Five Advancements/Innovations in Small Businesses Everyone will Talk About in Ten Years

Small businesses are growing day by day with the advancement of technology. For the last ten years, many entrepreneurs enter into small businesses—the trend to involve in small tasks to make low-cost products. Advancements in technology come with special effects and standards in the product.

What is advancement in small businesses?

Advancement in small businesses is helpful to compete with other organisations in cut-throat competition. Technology helps to improve the quality of products and worker productivity. With the help of advanced technology, businesses can keep their data secure and improve communication.

This article highlights the advancement in small businesses from ten years that help to reach next level technology. These advancements of technology in ten years are as follows –

1. 5G networks

5G network is fasting connectivity with peoples nationally and internationally.  Many countries like the U.S. use 5G network for many years for lower cost and lower power uses. Small businesses are taking the opportunity of fast internet access. In India, the government started the testing of the 5G network.

• Boost connection reliability, speed, and security – 5G network improve internet access fast and multiple devices simultaneously. It is a game-winner tool for small businesses to get a more impressive network. However, 5G works as software-based technology, so it is essential to keep fast internet connectivity for cybersecurity tools.
• Enhance mobility – Due to the covid-19 pandemic, 70% of employees are working remotely. With the help of the 5G network, small businesses enhance their productivity and decrease the cost. All the more, people who are working from rural areas can get excellent network connectivity with peace of mind.

2. Machine learning for customer help

Small businesses are emphasising machine learning to keep customer service professional. With the advancement of artificial intelligence, small industries play along in the competitive world. Some benefits of machine learning to enhance goodwill among the customers with the best customer services are as follows –

• Standardised recruitment and employee retention capability – Sometimes, small businesses stuck to establish effective hiring procedures. The company needs to hire someone in the HR department, which would be costly for a small industry, and one person can't handle one department. Some software can make every task easy that doesn't need any physical interaction between two people. Artificial intelligence operating systems continuously monitor employee performance and help out to find skilled employees for reward.
• Enhance customer service – Much great invented software available that help the customer service team take advantage of unnecessary burdens. Via chats, the software machine answers the query of the customer without any complication. Machine learning support ignoring workforce wastage for daily work.
• Growing sales ability – company website and email conversation can decrease the cost of hiring a sales representative. Without online facilities, small businesses need to hire a sales representative to promote their products or services in a different location.  Such a type of team becomes wasteful for the company. So, conversations on the company website and sending details from email have become the trend nowadays. Machine learning also helps to criticise the customer's social media account to add it to its database.
• Customising the marketing section – Customise every customer as per their activity on the company website increases the revenue by 50%. It is the most promising thing to get in touch with customers. With the help of the machine, the learning company can customise the customer's data and prepare a report on what type of product should be offered to the customer.

3. 3D printing

By 3D printing technology, small businesses can make common logos, toys, gifts, or any home decorative item. 3D printing can save huge money that any company spends on making the prototype. Companies can create their prototype by 3D printing and analysing it. The days are not far when retailers use 3D printing for their customers.

• Proof of the concept and instant prototyping – It is a great choice to begin your project and prepare a proof of concept with the help of 3D printing—attractive sales campaigns help represent the company project to customers and investors. Small companies can find their prototype without wasting time and money. The prototype is easy to process, and it can help for speedy product development.
• Lower costs and short runs – With the help of 3D technology, it is simpler and cheaper to manufacture in a short time than the classical manufacturing process.

4. Some new security measures

Nowadays, companies are emphasising data security. Customers are always eager to know the safety of their data. So, it is essential to adopt the best security tools that give relief to the customer that their data is safe and corporate that they are reliable.

• Protect information, networks, and computers from cyber attacks
• Give training to an employee for security principles
• Make a quick smartphone action plan
• Give strong firewall security to your internet connectivity
• Create control over employees’ access and make their company accounts
• Create backup copies of the essential customer's information and business data
• Use best policies on the payment process
• Encrypted and secure company’s Wi-Fi networks
• Authentication and use unique passwords

5. Wearable tech

Wearable tech means an intelligent product for wear like smartwatches and smart glasses. Technology makes our wearable items like a computer.

• Wearable grows productivity and competitiveness – Wearable items can help to compete in the market. With the help of wearable products, small businesses can feel free for new experiments and get connected with a smartwatch anywhere. For example, a salesperson can get all data in his hand in a retail company due to a smartwatch connected with wireless headsets, wrist display, and high-tech internet. This technology helps the salesperson to give a quick response to the customer without any wait. By this, customers give priority to products and provide long-term benefits.

The company needs some things that get caught up in their objectives. Greater job satisfaction, increased employee workability, satisfied customers give long-term benefits and goodwill. However, innovative wearable technology is helpful to get long-term benefits for small businesses, but it needs to adjust time and update regularly.

Conclusion

Advancement and innovation are both essential to stand in cut-throat competition. Many entrepreneurs try to use the latest technology to get work done in a few seconds at a low cost. Advancement in small businesses is a boon for the future of small industries. Within a few years, technology has completely changed the condition of small businesses and helped to stand near to big companies. In upcoming years there will be lots of innovations.

Also read:

1) Best Tips for Customer Retention for a Small Business
2) Tips to Understand Your Market while Starting a Small Business
3) Tips for Businesses to Overcome the Covid Blues - Revival Tips for Businesses
4) What are the keys to success when operating a small scale business?
5) OkCredit: All you need to know about OkCredit & how it works.

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FAQs

Q. How does technology positively affect small businesses?

Ans. Advanced technology gives a chance to small businesses to connect with potential customers through email, social networks, and blogs. High tech gadgets like a smartphone, smartwatches can help businesses to deal in hand anytime. Technology allows companies to save unnecessary staffing costs. Small businesses can get instant feedback on products and improve them immediately.

Q. How technology negatively affects small businesses?

Ans. However, there are many positive effects of advancement in small businesses, but adverse effects are also associated with technology. Some disadvantages of advanced technology are as follows –

1. Expensive technology

2. Need immediate training to staff

3. Fear of data loss and system hacking

4. Disruption and confusion to use technology

5. The bleeding edge

Q. Is technology essential to growing small businesses?

Ans. Yes, technology is essential to survive in cut-throat competition. It delivers quality work and saves time and money. Small businesses can enhance customer services through instant connectivity with customers. Companies can customize customer's data to make them feel that they are precious. So, it is necessary to grow with technology.

Q. What are the best examples of small businesses technology?

Ans. The best examples of small businesses technology are:

1. Software

2. Computers

3. Telephone network

4. Networking

5. Computer-aided manufacturing system

6. Accounting systems

Q. What are the advantages of advancement in small businesses?

Ans. Advantages of advancement in small businesses are:

1. Enhance the automation and productivity of business

2. Amended the business agility

3. Amended the staff collaboration and healthy office environment

4. Great data storage solution

5. Increase company revenue

6. Save from cyber attack

7. Give financial securityØ  Enhance customer service