Tech plays a crucial role in the growth and efficiency of small businesses. Although 80% of small companies are still not taking full advantage of available technology, those that do experience about four times the revenue growth annually and earn two times the revenue per employee.
Considering how much things have changed in the past couple of years, the following small business tech trends are sure to be important in 2022.
1. Colocations and Data Centers
Digital file storage has become a necessity for businesses of all sizes. Almost every modern business needs its very own data center or they might opt to lease one. Big corporations that have enough resources may choose to build and manage them in-house, whereas smaller companies choose to rent servers at colocation facilities or ‘colos’.
Colocation facilities have emerged as the leading solution for businesses that no longer want to deal with the maintenance and overhead that comes with data storage infrastructure. Colocation refers to the process of third-party networking equipment and housing servers in an off-site data center. Businesses can “co-locate” equipment by renting space in order to create their own high availability data centers.
When looking for a colocation service provider, the location is a key factor to consider. If your company is based in Detroit, Michigan, for example, you need to look for a Michigan colocation service provider. From a financial and logistical standpoint, finding a partner in your immediate area is the best option.
2. Artificial Intelligence
AI-powered solutions are already changing the way we work, impacting accuracy and efficiency in nearly all industries. From text and image recognition to algorithms that predict consumer behavior, AI applications are saving businesses thousands of dollars every year. And while these solutions were once available only to companies with vast resources, today AI is affordable for organizations of all sizes. You can also check for backlinking to boost traffic.
Small businesses can leverage AI resources to anticipate demand surges, improve customer experience, provide better customer personalization, improve hiring capabilities, achieve more efficient market data interpretation, etc.
3. Process Automation
A study has found that over 20% of an employee’s time is spent on boring, repetitive tasks. Imagine how much money is wasted by employees spending time on manual tasks that can be automated over the course of a year.
BPA (Business Process Automation) technology is perfect for small businesses as it takes care of such tasks, easing the burden of tasks off your workers’ shoulders. The most important benefits of BPA technology include:
- Quicker, more efficient outcomes as a result of streamlined processes.
- Contributes to digital transformation and standardization of operations.
- Assistance with high-volume tasks.
- More productive staff.
Infographic created by Donnelley Financial Solutions, a regulatory compliance software company
4. Video Conferencing Software
In the last couple of years, remote working has become the new normal for many employees and companies. Statistics show that about 18% of people around the world work remotely full-time. In the US, over 4.3 million people work from home, which amounts to 3.2% of the workforce. A study by Stanford found that working remotely increases employees’ productivity by 13%, allowing them to do more work in less time.
Video conferencing is one of the most helpful technologies for remote work. Live video feeds help remote team members to see and speak in real-time, from any location in the world, allowing for clear and efficient communication and collaboration. Video conferencing technology has evolved so fast that many organizations have stopped using traditional office space and instead decided to use coworking spaces in order to accommodate their largely remote workforce.
5. Tech-Assisted Shopping
According to stats, in 2020, more than 2 billion people purchased goods or services online, and during the same year, eCommerce sales surpassed $4.2 trillion. Obviously, shopping online has become the preferred way to buy products during the pandemic, so companies had to catch up by creating outstanding shopping experiences with the help of tech solutions.
Mobile dominates online sales. In 2020, US mobile retail revenues reached $339.03 billion, with more and more companies adopting technology like mobile payments, mobile terminals, and QR codes. eWallet technology is also a must. While digital payments accounted for 5.44 trillion in 2020, they are projected to reach USD 11.29 trillion by 2026. Besides helping retailers to increase conversion rates and boost sales, eWallet technology also provides customers with convenience and increased security.
Final Thoughts
Although only 20% of small businesses are currently using technology, the number of those that do is expected to grow. This means that deciding to use some of the solutions listed in this article will give you a significant competitive edge and help you stay ahead of the curve.
