Emerging Tech Trends Small Businesses Can’t Ignore
Whip inflation now with tech tools to reduce costs and grow your business
September might seem a bit late on the calendar to start talking about the year’s trends in technology, but if your small business hasn’t hopped on the band wagon yet, now’s the time to listen up. The last few years have been nothing short of brutal for small businesses struggling with supply chain issues and rising costs of everything from materials to labor to shipping. Inflation has been the real bugaboo, reaching levels that U.S. businesses haven’t seen since the “stagflation” of the 1970s. Old timers will recall the bad old days when inflation had our nation by the throat. Today, our leaders seem equally hapless, but small businesses do have a powerful ally.
Digital technology is coming to the rescue with tools that can deliver a one-two punch to inflationary stress. How do small businesses whip inflation now? By reducing costs through efficiency and growing their business smartly to increase revenue. Efficiency and growth are the drivers of business success, and the technology trends of 2024 contain the keys to unlocking them.
Getting on board with the best small business technology trends
Without further ado, here are the leading tech trends your small business needs to explore:
- 5G — Speed, speed, and more speed. If you haven’t upgraded your network to benefit from 5G services, you’re still walking while your competition runs.
- Edge computing — You’re probably already storing data in “the cloud,” but as the name suggests, doing so places your data en masse at a considerable distance from you. With edge computing, you’re using remote storage, but with a difference. Edge computing allows you to decrease the amount of data sent and stored at a long distance, because you are selecting only critical data for the cloud, and you’re backing up the rest closer to home. The result is greater efficiency and lower cost.
- Blockchain — Originally developed to record and store transactions for cryptocurrencies such as Bitcoin, this technology is a highly efficient means of creating a ledger for virtually every business transaction you need to process.
- Tools for self-service — Consumers want greater freedom to transact on their schedule by their preferred methods, including contactless payment options. New methods include phone apps, mobile wallets, and wearable devices. Adopting this tech can enable you to increase sales, improve cash flow, and reduce the risk of counterfeit currency.
- Employee development — Can’t get good help these days? It’s a sad reality that many people entering the workforce lack marketable skills and a traditional work ethic. By investing in learning management technology, you upskill your workers and improve your corporate culture.
- SaaS tools — Tech solutions known as “Software as a Service” provide cloud-based software applications over the Internet. These programs cover virtually every business function, from project management to payroll to HR and on and on. By finding the right SaaS for your needs, you can upgrade performance in critical areas while reducing costs and improving cash flow. Many programs include AI data processing, so you can mine volumes of customer data to better understand what your customers are looking for.
- Generative AI — What to launch a cutting-edge marketing campaign but you lack the creative tools? Look no further than generative AI, where you can enter prompts to create images and videos to promote your brand. AI might even come up with the snappy catch phrase you need to grab your audience’s attention.
- Social media marketing — Speaking of grabbing attention, businesses need to reach customers where they are and these days, they’re on social media. Many small business have grown using influencer marketing and user-generated content across many platforms, most notably TikTok. On social media, you can create a personal relationship with the customers you’re attempting to attract.
With so many options available, how can you make the best choices to address your company’s needs? At KMF Technologies, our IT specialists provide personalized guidance. We try to understand your vision and goals, and suggest a strategy based on your immediate priorities with an eye towards long-term success. Call us today.