In the fast-moving world of working as an entrepreneur, it can often feel like your constantly spinning the plates that are required to help your business grow. When an enterprise is functioning from the work of a single person, the diversity of tasks you need to deal with day to day can seem baffling. In a given day, you need to be an accountant, manager, salesman, and logistics manager.
The Internet of Things
For the last couple of years, we have seen a rise in the so-called Internet of Things (IoT). This refers to devices can be connected to the internet, allowing them to subsequently send and receive data. Think of fridges that know when you are about to run out of milk, or fitness devices that can measure how many flights of stairs you walk a day.
It has been predicted that over 50% of new businesses will run on the IoT by the year 2020. It’s easy to see why as ‘smart’ objects will be able to reduce business waste, manage stock levels, etc. The applications are potentially huge, so be sure to undertake some research to see how this new tech revolution might apply to your business.
One of the most exciting revelations that have taken place in the tech world over the last few years has resulted in the rise of cloud computing. This is where all the data and files relating to your business are stored securely online. It’s an attractive proposition for small businesses as it eliminates the need for expensive servers to keep in a physical location and maintained.
The additional benefit of using cloud computing means that files can be accessed anywhere, as long as you have an internet connection. This can be particularly useful if you find yourself working out of several locations day-today. Using a trusted IaaS delivery method will ensure that your service is cost effective and it gives you a good amount of control of resources. This is exactly what you need when setting up as a small business.
How AI will affect the world of business is something that has been discussed for many years, but the revolution has already begun. Today lots of business are already deploying AI in some form or another to help streamline their operations and boost profitability. It’s easy to see what the appeal is when it comes to adopting AI, as it can cut down on staffing costs and having to bring in trained experts for certain tasks.
Some of the applications for AI that are currently being exploited by businesses, both small and large, include data analysis, the management of customer relations, and cybersecurity. We can only expect these applications to become more sophisticated as the technology continues to adapt and grow in the modern business environment.
Being able to incorporate new technologies is one of the main competitive advantages that SMEs have over their more established rivals. If you can instill an adaptive culture from the ground up, it will help your business grow into new opportunities.