7 Emerging Technologies SMEs Can Leverage for Business Success

11, Aug 2023 228

There are many brilliant tech tools for entrepreneurs and small businesses to leverage and unlock a competitive edge in today's changing business landscape. They are:

1. Cloud :

Cloud technology is no longer a favorite with just large-scale businesses; small and medium-sized companies are increasingly adopting it.

Benefits that are hard to ignore compel entrepreneurs to adopt cloud services and transform their businesses. After all, more and more budding SMEs look to limiting costs, improving data security, flexible storage, zero downtime, resource optimization, and omnipresent resource mapping.

The cloud offers SMEs innovative ways to stay relevant and maximize profit without compromising cost or efficiency.

Another reason why cloud platforms have become a perfect fit for small and medium enterprises is because it allows them to do business computing without needing to invest in hardware infrastructure and trained staff.

2. Automation :

Business process automation is no longer only meant for medium and enterprise-sized businesses. Today, SMEs readily adopt automation solutions to boost efficiency.

One of the core reasons is that automation simplifies all aspects of a business by automatically accomplishing tasks that an employee would otherwise have to do manually.

From capturing business leads to closing sales, serving customers, running marketing campaigns, sending appointment reminders, to checking other routine office tasks off the to-do, the list is endless where automation is helpful.

With automated processes, small business owners invest their time in business growth, cost-cutting, and boosting employee productivity.

3. AI and ML :

SMEs and startups are now deploying intelligent AI algorithms and data mining tools for extracting and mining massive data to their advantage.

If you are a startup, there are many areas where AI/ML is beneficial.

You can consider introducing intelligent voice recognition systems or chatbots to service customers. This means repetitive customer requests are addressed by the technology, improving employee productivity. Besides, ML algorithms process data quickly and generate insights faster. Therefore, predictive analytics is another area where this tech is helpful.

4. Cybersecurity Tech :

Since the onset of the Covid-19 pandemic, there has been a significant increase in global cyber threats. Today, small and medium-sized enterprises (SMEs) are the new cyber-attack target. But unfortunately, cybercrime prevention is generally neglected within this sector.

Remote working is one of the primary reasons for the increase in cyberattacks. Businesses that have not yet taken the necessary precautions have been vulnerable to these assaults.

This is why Cybersecurity strategy has become imperative to keep your business operational. Besides, this is one tech that must constantly evolve to defend against hackers, so upgrading it once isn’t enough.

It would help if you considered tech tools for network security, firewalls, anti-virus for applications and computers, data encryption, security monitoring, logging and alerting systems, and system backups.

Another concern for businesses is the security of customer information, intellectual property, and any other information that’s critical for financial gain.

5. Online Payments :

It's common for businesses to send/receive money through the Internet.

If your business only utilizes the old payment gateways, it will soon fall behind the rest of the world. Furthermore, if you haven’t yet offered this opportunity to your customers, you are likely to lose many of your valued customers and see a decline in your reputation.

SMEs understand the importance of adopting tech to reduce the administrative burden on their business. Online payment is a necessary part of that.

Check where your business stands in the digital journey. For example, do you still use paper-based payment processes? Or, if you have an electronic payments system but use sub-optimal processes?

Paper-based payments and manual processes add to your administrative costs, causing inconvenience to your customers and suppliers.

By contrast, online payments deliver a considerable uplift to your business’s profitability and growth by providing:

A better customer experience (ex. accepting payments from any location via smartphone)
Cost reduction in transactions
Record retention via cloud-hosted data
Competitive advantage by making your business accessible to overseas markets.

6. Virtual Workspaces :

A dedicated office is required to legitimize your business, but the costs associated with its rent, purchasing office equipment, paying utility bills, etc., cause a financial burden on startups.

That’s a challenge most SMBs face.

A virtual workspace provides all of the services a traditional brick-and-mortar office space offers at a much-reduced cost. As a result, virtual offices are a perfect option for small businesses looking to establish a corporate image.

While financial gain is an advantage, it’s not the sole reason why virtual workspaces are becoming popular. A virtual office offers a modern solution to businesses ready to create a collaborative workspace with benefits such as remote working, talent mobility, connectivity, and even employee well-being.

With virtual spaces, you can take the liberty to run your office online as the workforce can operate from different locations. You need to use other applications to conveniently and efficiently coordinate with your teams.

7. Beacons :

SMEs find Beacon (a small Bluetooth device) an easy tech to invest in for improving their user experience.

For those who aren’t too familiar with this technology, Beacons are small-sized, Bluetooth-enabled, wireless, proximity devices that a business can attach to its premises. Beacon uses Bluetooth low energy (BLE) signals to track things and people and deliver relevant information when its target is within the range.

Areas where Beacons can do an excellent job for you:

Locate/Track things indoors with precision. In short, Beacon does things indoors, which Google Maps does for the outdoors.
Engage customers by triggering events on their smartphones and other devices. For example, send them info on special offers, deals, targeted campaigns, or shopping suggestions.
Collect reliable data about your customer behavior and retarget them after walking away from the premises.

