Technology has become essential for our daily lives. Businesses all over the world are using the most up-to-date technologies to stay competitive and grow. The right technology can make operations run smoother, increase the potential for growth, and help businesses maintain an edge in their field.
Common technologies used by businesses include the Internet, project management tools, and video conferencing. Here are some of the best technology for business to make it a successful one.
Starting a business can be lucrative, & tech businesses are no exception. In 2019, the technology industry accounted for over 10% of U.S. GDP, with the average successful startup exit valued at around $242 million since 2007. However, many startups have failed to make it this far.
To maximize your chances of success in this competitive sector, you need an innovative tech business idea with strong potential for growth in the years ahead. Here is a list of such ideas that should help you get started on your own venture.
What does a tech business do?
Tech businesses create products and services based on technology that can be used in many different industries. Examples of these businesses are Apple, which makes electronics, Salesforce which develops software, and Google which provides IT services.
Starting a business in the technology industry doesn’t have to require a lot of upfront investments. If you don’t have any technical knowledge, consider taking a coding boot camp to get up to speed.
The advantages of utilizing technology for small businesses
Let’s look into why it makes sense to invest in tech tools for your small business before we go over our list.
- Technology can save you time by taking care of manual, administrative tasks such as data entry & invoicing. This gives you more free time to focus on important things like talking to clients, improving products and services, and growing the business.
- Tech tools can save you money in various ways. A CRM tool can help you identify where there are potential cost savings. Accounting software may reveal if you are paying too much tax. Backup solutions protect your data & reduce the risk of customer churn or revenue loss. Project management solutions make sure deadlines are met, helping to avoid SLA breaches and penalties.
- Digital tools allow us to do our work from anywhere, on any device, while limiting in-person interactions due to pandemic health concerns. Most of these tools are available as pay-as-you-go services so you only pay for the features you need and can easily cancel if it’s not a good fit.
Selecting and using tech tools for a small business is beneficial. Here are some options to consider, as well as their pros and cons.
The best technology for business
Processes payments
As a business owner, it is important to offer your customers the ability to pay using the payment method of their choice. This ensures they have a positive experience and encourages them to keep coming back. If you don’t accept their preferred payment option, they may go elsewhere.
A payment processing system enables you to make payments.
- We prioritize customer convenience by offering various payment options, such as PayPal, SecurePay & credit card terminals.
- This cloud-based platform supports credit & debit cards, PayPal, Venmo, Google Pay, and Apple Pay. Other options include Stripe and PaySimple.
Cloud computing
Cloud computing jobs are a way to access computing services such as networks, software, databases, servers & storage over the internet. You only pay for what you use so your operating costs are kept low. With cloud computing comes benefits like better efficiency, security & remote access which give you more flexibility, less downtime, and data loss. This allows you to focus on more important aspects of your work like research and marketing. There are three types of cloud deployment: private cloud, public cloud, and hybrid cloud.
- Public cloud
Third-party cloud service providers offer their servers and storage over the internet, known as the public cloud. You can manage your account and access services with a web browser, such as IBM Cloud, Google Cloud Platform, and Oracle Cloud.
- Private cloud
Private cloud storage is a type of cloud computing service that is used exclusively by one organization. It can be hosted on their own data center or through a third-party service provider. The infrastructure & services are kept on a secure, private network.
- Hybrid cloud management
A hybrid cloud is a combination of a public and private cloud. It offers more flexibility by allowing applications and data to be transferred between the two clouds. It also helps take advantage of existing infrastructure, provides extra deployment options, meets compliance requirements, and ensures enhanced security.
Cybersecurity solutions
Digital tools make life simpler, but they can also create new risks. Cybersecurity is an important worry for anyone who runs a business.
- Ensure that sensitive company information, such as employee Social Security numbers, is kept secure.
- Protecting customer information, such as payment details, is also important.
- Data security solutions help keep your tech tools & systems safe from digital threats.
- To keep computers, USB drives, servers, networks & mobile devices safe, they must be properly secured.
- The right security measures can protect your business data & finances from cyberattacks & other threats.
