6 Small Business Technology Trends to Watch
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In today's fast-paced digital landscape, where change is the only constant, the evolution of technology has frequently been consistent. Current leading technologies tend to get quickly outdated.
According to research on Statista, the forecast on emerging technology growth shows that there would be a 104% increase in technology trends by 2018 to 2023.
As a result, small businesses are constantly navigating a sea of technological advancements, seeking innovative ways to stay competitive and thrive in their respective industries. From artificial intelligence and the metaverse to cloud computing to software and hardware and Blockchain, small businesses can watch and implement an array of technological trends. They do this to streamline operations, enhance customer experiences, and unlock unprecedented growth potential.
This article highlights six significant small business technology trends to watch and how they can enhance productivity.
Benefits of Small Businesses Watching Out for the Latest Tech Trends
For many SMBs, implementing innovative solutions to their small business may be a bit scary, overwhelming, and unnecessary. However, in the bid to stand out and grow your business, watching out for the latest tech trends and implementing them in your business pays off with countless advantages.
Here are some of the benefits of small businesses watching out for and implementing the latest tech trends in their businesses.
Streamlined business operations
Effective communication
Fast-paced business growth
Enhanced security of data, devices, and networks
More comprehensive staffing options (in-house and remote)
Enhanced business productivity
Efficient marketing and decision-making.
These benefits show that it is highly advantageous for small businesses to watch for technology trends to leverage in their operations.
6 Tech Trends to Watch
Here are six technology trends for small businesses to watch, and each of them can benefit your business
1. Artificial Intelligence
Many might say this tech trend has existed for many years, so what should we watch out for? AI is one tech trend that will never go out of trend. Its importance and constant evolution have made it a staple for many big businesses.
With each passing day, more and more AI-powered solutions are being released, each one more advanced than the other. Some of these AI-powered solutions are ChatGPT, Viso Suite, and Stable Diffusion. These AI-powered solutions have been equipped with the algorithms needed to transform and produce efficiency and accuracy in almost every business with AI-powered solutions.
Therefore, small businesses should watch out for this tech trend and take big advantage of it. What do you get? By embracing AI, you can augment human potential, streamline operations, and gain a competitive edge in a data-driven world.
2. Blockchain
When the word "Blockchain" is heard, many immediately associate it with cryptocurrency and wonder how this tech trend will benefit businesses in any way or form. However, there is more to Blockchain than being a place to make transactions. Blockchain technology is no longer just a buzzword; it's a game-changer, and for small businesses, this tech trend is worth watching out for.
This is because it has the ability to revolutionize the way business operation is carried out by offering enhanced security, trust, and transparency. With Blockchain decentralizing data storage and ensuring tamper-proof transactions, small businesses can eliminate intermediaries and streamline processes. Also, with the smart contract available on Blockchain, agreements can be automated, thereby reducing administrative costs and enhancing efficiency. By embracing Blockchain, small businesses can solidify their credibility and foster long-lasting customer relationships.
3. The Metaverse
In 2022, the 'metaverse' was among the latest tech trends for businesses of all sizes to watch, and now, it is still among the newest tech trends for small businesses to watch. This undeniable tech buzzword gained so much attention back then. But the debate is, what exactly does the metaverse have to offer small businesses?
The metaverse is an immersive, interconnected virtual reality where people can interact with digital environments and each other in real time. Therefore, similarly to cloud computing, the metaverse represents a new frontier for small businesses to engage customers and create immersive experiences.
Although it is in its early stages, and it may be a few years before we see the metaverse fully come to fruition, small businesses should keep an eye out for the amazing and transcending tech trend, as it has the potential to transform how they will connect and interact with their customers. Best of all, the metaverse blurs the line between physical and digital realms, enabling small businesses to build deeper connections with their audience, foster brand loyalty, and expand their global reach.
4. Cloud Computing Technology
It is well-known that cloud computing is not new to businesses. This major technology trend has been a major part of any remote and hybrid work system business. Cloud computing offers numerous benefits, such as providing on-demand access to computing resources like servers, storage, and software. Not only does it save businesses valuable time and money, but it also grants them enhanced flexibility and scalability.
As a result, in this rapidly-evolving digital era, cloud computing is a game-changing technology trend small businesses should watch. It is expected that from 2023 to 2025, the adoption of cloud computing among small businesses will soar. Its transformative capabilities will make it an indispensable tool for growth and success.
Therefore, to be among the few and boost productivity, leverage the power of this tech trend to optimize resources, reduce infrastructure costs, and scale their operations based on demand.
5. Zero-Trust Cybersecurity
According to research, small businesses are 3x more likely to be cyber-attack targets. Yet, it shows that only 14% of the 43% of small businesses targeted by cyber-attacks are prepared to defend themselves. As a result, as cyber threats continue to rise, small businesses must prioritize cybersecurity.
Cybersecurity is one of the most essential tech trends for small businesses to watch. Zero-trust cybersecurity is a comprehensive approach that bases its security strategy on "never trusting, always verifying." Using advanced threat detection systems powered by AI, this technology trend can identify and respond to potential threats promptly. The security controls associated with zero-trust cybersecurity include multi-factor authentication, antivirus, firewall, encryption, and network segmentation to mitigate risks.
Implementing this technology provides small businesses with the peace of mind that their sensitive data, customer information, and intellectual property are safeguarded from evolving cyber threats.
6. Super Apps
Super apps are all-in-one platforms that integrate multiple functionalities, providing a seamless digital experience for customers. This tech trend enables small businesses to leverage super apps to streamline interactions, simplify transactions, and build customer loyalty. These comprehensive platforms offer messaging, payments, shopping, and more within a single application.
By adopting super apps, small businesses can consolidate their presence in the digital realm, providing convenience and accessibility to their customers. They can offer personalized recommendations, loyalty programs, and an integrated experience that strengthens their connection with the target audience. By embracing super apps, small businesses can optimize their operations, increase customer engagement, and gain a competitive advantage in the market.
Get Insight on Tech Trends to Implement in Your Small Business
BrainStomp helps small businesses stay updated with the latest tech trends that will benefit them. We can help you understand which make sense for your company goals and which don’t.
Contact us today to find out more.
