New technology can be extremely exciting, but for any business, it can be kind of scary. Implementing technology that isn’t completely established is a major gamble that could have multiple negative impacts. On the other hand, sometimes early adoption of emerging technology will give a business just the boost it needs to blow past projections. Today, we will look at three emerging technologies that the small to medium-sized business will have to consider in the near future.
Technology #1 – Blockchain
Blockchain is a technology that has been emerging for the past several years. People’s first exposure to blockchain was as the core technology that made cryptocurrency possible, but nowadays there are several app developers using the inherent strengths of blockchain technology to improve the security and transparency of their software. Some blockchain applications fit in better than others do.
Blockchain is a distributed ledger system where individual transactions are encrypted and aren’t able to be altered. So, every new transaction, even if it is altering an already established transaction, will create its own block. Any business can start using blockchain to boost the security of their accounts receivable process, contract transparency, and their supply chain management systems to ensure they are getting exactly what they are paying for – and that’s just a brief sample of its capabilities.
Technology #2 – Business Process Automation
As businesses look for more efficient ways to operate, one strategy is to leverage automation where they can. With technologies such as the Internet of Things (IoT) and artificial intelligence (AI), automated systems are becoming much more viable for many different business-grade technologies, Business Process Automation (BPA) is improving and becoming a driving force for businesses looking for technologies to help with revenue growth.
BPA is a key system that ensures that the information that is needed by the workers is shared between every department, and usable when it is received. Driven by AI, Machine Learning, and strategically placed smart technologies, businesses are able to do more, improve operational efficiency, and control how data is used throughout their entire business.
Technology #3 – Powerful Collaboration Tools
Technology has made collaboration a much more important part of the modern workplace, and there are several options on how to improve organizational collaboration. For departmental collaboration, there are productivity suites like Microsoft Office 365 and Google’s G Suite, collaboration/messaging apps like Slack, and conferencing tools that provide each member of your staff the resources to get the job done.
On the other hand, expanding on the BPA strategy we listed above, interdepartmental collaboration tools that include customer resource management (CRM) tools and other business management software can allow your business to operate smarter and much more effectively through the use of efficient access to information.
If your business is looking to take a step forward in 2020, integrating some of these emerging tools will go a long way toward creating the efficient operations you are seeking. Call our technology professionals today at (818)284-4118 to start working with TVG Consulting.