The opportunities for beacon adoption are beyond just retail. Businesses from sectors such as transportation, logistics, hospitality, education, finance, etc., are all set to benefit from it.

According to the Emergen research of 2020, beacon technology has started showing impressive growth. In 2019, the value of the global beacon tech market size was 2.10 billion USD. By 2027, this value is expected to touch 35.15 billion USD, with a CAGR of 44.1%.

Trades World

Joined on 03, Jan 2024

Explore

All Categories

All Categories

Send enquiry

7 Emerging Technologies SMEs Can Leverage for Business Success

1. Cloud :

2. Automation :

3. AI and ML :

4. Cybersecurity Tech :

5. Online Payments :

6. Virtual Workspaces :

7. Beacons :

Trades World

Other Post

Related Posts

Top 10 reson to chose tradesworld.in it

Unlock Opportunities for Buying and Selling Businesses, Properties, and Franchises in Surat Busines

TradesWorld.in in Surat - Surat: The City of Bridges, Connecting Businesses and Opportunities

The Ultimate Guide to Navigating the Real Estate Market

How to register a company?

Cyclone Biparjoy Live Updates: Gujarat On High Alert

GST certificate is require for startup?

What is Franchise?

Immersive Revolution: The Importance of Virtual Reality in Real Estate

Relationship Between Franchisor and Franchisee

The Impact of Augmented Reality and Virtual Reality in Business Applications

The Timeless Appeal of the Textile Business: Weaving Success through Creativity and Innovation

The Future of Automobiles: Revolutionizing Transportation"

International Yoga Day

Why Retail Management is the Next Big Thing in TradesWorld.in

Unlocking the Potential of Data Analytics for Business Success on Tradesworld

Business Solutions: Maximizing Success for Your Buy and Sell Venture at TradesWorld.in

How to Secure the Perfect Commercial Space for Your Business

Transforming Healthcare: Embracing Technological Advancements for a Brighter Future

Exploring the Exquisite Handicraft Industry of Agra

Future Forward: The 5 Trailblazing Trends Reshaping Influencer Marketing in 2023 and Beyond

Understanding the Genuine Intentions of a Prospective Buyer: Valuable Insights to Identify Serious I

Exploring Options to Successfully Sell My Business - Valuable Insights from Top Experts

Thoughtful Strategies for Expanding a Retail Franchise Brand: 5 Essential Steps

Key Factors to Consider Before Purchasing a Restaurant

Understanding the Process of Identifying a Prospective Buyer and Navigating the Deal-Making Journey

Navigating the Stages of Business: Beginning, Flourishing, Transition

Avoid These Common Mistakes When Selling Your Business

CIRCULAR ECONOMY: THE NEW BUZZWORD

Beyond Growth: the Importance of Inclusion

Pros and cons of AI in the beauty and skin care industry

International Franchising Advantages and Disadvantages

Are You Really Prepared to Buy a Business?

The Future of Franchising in India: Trends and Predictions

Why Startups Fail?

The Ultimate Guide to Buying a Franchise: Step-by-Step Process

Â Key Factors to Consider Before Buying a Franchise Business

skill set for Investor

skill set for individuals looking to buy a business or franchise

Cashfree and NPCI Join Forces to Unleash QR-Powered AutoPay Empowering Subscription-Based Enterprise

Empower Your Photography: Unveiling a Game-Changing Online Platform for Manual Mode Mastery

Exploring the Revenue Streams of NPCI: How Does NPCI Make Money?

D2C Brands Redefining Indias Market

Decoding IndiaMARTs Revenue Model: How Does It Turn a Profit?

Instagram Threads: Revolutionizing Keyword Search and Topic Suggestion for Indian Users

Empowering Tier II & Beyond: Top Funded D2C Brands Reshaping Indias Consumer Landscape

Unveiling the Masterminds Behind Paytm: Ownership and Leadership

Navigating the Dynamic Terrain: Exploring the Indian E-commerce Landscape

Decoding Indias Internet Economy: A Digital Revolution Unveiled

D2C Brands: The Profit Puzzle - Unraveling the Challenges Behind Losses

Accelerating Green Wheels: Navigating Indias EV Financing Landscape

Securing the Top Spot in the Digital Payments Space

The ONDC Empire: Revolutionizing Indias E-commerce Landscape

Indias Crown Jewels: A Glimpse into the Most Valuable Indian Unicorns

2023 SaaS Pricing Trends: Uncovering the Most Popular Models

Top 8 SMS Marketing Software Tools for Businesses in 2023

Leveling Up the Debate: Expert Perspectives on the 28% GST Tax Hike for Online Gaming

Reliance Remarkable Ascent: KKRs $250 Million Investment Elevates Valuation to $100 Billion

Razorpay: Empowering SMEs with Effortless Online Payment Solutions - A Success Story

How to win in chess ?

The Flipkart Verse A Story of Indian E-commerce Revolution

TOP 10 PROFITABLE BUSINESS IN INDIA WITH LOW INVESTMENT

Generative vs. Predictive AI: Unleashing the Power of Artificial Intelligence

Mamaearth Reports INR 155 Crore Loss in FY23 Ahead of IPO

The Importance of Due Diligence When Purchasing a Business