While success in modern business is still based on fundamental principles of supply and demand, the advancement of technology has completely changed the course of entrepreneurship. Now more than ever, access to technology has helped small business owners everywhere to better strategize company growth. Here are a few ways that small businesses play to their technological advantage.
Companies that invest in managed IT support services gain an advantage over competitors that rely on small IT firms. With 24/7 monitoring and proactive system maintenance, outsourcing to a managed-services provider allows essential business functions to work seamlessly, rather than depending on availability of one-man teams. Remote support and strategic counseling make this tech resource invaluable for small companies.
One of the greatest advantages that small businesses have today over their predecessors is the development of accounting software that can link directly to financial information. With these web-based apps and programs, up-to-date information is within reach of any entrepreneur’s mobile phone, showing cash flow trends and giving preset reports to keep entrepreneurs on top of their financial health with ease.
Nearly every industry from healthcare to auto insurance has drastically changed with the introduction of artificial intelligence. Freeing up employee time through sales chat-bots and diagnostic tools, newly developed AI resources can make a huge difference in company productivity.
The globalization of business would not be as successful without the continual development of video conference platforms like Skype and Zoom. This conferencing technology is a radical change from endless boardroom meetings and allows for connectivity with clients and partners from all over the world. Small business owners would be wise to utilize this tech in long-distance communications.
Implementation of tech in businesses of every industry has produced a global shift in markets all over the world. These are just a few of the many technological tools small businesses can use to facilitate business growth.