Risk management is often something that gets put off until there’s a problem. Technology and risk can be intimidating and difficult, but there are some basics of Technology Risk Management that every business should have in place.
- Antivirus: Protecting your computer from viruses is important and should not be overlooked. Macs are not immune to viruses, so you should use a good free antivirus program such as Avast for both Windows & Mac computers.
- Backups: Backing up your data is essential to protect your business. Online backup services such as Backblaze are affordable, costing only a few dollars a month. You can also purchase an external hard drive for less than $200; however, it’s important to replace them every 2-3 years as they become increasingly unreliable over time.
- Malware: When installing new software, be cautious. Avoid applications that come bundled with other software, as they may contain malware. Malware can slow down your computer, display annoying ads, & sometimes even delete data. Only download software from trusted sources. To remove unwanted programs, use the free tool MalwareBytes. If malware has already compromised your computer, the only solution is to reinstall the system.
- Two-Factor Authentication: For added security on important data, two-factor authentication is a good option. This involves using your password alongside either a code sent to your mobile phone or a randomly generated code from something like RSA Tokens or Google Authenticator.
Social media technology
Social media is a great tool for businesses to communicate with their target audience, reach more people, build their reputation, and increase sales. Here are some key roles it plays in business development:
- Boosts marketing for businesses
It can increase website visitors and generate more leads, leading to increased profits.
- Enhancing brand value & recognition can have a positive effect.
Social media is a great way for businesses to increase their reputation & build brand value. It allows them to showcase their products & services in an attractive way, so many organizations are taking advantage of it.
- Establishes a connection with the intended audience.
Social media tools can be used to increase sales & visibility online, providing a great way to develop business.
- Using influencers
Influencer marketing is a business created through social media platforms such as Instagram. It involves endorsements & product placements from people or organizations who have authority or influence in their field. If someone has expertise or charm, they can become an influencer by building a following on social media & finding an agency to work with brands. On the other hand, businesses can also be created to match brands to the right influencers for their products and goals.
- Automating Content Creation
Content automation software presents a great opportunity for tech entrepreneurs, according to Gleb Myrko, an analyst at the market research firm Freedonia Group. Today, businesses have accounts on various social media channels such as Instagram, Facebook, & TikTok. However, there are few tools that can effectively manage & promote these accounts across multiple channels. Myrko believes creating a centralized system would allow marketers to analyze data/performance & more effectively manage their accounts simultaneously.
Platform for managing projects
Tracking project deliverables and deadlines is essential to the success of any business. It helps ensure the timely delivery of goods and services, which boosts client satisfaction. Managing multiple projects can be challenging, especially when many people are involved – especially those working remotely.
Project management software can assist with managing projects.
- Ensure tasks are completed on time.
- Trello & Asana allow you to assign tasks to individuals & track who is doing what.
- Messaging functions allow everyone to stay updated on the project’s progress by asking & answering questions.
Data Analysis
Data accumulates over time with today’s technology, but it doesn’t provide any benefit in its raw form. Data analytics deals with the processing & analysis of this data to extract insights that can be used to make informed decisions. There are four types of data analytics: descriptive, diagnostic, predictive, & prescriptive.
- Descriptive Analytics
Data analysis techniques such as data mining & data aggregation are used to collect & summarize data in an easy-to-understand format. This allows a larger audience to understand the information presented.
- Diagnostic Analytics
Analytics used for diagnostics focuses on uncovering abnormalities in data. For example, if there is a sudden drop in sales for a month, data analysts will try to identify the cause & provide solutions. Probability theory, filtering & regression analysis are some of the techniques used to analyze data.
- Predictive Analytics
Predictive analytics software uses past data and probability theory to make predictions about the future. It helps businesses anticipate which products will be popular & how much they could potentially increase profits. Even though the results are not always exact, predictive analytics reduces guesswork and gives companies a better chance of making informed decisions.
- Prescriptive Analytics
Prescriptive analytics software helps businesses decide what to do in the future. It is a complex form of analytics that uses machine learning algorithms & other computational models. Prescriptive analytics can have a big effect on decision-making.
