Technologies Entrepreneurs Must Adopt To Grow Their Business

As we look around we see that there are many technologies meant to help us as entrepreneurs. However, there so many different types of technology to choose from that it’s easy to feel overwhelmed. We understand how easily this can happen, which is why we decided to point out some types of technology you can’t afford to overlook:

#1 Blockchain

Most people know of blockchain as the ledger that records all bitcoin transactions. It’s simply a bunch of computer code that anyone who has a computer or a smartphone can use to create, exchange and record value. Today, entrepreneurs are finding many other uses for blockchain and distributed ledger technology (DLT). Some people believe that DLT is the “next big thing” (especially for financial services) that will disrupt various industries. The reason behind this is that this technology is a complete, immutable, and freely observable record of transactions – something that’s very helpful for businesses.

Since you can’t hack the blockchain, you can trust it. This comes in handy when your employees must validate themselves and others as it speeds up your transactions and trade – something that adds great value to your business.

#2 Cloud Technologies

According to Entrepreneur, at some point, all your data ends up in the cloud. This is why you should get to know it as much as possible – even if you only master Google Drive, Dropbox or Salesforce. Doing so will help you collaborate more efficiently with your colleagues, improve your business’ security, discover new business models, and remain competitive.

#3 Big Data

Big Data surrounds us in all our digital processes and social media exchanges. This technology is expected to grow, which is good news because this will help you gain a competitive advantage, understand customer preferences, perform better at sales, and make better decisions.

#4 The Internet of Things (IoT)

It’s expected that by the end of 2020 over 30 billion devices will be connected to the internet. This is mainly due to the major growth that’s happening in today’s “smart home” technology (e.g. smart thermostats, connecting lights and security systems) and wearables like smartwatches, fitness and payment devices. While many of these products are still in their infancy, experts believe they’ll substantially scale over the next 5 years. Of course, there are still some big challenges when it comes to convincing consumers of these items’ value. Many companies are also still working out how to create customer value from IoT – a great opportunity for small businesses and startups to take advantage of.

#5 Artificial Intelligence (AI)

According to Markets and Markets, voice AI-based communication is quickly growing to the point it’s expected to be worth $18.3 billion by 2023. This is because machines can learn from past experience better than humans can. They’re also very effective at making unbiased predictions. This means you’ll have a powerful tool – especially when you’re working in highly competitive, low margin markets like retail. However, this will take time and lots of data.

Other Technologies To Be On The Lookout For:

While these aforementioned technologies are ones you must pay special attention to, there are a few other technologies you can’t afford to overlook. These include:

Augmented Reality (AR) and Virtual Reality (VR): VR provides an immersive experience while AR lets you place a virtual image in a real environment. The fact that VR lets you walk around and inspect an idea before it’s created has major implications for businesses.
Drone technology is rapidly advancing at the same time as people want to save money on fuel. As such, many people believe drones will become commonplace over the next 5 years. We’ll see them in supermarket deliveries, aerial photography, advertising at public events and security/surveillance, but we must take note of safety and privacy concerns, as well as Civil Aviation Authority regulations.
Robots and other automated devices: They’ll mimic and learn tasks from humans in a way that will revolutionize our workplace – especially in the fields of automotive manufacturing, dispensing pharmaceuticals, and food processing.
3D printing will revolutionize the whole manufacturing market. It’ll make it possible to create affordable, bespoke products that are produced locally, making the delivery of items faster.
Coding is an important skill to have in the 21st century – everything from understanding the basics of HTML and CSS for websites to using Java and Python. Although coding is complex in and of itself, it’s been simplified by technology. Learning how to take advantage of these programming languages will help your business save money since you won’t need to hire a programmer any longer. While you’re at it, make sure your website is also mobile friendly.
Wireframing isn’t necessarily a “technical skill,” but it’s important because it helps you understand how web pages and apps are designed. Armed with this knowledge you can more effectively communicate with your tech and product teams.
Online accounting and bookkeeping are vital to your business’ success. Fortunately, there are many accounting programs and bookkeeping software to help you with things like billing, payroll, and organizing your receipts.
Effective online communication is extremely important. You must use tools to help you manage your email inbox, automate messages, label messages, and use email keyboard shortcuts. This will help you easily manage your email account without wasting a lot of time. Since email is particularly important for your marketing, this is one area you’ll want to stay ahead of so you gain others’ respect. Besides email, you must also learn to use social media effectively so they can interact with their customers, get feedback and gain insight. While managing all your social media accounts is challenging, there are apps that help you handle this (e.g. Hootsuite).