Even though small business does not have big resources to handle significant technology changes, it is necessary to update their working process in order to survive the competitive market. Big corporations are investing so much money in developing new technologies that will help them run business processes more efficiently. However, small businesses need to adapt those technologies to suit their environment. There is no need to invest a lot of money in developing something new.
In this article, we will go through some of the best-emerging technologies that every small business should have in 2020.
1. Cloud computing
Even though cloud computing has been with us for quite a while, not every business have cloud services to improve their workflow. Data-management has never been easier by using cloud computing.
Using cloud systems in your company will bring you so many benefits like cutting down on paper managing costs, expensive hardware costs, data management, and better document search analyze and much more. There are many companies that offer cloud services for very cheap monthly subscriptions, so if your business is still not using cloud computing, make sure to update your processes.
2. Messenger bots
2020 is going to be the year for customer service. Businesses are focusing on clients more than ever, providing the best user experience as possible. Automation in this process, just like the messenger bots, can improve your customer service by a considerable margin. Using messenger bots or other AI applications to replace human-like activities is going to make your business available 24/7.
Experts predict that most customer interactions will be handled without human interference by the end of 2020. This means that you need to start developing your bots in order to make them capable of answering specific questions from customers.
3. Internet of Things (IoT)
The Internet of things means that you need to have the software, hardware, data and system integration communicating with one another. IoT is very popular at the moment and it is expected to grow from a $110 million dollar market in 2017 to $1.56B in 2025. Experts predict that 94% of all businesses will use IoT in two years’ time.
We generate data every day, and that data is stored, compared, analyzed, and shared across parties and technologies that might be capable of using it in order to improve our everyday lives. IoT can help your business run more efficiently by using the correct data gathered from business processes. By using IoT, you can create complete automation where machines will communicate with one another for essential business processes.
4. Virtual Reality and Augmented Reality
There is a huge industry developing thanks to VR and AR technologies. These technologies are capable of transforming communications, improving business services and processes, as well as make our company more visible across the internet. In other words, this technology has limitless integration in systems that can improve business processes. From customer experience to training new employees, VR and AR are the secret weapons that some businesses use in order to battle competition.
5. 5G Data Network
In order to run a successful business, you need the most stable communication there is. The new jaw-dropping statistics say that companies on average, lose $11,000 per employee due to ineffective communication and collaboration. This can be long gone if you introduce the latest 5G network in your business. Even though 5G networks became available in 2019, there is still not a good use of them since they are available in major cities. However, this super-fast download and upload speed will be globally available in 2020, and your company must use its benefits.
These are some of the best-emerging technologies that small businesses need to use in order to stay competitive in the business world. If you don’t follow the latest technology trends, your business will be like a slow-running horse in the fierce Kentucky Derby horse race.