In recent years, technology has changed the fortunes of millions of businesses. Technology has brought tremendous change to the business world, regardless of industry and specialisation, and it is safe to assume that the benefits of technology to businesses will not be decreasing anytime soon.
As the year moves slowly to a close, we take a look at what technology holds for small businesses.
Artificial intelligence will play a major role –
In the past, businesses have experimented with artificial intelligence in different phases of their business operations, but, in the future, artificial intelligence will go beyond scheduling things on a calendar and chatting with customers to playing an important role in the back office and decision making. Artificial intelligence will help small businesses automate the back office and perform some of the complex functions associated with finance, inventory and decision making. This will bring more efficient financial reporting and help business owners make informed decisions.
Small businesses will have access to big data –
Recently, we have seen big data moving away from being the exclusive domain of big businesses to becoming more accessible to small businesses. This trend is bound to continue into the New Year. Small businesses having more access to big data will put them on the same level playing field with larger businesses and help those who are able to harness this potential get ahead of the competitive curve in the industry.
Cloud hosting will become the norm –
While cloud hosting is not exactly new technology, not many small businesses are actually taking advantage of it. The past few years have shown the importance of data security and how a data breach can compromise the success of a business. To this end, an increasing number of small businesses are opting for cloud storage to make their data equally secure and accessible. Already, technology leaders are spearheading the drive to offer reliable hosting and data storage facilities to small businesses all over the world.
Social media advertising costs will increase –
As more and more small businesses begin to take advantage of social media advertising, it naturally follows that the cost will increase. For example, a lot of big businesses jumped aboard the Facebook advertising bandwagon a long time ago, but only a small amount of small and medium-sized businesses felt the need to invest in social media marketing. This will change in the coming months as the number of advertisers on social media platforms will increase to meet the needs of small businesses to reach out to a global market. This increase will bring about a simultaneous increase in the cost of social media advertising.
Technology will aid in the personalised experience –
It is unfortunate that a huge percentage of consumers suffer from lack of a personalised experience. In fact, more than 70% of consumers are not happy with the type of services they receive from businesses, this huge number shows how important the personalised experience is to business growth.
Technology will play a huge role in helping small businesses provide personalised experiences to their customers. Technology will provide the data and tools needed to provide insight that will help businesses tailor their services to the needs of their customers.