Do you want to know more about high-tech products?
The complexity surrounding high technology (high-tech) products and with the absence of a clear definition. Can make explaining what high-tech is a little confusing.
Products regarded as high-tech have many features that normal everyday goods don’t.
Below you can find a list of some characteristics that make a high-tech product.
1. Incorporation of complex technology.
We can define technology as the application of scientific knowledge to useful purposes.
The use of technology in high-tech products is not only applied to its functionality, but also in the process it’s manufactured.
An example of process technology is the design and manufacturing method that goes into making the finished product. The use of automation tools has enabled faster production and lower cost for manufacturers.
A prime example is Apple’s MacBook line that is built from a single piece of aluminum and polycarbonate. A technique that other companies have recently adopted – such as Nokia with their N9 phone.
Although we tend to think about circuitry and computers when talking about technology – the process behind the making of an ordinary product can make it high-tech.
Beer, with the use of biotechnology can be considered a high-tech product. As it’s used to modify certain ingredients e.g. yeast.
2. Short product life-cycle
The speed at which a product is developed and replaced can be a good indication that it contains high-tech attributes. Which usually results in higher performance and a decrease in costs.
Something that we are seeing today with smartphones and tablets being shipped with dual-core processors – offering twice the speed at the same price as last year’s model!
Short product life cycles are typically a result of skilled personnel looking to build upon and improve existing technology.
Another factor is the development of technology used in the manufacturing process, whereby products can be built faster and at less cost.
3. Integration of innovation
Innovation is the vital ingredient for a company’s long-term profitability and competitiveness.
Along with entrepreneurship – innovation is a driver for economic growth. The same can be applied to the growth of a company.
The need to innovate usually comes out of necessity and to remain competitive. Apple is one company that almost all will certainly agree, have been the most innovative in the past decade. They have illustrated they’re ability to innovate with the releases of the iPod, iMac, iPhone & iPad – That have left the likes of Nokia, Samsung and Microsoft trailing behind them.
The incorporation of innovation into the development of high-tech products – typically leads to other products being pushed away. One example would be the introduction of digital cameras in the early 2000s, which made traditional film photography obsolete.
4. High investment in R&D
Research and development for high-tech companies can involve a huge investment for a high-tech company.
High investment is usually needed for the purchase of sophisticated machines. Other investments include the hiring of knowledgeable workers; to develop and advance existing technology.
5. Government involvement
High-tech products can also be identified with the amount of government influence associated with the funding and research of certain technologies.
Normally national governments have a special interest in technologies that are of danger to the general public and meet the needs of the state.
Nuclear power, clean-tech & defense technology are examples of areas the government may want to have influence over.