Politics and Business
Top 7 Innovative Tech that Will Help Transform Your Small Businesses
As a small business owner, your best bet in staying ahead of the competition is using innovative technology. Change is constant, and so is technology. Day to day, new technology emerges to ensure further efficiency and effectiveness in providing modern-day solutions.
Adapting to new tech can be slow for any business, especially for those business owners who believe that traditional systems still work. Unbeknown to them, innovative tech holds significant benefits for your business.
According to Forbes, consumers are shifting to brands and service providers who provide convenience, accessibility, and customizable options for their products through online shopping. With this type of statistic, jumping aboard the digital voyage seems like a money-making decision.
Here’s a look at some of the top innovative tech that will transform your business.
Gone are the days where you would have to sit at your computer all day waiting to read or reply to an email. The introduction of smartphone technology made it easier for communication to take place. The portable nature of the phones allows mobility and interaction during work.
The tech world went a step further and unleashed wearable tech gadgets, thereby easing down again on the burden of having to carry your mobile phone with you.
With wearable tech, your employees can manage their daily tasks and be on time for meetings. The wearable tech contains various health-related applications to help your employees keep track of their health.
You can take advantage of the fitness data on the wellness programs in the watches as a bargaining tool for lower rates on your collective insurance policy.
A popular technology among Bitcoin users, this independently verifiable and instantaneous transaction technology is also gearing towards small businesses.
Blockchain is a highly secure option for businesses. The network stores real-time data as people make transactions. You cannot change stored in this network, you can only add to hence the name’ blockchain.’
The benefit of blockchain is that you would not need a third party to verify or oversee online transactions. This ends up eliminating the need for a middleman.
Instead of institutions providing you with checks and balances, the set of networks and computers belonging to other people will do that for you.
For a small business, dabbling in Bitcoin technology holds some financial advantages since there are no transaction fees involved. More so, the currency cuts across the globe; hence exchange rates are not applicable.
Moreover, experts predict that the medical industry may soon take advantage of the technology to verify and update patient records.
Big Data Processing Tools
Data is what drives the world. As a small business owner, data is a crucial tool to analyze what works for you and what doesn’t. With technology on a constant wave of change, data too will experience the difference.
For instance, IBM uses Watson Technology to process multiple data sets for dynamic learning, natural language processing, and the generation of hypotheses. It may be challenging to gain access to such sophisticated technology as a small business.
However, open-source software available in the market can still help you manage your data, keep track of your customer preferences, and trends to look out for.
Using such processing tools can help your business outwit the competition. It would be best if you devised a way to consume this information to make your business better.
You can take advantage of various software applications with rapid application development tailored to suit your business needs.
Artificial Intelligence has brought tremendous change in how you live and work. Computers use learning-based algorithms to fine-tune a user’s preference; For instance, you get to receive filtered emails due to an algorithm that can identify emails with odd syntax or those with a strange email address.
This form of machine learning can also apply to your business. Most companies have adopted this technology to improve their online customer experience, according to the tech bigwig TechCrunch.com.
Using AI for inventory and customer management, and individual marketing will keep you ahead of the pack.
More and more companies are shifting towards digital payment. With options such as Apple Pay, Google Wallet, or coin, companies are witnessing a significant number of mobile money transactions in their stores.
An ideal way of staying ahead of the competition is by adopting flexible payment options. Not every consumer will have cash or a credit card at bay, but they will most likely have their mobile phone.
Internet of Things
The idea that a consumer can operate all their appliances and devices at the click of one button is appealing and exciting. According to experts, consumers spent approximately 157 billion dollars to purchase devices that connect to the internet. Having cables and wires running around is now an old-age concept.
According to market projections, it anticipates an annual growth of 24% for connected devices as the demand continues to rise.
With IoT in your home, you can preheat your home before you get there, you can open your door locks while away, and even turn on the water sprinklers while on vacation.
IoT translates to the same significance for your business because it works around the concept of data management. However, an important consideration is to ensure that you address any security concerns to protect your consumers’ information.
With more transactions taking place over the internet, consumers are at risk of information insecurity. As a business owner, having adequate security protocols for your business protects your customers’ information and protects your intellectual property.
Most small businesses take advantage of cloud computing for managing documents and sharing files. Without solid security protocols, you could be putting your business at risk of a cyberattack.
To protect your company from a data breach, you must upgrade your technology and train all staff on the security measures they should employ. Making use of encryption services is one way to improve your internet security.
Finally, introducing new technology in your company would require you to train your staff. Adapting to the latest technology may also take time. You can integrate the upgrade and your staff’s training into a plan for smooth and absolute implementation.