Sometimes the easiest, and in the long run, often the cheapest way to increase productivity is to provide workers better equipment. This investment can boost productivity in many ways:
- New equipment is often more productive simply because it runs better and may offer more features
- New equipment often offers more productive capacity.
- New equipment can often be run with fewer workers, enabling you to replace labor with capital.
- New equipment can improve quality and more opportunities to take care of the customer.