Why Technology Advancements Matter to Your Small Business

We are living in an era of massive innovation and mind-blowing breakthroughs. Modern industry is adopting advanced technologies at a record pace, including the whirlwind onset of artificial intelligence platforms that are being implemented in just about every facet of business and in life. While there is a lot to cheer about with all these game-changing improvements, many small business owners are simply not leveraging technology the way they could be. And this puts them at risk of losing their edge against their tech-savvier competitors.

Business owners sometimes push back on their need for modernization, steadfast in their conviction that theirs is not a tech-dependent company. But make no mistake, even the simplest business structures benefit from new technologies. Just imagine if you dug your heals in on refusing to get a smartphone a few years back. Or if you snubbed your nose at video conferencing. Heck, not that long ago email was considered an advanced technology. Where would your business be today if you never jumped on that bandwagon?

The point is that technology and innovations exist to make our lives and our businesses better. Even the most tech-resistant small business owners can benefit from today’s amazing advancements.

Here are just a few of the ways that technology can make a positive impact on your business:

Improved Efficiency

New technologies can streamline your business operations and processes. There is a wide variety of powerful project management software to choose from, as well as workflow automation platforms that provide process mapping, task assignment and tracking, document management, reporting and analysis. All this is to say that you don’t need to be stuck with pen and paper, attempting to scribble out the success of your business. Let technology do the heavy lifting.

Extended Reach

Without technology, your business has no website. You have no social media. You have no online purchasing power. The fact is, without technology, your options for connecting with your customers, vendors, and other key stakeholders are limited. An online presence provides your business with the ability to interact and is essential regardless of company size or industry. Maintaining an online presence dramatically increases opportunities for visibility, customer engagement, and market growth.

Improved Customer Journey

Customer Relationship Management (CRM) tools are designed to move leads through your development process while enhancing their individual experience with your business along the way. CRMs allow you to personalize engagement, gather data, and launch marketing campaigns based on a customer’s actions and behaviors. Other technology-based customer experience enhancements include online payment platforms, customer service access including chatbots, and online returns or exchanges. The simpler it is for your customers to interact with your business, the more loyal they become. And technology affords them that easy access.

Increased Competitive Advantage

As mentioned, your competitors are leveraging technology. It makes them more efficient, more productive, and arguably better at what they do. While you don’t need to be beholden to every emerging technology, it is wise to keep an open mind regarding the opportunities afforded by innovations. Artificial intelligence is definitely one to keep your eye on, as there are so many applications (and more emerging daily) that allow you to outthink and perhaps even outperform your competition.

Enhanced Security

We live in an increasingly dangerous digital world, with small businesses being prime targets of global bad actors who are becoming incredibly savvy in their approaches to hacking your systems. They are using AI and other advancements to gain access and wreak havoc. On the other hand, new cybersecurity solutions leverage all kinds of technology like firewalls, encryption, scanning and testing to safeguard your network and data. By keeping up to date with security technology in your business, you better protect your data, your customers, and your entire company from evolving cyber threats.

So even if you don’t consider yourself a tech-heavy business owner, it is important to open your operations up to the wonderful world of innovation. You just might find that emerging technologies are going to help drive your success and allow you to thrive in an increasingly digital world.