Having the right form of technology in a business can be the most important deciding factor for its success. Actually, all big businesses were once SMEs that capitalized on the ongoing advancement in technology. Now a day, these SMEs grew to become big multinationals and they still rely on newer technology trends to spread their wings further.
It is therefore wise that every small and medium size business owner knows the best technology innovations to adopt for future scalability.
If you are one such SME owner, here is a list of 5 technology trends to look out for in 2018 and beyond. If you get it right with these, then you are on your way to developing better business for tomorrow.
Upgrading to Mobile Business
The 21st century business person knows too well that if he or she wants to reach more customers, then upgrading to mobile business is the way to go.
Right now, there are more than 8 million mobile apps on Google Play Store, and 2.2 million on the Apple App Store. These apps are being used by entrepreneurs all over the world to drive sales to a higher level.
SMEs are now operating more on mobile app platforms, with a market of 3.5 billion mobile users up for grabs.
In order to compete in today’s market, you need to introduce mobile business to your venture. It’s not as expensive as it was some years back, and it’s easy to learn.
Uploading all important business media to the internet where customers can easily access it is one of the opportunities SMEs should tap into.
Think of a situation where clients can buy or access services and goods without even being there to bargain with them. It provides the freedom needed to pursue further in the business.
Today, enterprises don’t have to worry so much about security when it comes to exploiting the cloud for better business opportunities. The ever-growing investment in cloud-based business has birthed out a new frontier in encryption for more security.
Additionally, the vast space available for best technology innovations means that SME owners now pay even less for state of the art cloud solutions.
IoT (Internet of Things) and BYOD (Bring Your Own Device)
Come to think of it. A business where you don’t have to always remember who ordered what and when it will be delivered, or what items you’re running low on. Think of the possibility of having all your important devices connected to the internet and controlling all of them from one place. With Internet of Things, this is no longer a dream.
You can advance this to your home also and get to run your business from the comfort of your living room. With IoT, you don’t really have to be at the office.
By incorporating “Bring Your Own Device” at the workplace, a SME owner gives the employees freedom and confidence that they too can be an integral part of the overall growth of the enterprise.
It also provides opportunity for learning new things and also to preserve only the best technology innovations for the success of the business.
Big Data Analytics
By using big data analytic tools, business owners are able to know market trends and customer preferences through the results gathered from social networks, public forums and mobile phones.
Small and medium enterprises now need to take note of what historical data can do for the business especially in terms of forecasting.
Chatbots and automated customer experience feedback
If you have finally made the wise decision to go the internet way, add chatbots to your strategy.
Garner research predicts that by 2020, 85% of all interactions with customers will be automated.
Engaging with both established and prospective customers on live chats has a lot of benefits. As a modern SME owner, you will be able to get client feedback that will in turn help to improve the business. This will especially be of help with customers that you never get to meet personally.
These new innovations are the best technology trends for any small and medium-size businesses to adopt. They are slowly shaping the way businesses are being conducted and paving way for a better future.
If you are one of those ambitious investors out there, time has finally come for you to act. Go right ahead and do some research so that you can identify the best technology trend to suit your business.