Software for Managing Inventory
Inventory tracking is essential for businesses that sell products. You need to ensure there’s enough to meet customer demand, but you don’t want to stock too much & end up with unsold goods taking up space.
Inventory management software:
- Using data analytics and reporting, our services can help your business improve operational workflows and make them more efficient.
- Having a well-organized inventory management system makes it simpler to expand as a retailer.
- Inventory management software can improve customer service by making it easier to track products.
Enhanced self-help
Customers today want to solve their queries & concerns without needing much help from others. Providing them with options such as self-service on e-commerce websites, easy returns & exchanges, personalized product recommendations based on previous purchases, FAQs & a personalized shopping experience can make them feel satisfied.
Website for a business
It allows you to provide customers with important details such as what you offer, how much it costs, and when you are open. You can also use search engine optimization to attract new customers to your site.
If you are a general contractor located in San Francisco, optimizing your website for that specific location can help people find you when they search for “San Francisco general contractors” on Google.
Having a website is important for making your business look professional & trustworthy to potential customers.
You want it to be attractive & easy to navigate, so you put time & money into making it that way. However, you need to know how many people are using it & what parts of the site are the most popular. Website monitoring tools help you gain these insights so that you can tailor your website accordingly.
Small business owners often use Google Analytics to track the sources of their website traffic, such as organic search, referrals, or direct traffic. This data can also be used to track how different products & product categories are selling, allowing owners to improve their checkout & cart processes.
Customer relationship management (CRM)
CRM software is a crucial business tool for small businesses. It gives you a central database to track, manage, & measure the communication with your customers.
It will also alert you if it’s been a while since you contacted an important client. CRM tools will look at the data they collect to give you regular updates on customer relationships & offer advice on how to reach out next.
Customer Relationship Management (CRM) provides:
- The ability to closely monitor customers & analyze their needs.
- Resulting in improved customer support.
Backing Up Data
Losing SaaS application data can occur due to accidental deletion, corruption, software conflicts & malicious actors. Although the vendor might back up your data on their platform, you can’t access it. Having backup software gives you control of your data & allows you to restore it in a few clicks if something goes wrong. Rewind is liked by business owners who want to protect their important information from being lost.
Companies can use this cost-effective solution to back up, restore, & copy their essential data. It supports backup & recovery for popular platforms like Shopify, BigCommerce, QuickBooks Online, GitHub, Trello & more.
Developing Mobile Apps
Creating a website is essential for every business. With the increasing demand for mobile apps, there is an opportunity to build a career as an app developer. Established companies like Braze & Leanplum have seen success by developing apps for others. In 2018, there were 194 billion app downloads, which indicates the potential of this industry. Therefore, now is the time to get involved in app development.
Why should small businesses use Rewind for their data backup and recovery?
Having a data recovery app is essential, & Rewind is the go-to choice for over 100,000 organizations.
If you’re looking for an easy-to-use backup & recovery solution for your small business, check out our customer success stories to see how we’ve helped other businesses like yours.
What technology will bring in the future?
Technology trends are constantly changing, depending on many things like the economy, available workers & how people react to new technologies. We can expect these technologies to become more popular & cost-effective over time. Large businesses usually lead the way in developing these trends, but small businesses can also benefit from them.
How do small businesses keep up?
Integrating equipment can seem like a good way to save time & money, but it can actually be difficult to manage and maintain. Despite the benefits, these systems are prone to failure, costing you time and money in the long run.
Staying up-to-date with the latest technologies can be a lot of work. Every day, new & improved hardware, like computers, servers, & phones are being released. Software applications require frequent updates to keep up with the advancements in technology. Without powerful hardware that is compatible with the software, it won’t be able to run properly.
Final Thoughts
Investing in digital tools for small businesses can make running a business easier by automating mundane tasks. These tools can be beneficial post-pandemic, as they enable people to work remotely. The type of tool that is suitable for a business depends on its size, maturity, industry, and budget.
Our advice is to take things slowly. Start by taking advantage of free trials from various tools & get feedback from your team, clients, and partners about which ones they prefer. Once you’ve found a few that work for you, begin scaling them up. Additionally, keep an eye out for new features or functionality so you can make sure you’re making the best use of your investments.
