Technology has significantly helped level the playing field between large and small businesses. In fact, technology has even helped larger businesses offer more personalized service to help them better compete in smaller markets. In addition, small businesses now have many of the same tools and resources that large businesses have long had access to, allowing them to expand their reach long before they are ready for true expansion. Here are 4 ways that technology is helping businesses thrive in 2019.
From automated social media posts to automated payments, automation is allowing businesses to "set and forget" a wide range of tasks. Automation means smaller staffs can accomplish more and SMB owners can automate routine or mundane tasks to focus on more important ones. You can sit down once a month and automate several tasks for the entire month and a single staff member can do the work it used to take three employees to do. Contrary to popular opinion, technology and automation is not actually taking away jobs, it is just taking on more routine and mundane tasks, which allows the same amount of staff to do far more. In fact, in the technological age, some businesses are entirely automated.
2. Cloud computing
Cloud computing may be the best thing to happen to businesses. With cloud computing, you can share and access files and information from anywhere, allowing remote teams to work in perfect synchronicity. This allows both small and large businesses to cut down on necessary office space, as well as allowing employees the freedom to roam, work from home or even travel abroad without missing a day at the office. With cloud computing, you can even work poolside in the summer next to your new pool created by pool designs Mobile.
3. Subscription services
Two of the biggest costs for many businesses used to be software programs and hardware. Now, with the rise in BYOD (Bring Your Own Device) business owners are saved the cost of having to provide multiple devices for various employees. Subscription services also allow businesses to purchase software that employees can use on their own devices for as long as they need it. This is great for seasonal businesses or businesses going through either contraction or expansion. As a business grows, they can just add on new subscribers or cancel subscriptions they no longer need. Not only does this cut down on startup costs, but it also allows businesses to only purchase what they need for as long as they need it.
4. AI and machine learning
According to a Gartner report, an anticipated 21 billion connected devices will be in use by 2020. All of those devices will be generating a massive amount of data and information which will give businesses an unprecedented look into the habits and patterns of consumers. That data has the potential to be a goldmine to businesses, but that amount of raw data does little good without a way to analyze it to create actionable intel. This is where AI and machine learning comes in. AI and machine learning have the capacity to detect even the most minute patterns in even an avalanche of data. Soon even small businesses will notice when there is even as small as a 12% increase in sales on a certain day of the week or month for 3 months running. Having the ability to detect and discern patterns such as these can help businesses and retailers better tailor their products and services to the specific needs, habits and patterns of their clients and consumers.
Far from taking away jobs, technology helps people run their businesses more efficiently, setting them free from the office and allowing them to wrap work around their personal lives and commitments. While people are no less busy in a technological age, technology can help them better balance their lives and their schedules to live a more full and well-rounded life.