The Impact of Technology on Small Businesses | 2020

Impact of Technology on Small Businesses: It is absolutely undeniable technology has had a massive impact on our daily lives. It is one of the things that has truly transformed the way we work, think, and even spend our free time. Things aren’t slowing down, now, however – there are still thousands of entrepreneurs and businessmen working tirelessly to make new technological paradigms and tools available for the general public.

It isn’t like physical products like the electric lighter, where there haven’t been fundamental innovations for years. Tools and applications that will make us more productive, efficient, and increase our quality of life. These facts make technology more relevant to small businesses than too big businesses, in fact. And in this article, we’ll explore why.

Why Do Small Businesses Need Cutting Edge Technology?

Do you know the rate of failure for small businesses? What about the rate of failure for big businesses? If you’re familiar with the stats, you know how much more vulnerable small businesses are than big businesses. They don’t have the access to easy credit like big businesses, they don’t have a diversified consumer base like most big businesses, and they are in a more competitive environment.

All of this makes it crystal clear that you can’t survive if you can’t squeeze out every ounce of productivity and efficiency out of your business. And ensure you offer better services and prices than your competitors.

One of the best ways you can do all these is through using the latest and greatest technologies in your business – we already have empirical data showing that small businesses that use more innovative and newer technologies do outlast their peers.

Will They Truly Have an Impact

You might be wondering if technologies truly do impact small businesses? It is hard for people who aren’t part of the tech world to measure the massive impact new technologies have and how you can use them to cut down costs, cut down employees, and provide better services. To best illustrate this, it is a good idea to survey a few technologies that have transformed the business landscape in the last five years, and what benefits they’ve brought to businesses:

Cloud

Buying equipment for your business was always costly. If you wanted to get a website for your business, you had to buy hardware to run your server and get your website up. And also, this is true for money other things. You needed hardware to store information about your business, hardware to delegate work to other companies effectively, etc.

Nowadays, you can lease how much storage, processing power, and internet access you want really cheaply online. It is right at your fingertip, and you won’t need to invest thousands of dollars upfront. This makes starting up a business much easier and less capital heavy.

Artificial Intelligence

Haven’t you always wished you could analyze your clients’ behavior? Don’t you want to collect various data regarding how clients interact with your business and optimize your business processes based on these? If you’re going to answer yes to both, then you’ll probably love artificial intelligence.

You can use AI algorithms to come up with a lot of very effective methods of automatically analyzing and categorizing consumer data. This wouldn’t be possible just 10 years, now, you have virtually a research department at your fingertips thanks to tech advances. You’ll be able to more efficiently serve your clients/consumers.

These are just two examples of ways you can more efficiently and effectively run your business using technology. They aren’t the only ones, you can find a ton of tech that can help get an edge over your competitors. And also, increase your business’s chances of survival.

If you’re unsure about what technologies you should implement or focus on. You can always contract out the job to software houses in Waterloo, Toronto, Poland, or elsewhere in the world. It’s never been easier to contract out and delegate your tasks to competent teams all over the world.