Technology Trends that Drive Small Business Growth

Business Finance

In the old days (the 1960s through 1990s), some Gen X, Millennials, and Baby Boomers read sci-fi books and watched sci-fi movies for amusement. Most of them believed that those technologies would never come true in real life; they would remain enclosed in books and movies. Interestingly, the evolution of technology and science has reshaped these people’s way of thinking and has materialized what appeared to be fiction to the real stuff.

It shouldn’t be an overstatement if you say that the current business world is dominated and influenced by technology. With the availability of computers, pump tops, and the advent of the internet, there has been a ubiquitous change in nearly all business processes and activities. Check small business stats regarding growth and the technologies they use, and you will get surprised. Here are the technological trends that have been positively influencing small businesses.

Use of robotics for automation and AI

Both small businesses and established corporations are embracing Artificial Intelligence to handle redundant activities and process enormous amounts of data with intent to enhance the human interaction rather than rooting it out. The widespread use of autonomous interfaces such as Digital Agents or Chatbots is a proof that SMBs and leading organizations are embracing AI.

Experts predict that the use of robotics for automation and AI will take over the lion’s share of the business workforce in the future. Besides, it’s going to be among the top SMBs’ cost minimization strategy.

Enterprise Resource Planning (ERP) solutions

Over the last couple of years, Enterprise Resource Planning solutions have been gaining more popularity particularly in the case of SMBs. Customer relationship management, accounting, and human resource management might demand a huge amount of resources. Fortunately, you can automate and facilitate these management functions with software.

Many ERP solutions are available, and an excellent one could supercharge your startup to achieve a higher level of efficiency.

Secure Online Payment Method

In the primitive ages, people used to do barter trade as there were no currencies. Decades later, bank notes and coins showed up, and everything was transformed. But forgery and counterfeit currencies were a significant problem.

Today, the electronic money transfer and electronic payment methods have minimized (if not eliminated) the risk of forgery. For instance, nowadays, most people prefer using Master Card or Visa to make payments. According to a recent study, 79% of Americans prefer shopping online. Some of the most popular online payment methods include 2Checkout, PayPal, Skrill, Stripe, WePay, and Google Wallet.

Most small businesses are adopting these online payment methods to make it easier for their customer to pay for goods and services.

Rise in video marketing

Regardless of the type of business you own, it’s now essential to get a great deal of business offline and online exposure. About ten years ago, only the most popular business advertisements were aired on radios, TVs, and published in newspapers.

But in the recent years, consumers have been turning to the internet to get information about products and services before they make purchase decisions. That means creating commercial ads, and other related videos allow SMBs to reach a broader audience more compellingly.

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