Top 5 Technology Innovations For Small Businesses In 2020
2020 is around the corner. For many small
Gartner surveys reveal that over 40% of all global CIOs have reached scale in their attempts to drive business growth with digital technology. The question now is how can small businesses get into the digital wagon and write their own success stories in 2020.
To start with, they need to identify and invest in digital tools and platforms that will help them achieve a competitive edge in tough market conditions. This initiative has to take into consideration several challenges like cost efficiency, securing the right technology partner, and above all ensuring ROI in the shortest time.
If you’re a small business owner aspiring to digitally transform your business in 2020, here are 5 technology innovations you need to evaluate and invest for a successful initiative:
1. Intelligent Analytics
As competition rises, every insight you gain about potential customers could be translated into a monetization opportunity. If you can find out the locations/ racks within your store where your customers spent more time, you can arrange and display your products accordingly to boost sales. Similarly, you can predict the fashion trends in demand for winter or summer and plan your deals based on that.
For a small business, the possibilities are immense. Using an intelligent analytical platform, you can extract the maximum value out of the various data sources of your business.
The growth of powerful cloud-based subscription analytical services has now reduced the small business investment to derive business insights. Hence smaller players can jump onto the big data analytics wagon faster and generate value much earlier for better overall ROI.
Related Reading: 5 Reasons For Small Businesses To Adopt SaaS Model
2. Robotic Process Automation
RPA as a technology has matured from its initial days of being just a solution for automating redundant computer tasks. Today, it has become a vital tool for improving efficiency, reducing labor costs, and delivering faster processing of several valuable workflows within organizations.
For small businesses, RPA can go a long way into improving their back-office operations as well as handling redundant IT infrastructure maintenance tasks. A small example would be the simplification of periodic audits or processing of information from different business systems and delivering data to analytical systems.
An RPA process can be deployed to automate this entire exercise and provide periodic reports from the analytical systems on their emails. This would eliminate the need for a human associate to collate information from multiple systems or even worksheets manually and then process it using their analytical systems and finally deliver a report to stakeholders.
3. Internal Collaboration Platforms
Investing in digital doesn’t always mean it should have a final output connected to monetizing customer-facing operations. It can even be for enabling your workforce to work better and faster.
In 2020, small businesses need to have state of the art collaboration platforms deployed across their business units for employees to seamlessly interact and work on tasks that will ultimately deliver value for customers. These tools also serve as a medium for improving employee engagement. Social media-inspired intranets where employees can view organizational updates, posts from their peers and react to them will boost social interaction in the workplace. This will, in turn, prove to be a productivity enhancer in the workplace.
Collaboration platforms like Infince allow creating virtual team spaces for businesses that operate with remote resources so that they can seamlessly work together, organize meetings through video calls, share files and information and much more.
4. Internet of Things
By 2025, it is expected that there will be over 75 billion IoT devices globally. As more machines get connected to the internet and delivering insights, small businesses too can enjoy a great deal of success by investing in IoT for their business.
From things as small as smart locks to retail beacons for proximity marketing, the possibilities of using IoT enabled devices are innumerous for small businesses. It can find applications across different departments like security, supply chain, warehouse, payments and much more. With powerful cloud-based applications available for managing IoT environments today, smaller businesses can improve their competence levels significantly without burning a hole in their pockets.
5. AI-enabled Security
As digital becomes a mainstay in small business environments, there is a rising amount of security threats targeting their operations as well. As more customers share their data with various business systems of the organization, the need for a comprehensive security solution is imminent. This is where small business players can rely on AI-enabled security solutions that can constantly survey your digital landscape, identify and neutralize any threats and keep your customer data safe.
Since small businesses cannot rely on powerful and dedicated security services that are heavily priced, AI-enabled solutions can be a lifesaver. With rising government and regulatory pressure on keeping sensitive customer data safe, it is absolutely critical to have a safe digital infrastructure irrespective of the size of business you conduct. Hence autonomous security solutions powered by AI are a valuable asset for any business today.
Related Reading: The Office Of The Future – 5 Innovations To Know
Technology is bridging the gap between small and large businesses in terms of competent customer service. A variety of digital channels and platforms are enabling SMBs to challenge or exceed the service standards offered by bigger players.
Nevertheless, small businesses need to constantly innovate their customer experience by keeping a close eye on trending digital capabilities that pop up in their respective markets. This is possible when they implement a world-class digital backbone like Infince for their entire business operations ranging from resource management to application development. Get in touch with us to know more about winning digital barriers in 2020 with Infince.