Smart Technology Is Changing Small Business

A lot has been made about 5G and the way that it is going to significantly alter what is possible, without much mention about the other technology that will fuel this complete digital transformation. We thought that we would talk a little bit about smart technology, how your business can use it to your advantage, and what this technology needs to do to be ready for the world to come. 

What Technologies Are We Talking About?

There are literally millions of different technologies that claim to be “smart”, but the smart technologies that can help the small business be more efficient and build revenue aren’t usually the things that you would go out and buy from the shelves of a big box store. Like any other technology, getting the most out of it requires a strategic approach. Some of the key smart technologies that are being used to improve efficiency, boost the speed of business, and control costs include:

• Artificial Intelligence - AI is having a profound impact on the way that technologically-savvy businesses operate. There are many applications AI is used for, but many small businesses have incorporated it into their supply chain and support strategies.
• Internet of Things - IoT devices have been around for a while now and as wireless capabilities continue to improve, you will see more small businesses looking to smart IoT devices like RFID chips to improve inventory control and make supply chains more efficient.
• Big Data - Larger enterprises are already using big data initiatives and other data technologies to get insights into their business. Smaller companies are just now scratching the surface of what is possible in this arena.
• Augmented Reality and Virtual Reality - AR and VR applications are just now being developed targeting costly employee training as well as for use in the retail industry to provide online shoppers a more interactive experience. 

How Your Business Can Use These Technologies

These four smart technologies are being implemented in all types of businesses. For the small business, who is often forced to do more with less, these technologies can initiate automated strategies that can give a business the flexibility to use their capital to build revenue streams and not use it to pay for people to do jobs that don’t really bring in any revenue. Businesses that choose to implement smart technologies will likely see visible changes almost immediately. 

The Future of Smart Technology

Interestingly enough, the future of smart technologies don’t just come in the form of wholesale IT changes. Many of these technologies will be integrated into solutions that small businesses already utilize, making them more apt to help businesses cut costs and manage their business much more effectively. 

These technologies (and others) will present a massive opportunity for businesses going forward, as the more streamlined a business can be, the more productive it can be with fewer operational investments needed to create the same amount of revenue. That’s good news for any business, especially the small business that has to cut corners to compete with the larger organizations that function in their market. 

Smart technology is the future of business, and getting on board now, before the monumental shift in wireless technology takes hold, is a really good idea. If you would like to learn more about how smart technology can help you run your business more efficiently, give the IT professionals at Virtual Business Solutions a call at (504) 840-9800 ext. 105 today.