Development of Tech for Business
2017 was a huge year for tech, with the introduction of virtual assistants in the house, and augmented reality, blurring the line between the digital and physical world. Certainly, the speed of technological innovation is making it hard for companies to keep up with the continuing shift.
But are some of those tech trends set to shake up the entire world of small business in 2018? Here are just some tech trends that a small company can expect to see, and capitalise on, at the upcoming year. See your specialised business coach and discuss where the opportunities lie for you.
Cloud computing is one of the tech trends that is alive and truly present, with browser-based programs currently controlling how we tackle work. Small companies should completely embrace this shift and move operations to the cloud when possible, which makes locally handled hardware redundant and saving costs as an outcome.
Cloud computing enables small companies to store their data entirely online. Not only will this add to the advantage of not needing to carry around a hard disk or USB, but it’ll be accessible anywhere, on any device, any time of day. It’s also far more secure. Cloud software systems are beginning to become more affordable and user-friendly, seeping its way towards small businesses and no longer just reserved for high tech multinationals.
Cloud accounting has become mainstream in small business, and why not. Products such as Xero, MYOB and Quickbooks are great solutions for your business thanks for their own instinctive design and simplified way of accounting and record keeping. No more do companies need to be chained into their outdated bookkeeping programs in their workplace. Provided that you’ve got access to an online connection, you can get real-time small business analytics and data on the move.
Real-time payment processing
Tired of waiting for money to reach your bank account? This tech development will make a difference. 2018 is the year payments start to instantly hit your bank accounts as soon as they’re sent. No more waiting 24 hours or 2 working days for a payment to reach on your accounts. Real-time payments are set to be introduced as soon as January 2018. The rollout may also indicate that payments could be produced out of “Pay IDs”, like your contact number as opposed to a bank account number and BSB. This will drastically improve efficiency and reduce wasted time.
Flexible remote workforce
Complementary to the growth of cloud solutions, the drive for more flexible operating conditions has forced small companies to modify their conditions of employment. Technology has empowered workers to work from nearly anywhere with an online connection. Studies have proven that this method of functioning has had a hugely positive effect on employee participation, allowing greater productivity and saving costs for both companies and their employees. Meetings can be conducted via video channels and employees are reachable at any time of day. With employees working from various locations there is also a rise in productivity monitoring technology such as Insightly to keep track of tasks.
With video projected to maintain over 80 percent of all internet traffic by 2019, it’s not surprising that small companies are working to seize this chance. Does a movie constitute a lot of the articles on the world wide web, 90 percent of clients report that merchandise videos help them make purchase decisions. Video’s capacity to boost customer retention retains the excellent potential for conversions. Small companies should aim to incorporate video into their Business plan and make a narrative. Obviously, social media platforms and websites are optimal places for video content, however these platforms must have a genuine audience.
Advancements in big data
For businesses looking to streamline operations, specialists are gambling on large data. In stock management, big data gives businesses more tailored advice about who their clients are, what products are efficient and the way they could boost brand awareness. Once it means deciphering more details and statistics, the final result will cause a more successful inventory procedure.
The proliferation of DIY business programs
Rather than waiting for a quarterly report by a professional, entrepreneurs probably will take action themselves using new programs like Businest. It is a program which uses AI to analyze an organization’s financial statements to supply a roadmap to improve cash flow.
The growth of the Internet of Things
the Internet of Things or the connectivity of physical apparatus that Communicate with devices that are similar, allows companies to collect certain information key to company procedures, such as tracking how customers utilise goods and services. This provides customised information to help with best practice benchmarking to improve performance.