The world of business is growing at a rapid rate as the introduction of more and more technologies makes it easier for business owners to do business.
There are approx 28 million small businesses in the US alone. Soon, these businesses will grow to be bigger fish as newer small business will open. All this is possible thanks to technology that does not only make it easier to start a business, but also to grow.
Whether you’re a small business or a large one, these are some of the technologies that not only help increase profits but also takes the business to a whole new level.
Let’s have a look at six technologies you must implement in your business:
- Artificial Intelligence
The world of business has accepted artificial intelligence with open hands, despite some not being able to afford it. Let’s consider customer support service of a business. It is the backbone of a business because a majority of customers will judge a business depending on how good or bad its customer service is.
Poor customer service is bad for any business as it results in too many conversion losses.
This can be corrected by implementing artificial intelligence in the customer support department. A lot of businesses have already made use of artificial intelligence programs and have been using them as bots to address to customers needs.
Microsoft Bot Framework is one such artificial intelligence program that lets developers build bots for businesses so that they can interact with customers and cater to their needs without having to physically require a person sitting behind a computer to answer queries.
IDC Research Inc predicts that by 2019, 75% of enterprise application users will have artificial intelligent personal assistants to do their work.
All of this is enough evidence for businesses to divert their focus towards AI.
Businesses seem to be quickly turning to cloud technology due to the benefits it has to offer. In 2015, $70 billion was spent on cloud services and the amount is said to reach $141 billion by 2019, according to IDC. This is a huge number that shows just how quickly this amazing technology is growing.
It is also predicted that by 2019, 83% of traffic will be cloud based. Cloud services provides a business with many benefits such as top notch security, easy access, accurate information, e automatic backups of data and a way to share and collaborate data with partners.
These benefits aren’t offered by any other storage option and since we know that quick advancements are being made in the data capacity from Gigabytes to Terabytes and so on, it has become a dire need of businesses to switch to cloud storage so as to secure their data.
- Social Media
Social media is huge today. It is believed that about 90% of all internet users have at least one social media account, which means you can reach to about 90% of online users just by being on social media.
Since the social media population has gone this large, it has become vital that a business uses platforms like Facebook, Twitter, Instagram and Youtube to engage with their audience and use the latest marketing tactics.
Studies show that on an average, an individual spends as much as 9 hours a day on various social media accounts. Hence, if you make professional business profiles on every popular social media platform, it will do nothing but good for your business.
Getting new customers, increasing sales and making profits has a lot to do with the visibility of a business. If people don’t know about your business or what it is that you do, then you can’t grow your business. However, the trick lies in focusing on one platform and using it to target relevant audience such as Facebook, Youtube and Instagram.
Other than this, emailing newsletters and engaging with audience via a blog is also fruitful for a business because the top 3 content marketing strategies as of today are none other than social media (83%), blogs(80%) and email newsletters(77%).
- Mobile Apps
Today, most of the internet users prefer surfing the internet, do shopping, send/receive emails on mobile devices. We have millions of mobile apps on the internet that have made it easier to interact with the world.
A lot of businesses have a personal business mobile app to provide convenience to their customers. In fact, by 2020, mobile apps are predicted to generate $189 billion in revenue through in-app advertisements and app store purchases.
Business that do not have a business app made for mobile devices (smartphone, tablets etc.) are losing a good percentage of potential customers.
Use automation to get the job done in a quick manner. This removes the need to hire staff as you have machines doing it all. For example, if you are an egg tray machine manufacturer, you can buy molding machines to manufacture egg trays with you.
The machine will do everything from cutting the tray to giving it the shape that it needs and do it a lot faster than humans.
Digital data is not easy to guard. The risk is always there.
A business that doesn’t take required measures to safeguard their data is hurting their own business. White Hat Security statistics say that 86% of websites have at least one vulnerability that puts them at risk.
Therefore, it is important to use top notch security providing software and cloud based security programs to safeguard your data.