sensor will make customers prefer our company to others because they will feel safer within our environment. Indeed, no customer would love to purchase products from insecure places because they will be putting their lives on the line. Threats of new entry is another force that our company should look at when adopting electronic sensors. There is no doubt that profitable markets attract new entrants that end up eroding profitability. Therefore, with the electronic sensors, we should consider barriers of entry, such as economies of scale to reduce the threat.
If we consider initiating the project of electronic sensor, our company will be benefitting from product innovation. Product innovation is very strategic for any company, including us, to be specific. We should consider that as part of our growth process because innovation will increase our chance to react to the changes and discover new opportunities. Besides, it will help us to foster a competitive advantage because it will enable us to avail better products and services to potential and current customers. New product will enhance our company’s expansion in regards to market, maximize sales and result to profit maximization too.
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