Are you the owner of a small business? Need to look for the bold and innovative moves that lead companies around the world are making to drive success? Technology continues to revolutionise small business, and for those ready to embrace the opportunity, future seems to be quite promising. So what are the top technology trends your small business or advisory practice needs to know about
1. Augmented and Virtual Reality
There has been a commendable advancement in virtual reality and augmented reality is recent time. Though it has been trending in retail and entertainments industries yet it holds a lot of potential for other businesses as well. Training and development of employees or reaching the nerves of the consumers, its time for augmented and virtual reality to be the new reality.
Talking about Cadillac, that consumes VR technology to create virtual dealerships, one can think on a smaller scale. Using 360-degree videos now also supported by YouTube, adding 360-degree product videos to your site that customers can use to explore and get a feel of the product.
2. Artificial Intelligence, Machine Learning and Internet of things
Artificial Intelligence (AI), Machine Learning (ML), and the internet of things (IoT) are some tech words in everyone’s dictionary. A lot can be expected from these in near future. Directly implementing any part IoT, MI, AI may seem to be a distant future but these can definitely assist SMEs to increase revenues while withdrawing rising costs.
These technologies are a lot handier than expected when it comes to target consumers and hyperlocal advertising by AI-and-ML by turning a bunch of apparently random data into actual insight about the way customers are associating with your business. This will increase accuracy in taking informed decisions and efficiency in financial reporting, as well as move us closer to real-time financials.
3. Blockchain Technology
Blockchain technology may out of sight for small businesses but still one needs to aware of the same. Blockchain technology increases security, transparency and accountability by creating a permanent, linear, digital ledger that’s decentralized and (currently) impossible to falsify or delete. Blockchain technology is not linked to any specific industry, though blockchain is currently only used in a few spheres, this ground-breaking method could potentially maintain electronic ledgers in healthcare, banking, manufacturing and shipping, import and export businesses, and eventually SMBs and government.
While the technology underlying these innovations is complicated, the benefits are clear: security, speed and full control. Block brings a lot to table ranging from upgraded security and authentication and supply chains to building peer-to-peer business networks across sectors. This may prove to be beneficial to the early adopters of technology. With the trending Blockchain, they can definitely develop a competitive edge over their competitors.
4. Cyber Security and Information Security
As more and more cases of data breaches and hacking are coming to surface the more aware and stringent consumers are becoming. From data breaches to natural disasters, data is vulnerable and needs to be secured.
Small businesses need to focus securing consumer information and company’s confidential data. Using secure cloud platforms can protect your data in case of natural disasters and tightening the security measures can secure client information.
5. Hyperlocal advertising
With the world becoming technology savvy and social media becoming an irreplaceable part of each and everyone’s life advertisers are also becoming smarter. As mentioned earlier in this article using IOT and AI, businesses are able to access greater consumer insights. With information about your interests, your needs, your location advertisers are at a great advantage to target their marketing efforts towards genuinely potential customers.
Small businesses are in an excellent position to interact with their customers and market to them in a traditional, yet personal, way. One can get the base traffic in the same old-fashioned way. It will stand out from the digital noise. Also, it is easy to understand, and it will not make anyone feel like their privacy has been infringed. But it is always good to push against the tide and make your brand persist and stand out in a unique way!
6. Specialised Software-As-A-Service (SaaS) and Cloud Computing
It may seem awkward to see Software-As-A-Service in the trends for small and medium scale businesses as has been here for a decade but it is worth a word. SaaS is still to realise its full potential. SaaS have slow to reach out SMBs and SMB’s dependency on Legacy systems is also no way helping.
But SaaS is finally starting to wholeheartedly target the SMB sector. And the reasons for going with SaaS are obvious. With latest technology from and cutting-edge improvements from custom software vendors like Acropolis, SMBs can flourish can give a tough time to their competitors.
7. Big data
Big data seems to accessible to small and medium business in coming future very soon. Big data will no more be confined to big enterprises and corporates. As the extent and quality of data is growing fast whilst unit costs are falling – this is ‘democratising’ access and putting it in reach of all businesses in an affordable and easy-to-consume way. There is no need to mention benefits big data would bring to small business and revenues that may increase multifold with big data utilization.
Future seems to quite bright for small and medium scale businesses with a plethora of technologies shaping the journey to success. Be future ready with Acropolis for all latest advanced technologies and improvements.
Karan Acropolis is living in United States. Karan Acropolis is part of our authors community since