Economic Factors

Digital technology has the potential to transform the food system. However, different actors across the food system have different factors to take into account before implementing a new technology.

Economic Factors

Economic factors are those which influence the profitability of a food business. In order to remain financially viable and compete in the global food market, food bsuinesses must ensure income exceeds expenses. However, new digital technologies can be very expense and thus, this presents a barrier, particulalry to small-medium sized enterprises.

What we would like you to do

Please reflect on some of the technologies we have showcased over the last four weeks. Pick one technolgy and carry out your own internet hunt to

• Do you think small-medium enterprises or those with limited resources should purchase expensive technologies?
• What are the benefits the technology offers?
• Are these technologies worth the cost?