Powerful new technologies, from physical assets aided by onboard systems to data analysis algorithms, eventually transform the way businesses schedule, manage and engage in daily tasks. These emerging digital tools, platforms and processes can also have a major influence on long-term corporate planning and companywide transparency, not to mention critical metrics such as operational efficiency and profit.
Although the environmental management field has long been governed by traditional practices and workflows, disruption from emerging technologies already happens in various ways. Additionally, there's plenty of room for more changes in the future. The industry has already entered the beginning stages of a significant and widespread period of change.
Looking at areas of rapid change created by emerging technologies
There are many different parts of the environmental services industry that will soon look different due to new technology, as well as other areas where such improvements are already clear.
The Internet of Things, based on the connection of data sensors to everyday tools such as waste receptacles and vehicles, can help firms plan more effective pickup routes. Smart technology that involves machine learning helps individuals determine the proper destination for a piece of garbage, and improves recyclable sorting at first contact. Machine learning and artificial intelligence can provide information that leads to optimized, adaptable service schedules, which also boosts customer service.
The benefits of reducing the amount of time needed to sort waste or for a truck to complete its daily pickup schedule is clear, and the cost savings aren't hard to imagine. Environmental service firms that want to implement such technology and reap the benefits need a reliable source of funding to do so. Comerica Bank, the Leading Bank for Business1, offers effective loan options that make sense for modern environmental service companies and put them in a position to benefit from emerging technology throughout the industry.
1Comerica ranks first nationally among the top 25 U.S. financial holding companies, based on commercial and industrial loans outstanding as a percentage of assets, as of June 30, 2018. Data provided by S&P Global Market Intelligence.
This information is provided for general awareness purposes only and is not intended to be relied upon as legal or compliance advice for your business.