Firmly we can say that we live in a world where technology is playing an important role. Whatever we do on our regular day, more than 80% of tasks are performed with the help of technology. If we focus on marketing, then social media and digital marketing have covered everything, you can promote and sell your products across the globe. Today, every entrepreneur knows the importance of technology and how it affects a business.
Today, everyone is becoming self-centered and wants to upgrade their standard of living by doing something creative and unique that earns a profit. Suddenly, the startup trend started all around; everyone comes with new ideas and innovations that can add value to society. From tea sellers to giant tech companies, some endless ideas and opportunities lie within it. Today, modern technology and IoT are reshaping the face of industries, so let see which technology affects the startup business most and how.
Artificial Intelligence & Machine Learning
Technology is helping the business to expand their wings. Here the first and most influential technology we are talking about is the impact of AI and ML on a startup business. Whenever you start something, the first thing that needs to be considered is how it will affect your business in the long run.
These days, from self-driving cars to robots serving in restaurants, AI is everywhere. Most startups companies use AI intending to save cost and time that can increase productivity and deliver the desired outcomes.
AI-powered chatbots are used to improve customer service; moreover, with the help of machine learning, you can forecast sales and incorporate modern marketing techniques to connect with the customers.
Not only sales, but AI is utilized in numerous industries for accounting purposes. As a startup entrepreneur, you can save this cost. With the help of AI, automated data entry can be possible. For instance, now, accountants can directly import the client's data from a bank with zero error, which can save time and increase productivity.
Along with this, GPS data and onboard devices are used in vehicles to record and analyze worker's time on the road.
Remote Work
Unique and exciting office premises, coffee shops, working in living rooms, the idea of remote work is growing, and it's changing our lives and working style. Today, smartphones have taken over the world, where technological advancement has taken over the world and made the communication process easier and faster than it was ever before.
Technology like cloud computing is expanding, and you can work from anywhere in the world. Thus, Millennials believe that remote work facilities and Flexi hours can increase productivity and motivation among the employees. Therefore more and more startups are leaning towards the idea of remote work facilities. In the USA, 65% of companies have already adopted a remote work facility, and the rest are working on this. Besides, if you are thinking of developing a gojek clone for multiple services, you can also hire remote developers across the globe.
Well-known companies like Buffer, GitHub, Mozilla have applied a fully remote work policy. A startup must hire such people who are result and goal-oriented, who can work on their own without supervision. Employees will be judged by performance, not the working hours they spent in the office.
Not only for tech startups, but other industries also offer remote work facilities to increase production that can boost employees’ morale. GenZ is actively searching for remote work and travel-friendly jobs over 9-5 fixed working hours.
Internet Of Things(IoT)
These days, the internet of things has been on everyone's mind. The term seems complicated but in reality, it makes process and tasks damn easy. IoT means exchanging information within internet-connected devices without any human touch. That's why many startups have determined to go with IoT solutions that can save costs and increase productivity.
IoT can help startups owners to perform the tasks more effectively with less cost. For example, is it not difficult for a startup to set up an office with smart devices, bear annual maintenance charges to do various tasks? Instead of that, employees could work with upgraded technologies like OneNote, Trello, Google drive to communicate with employees, and you can reduce the storage cost.
Moreover, you can use efficient and free communication tools like Telegram and Skype to share the right information at the right time. Thus IoT solutions allow you to grow and make the right decisions.
Cyber Security
We always talk about the perks of technology but never think that somehow we need to worry about the cybersecurity and data breach activities. Digitalization is evolving; the cyber-attacks are increasing; thus, you need to keep your data safe from hackers.
The data breach does not only damage the impression of the company, but it directly affects the balance sheet of the company. We all know that Yahoo lost $4.5 billion due to data breach.
One of the safest and easiest solutions executed by startup companies is to move to the cloud. This will reduce the chances of cyberattacks, and you can save the cost of heavy anti-virus software. As per the Cybersecurity ventures, it is predicted that there will be 3.5 billion cloud users by 2021.
Thus, investing in cybersecurity would be useless for startups as you can go with cloud technology. Hence, we need to adopt solutions that can provide security and help management to save costs.
Conclusion
We can not predict the future, but we can take some steps that would be beneficial to us. Every business is affected by technological changes and up-gradation. Each time there is a new modern technology launched in the market, business needs to integrate it into their operations to improve their results.
Today, the trend of a startup is increasing. Thus it would be best if you thought about these technologies that can boost your profit. We also say that technology always leaves an impact on business, whether it is positive or negative, 2020 is almost started and entrepreneurs are still lacking about how to use technological tools efficiently that can help the business to grow.