In an ever-evolving technological world, small businesses must watch for upcoming technology trends and incorporate them into their company goals. Otherwise, setbacks such as outdated processes, decrease in growth and productivity, or cyberattacks may result.
Below are 4 emerging technology trends that are currently impacting small businesses.
Internet of Things (IoT)
As more devices are connected to the Internet, the IoT grows larger and will cause a data explosion. By 2020, 75 billion devices will be connected to the Internet, meaning more collection of data, or big data. And big data means a need for greater computing power. Small business owners will have to consider new ways of managing their data and keeping sensitive information safe.
Automation
Robots, algorithms, and automated machines are replacing many common and repetitive work tasks usually performed by humans. Businesses are increasingly implementing automation to reduce human errors, improve sales, optimize employee performance, and save on expenses.
Artificial Intelligence (AI)
Computers are now programmed to learn as humans do, and like automation, can undertake more human tasks. The data explosion from the IoT contributes to AI’s advancement and accuracy. You may not realize that AI is already behind facial recognition software, social media, and home assistants such as Google Home and Alexa.
Blockchain
More companies are considering blockchain solutions for their security issues. 90 percent of major European and North American banks are looking into blockchain technology as a practical solution to the problem of storing, authenticating and protecting data. The healthcare, financial, and insurance industries are predicted to heavily implement blockchain as well. As blockchain continues to become more mainstream, these practices will be incorporated by the small business sector as well.
These 4 tech trends will impact and influence every small business in some way. Staying on top of tech trends can help keep small businesses technologically prepared for whatever the future has in store.
