Technology has always been a strong ally to small businesses and startups. Where cost-effective measures are needed to leverage growth, emerging tech often enters the fray to generate the required results without having to take on new recruits ahead of time or waste valuable resources.
There are many areas of a business that can be aided with the right technology, and different forms of advancements in recent years have been strong enough to single-handedly drive scaling operations in certain areas.
At the core of emerging technology is the pursuit of making startup processes more straightforward, while another is to make the lives of employees easier. With many menial responsibilities being taken care of in a quick and efficient manner, the startups that embrace technology can reap the benefits ahead of their competitors. With this in mind, let’s take a look at which emerging tech is driving the scaling process for startups:
Accommodating Artificial Intelligence
Artificial intelligence is transforming the world of business and consumer markets, and is already relied upon heavily throughout our daily lives. The influence of AI has been felt across virtually every industry, and it’s unimaginable for an ambitious company to ignore the potential of machine learning as a tool for growth.
Applications of AI can involve matters of machine learning, analyzing large volumes of data for intelligent insights, cybersecurity, CRM, and calculating financial performance far into the future.
For customer-facing businesses, artificial intelligence can be used to track buyers and assess their levels of intent through studying search patterns, browsing habits, and various other metrics.
Artificial intelligence can be a key component of the scaling process because it helps small businesses with little margin for error to make intelligent decisions when it comes to their strategies for growth. Without AI, business decisions can be taken without sufficient research and analysis and can be at greater risk of being misguided.
Accelerated Connectivity with 5G
The arrival of 5G connectivity will also play a significant role in improving business operations. With data transfer speeds estimated to be around ten times faster with 5G, it’s possible for high definition files to be downloaded at speeds of up to 10 Gb per second.
This, along with lower latency working as a force for maintaining more consistent uptime and fewer delays in the sending and receiving of data.
Startups in creative industries, such as the media sector will benefit significantly from these advancements, with greater speeds also supporting more IoT functionality to improve an even greater range of enterprises.
5G has the power to supercharge a broad range of core processes for businesses, and with 5G-ready devices already entering the market at competitive rates, we’re likely to see the entry costs associated with this technology fall away over time.
With this in mind, investing in a 5G infrastructure can be of great benefit to startups that are capable of ramping up their network accordingly, and those that possess the agility to modernize their processes can reap the rewards ahead of their rivals.
Embracing the Rise of Big Data
Adopting artificial intelligence won’t be capable of propelling your startup to superstardom without a sufficient level of data and analytics to help generate cutting edge insights.
With so much information widely available online, big data analytics can really help small businesses to access cutting edge insights from which they can build their endeavor.
For businesses that are required to monitor changing market conditions and consumer sentiment, utilizing analytics and exploring the big data produced for social listening tools to better plot their next moves can be a significant asset when the margin for error can be wide enough to become costly.
Letting Virtual Assistants Pick up the Slack
Virtual assistants can be excellent assets for businesses that are seeking to scale whilst maintaining a human touch to their customer-facing operations. Available via a wide range of freelance sites, virtual assistants can be an affordable extra pair of hands that can take on time-intensive tasks from a remote location to help business leaders to save time in scaling up operations.
There’s little doubt that technology holds the key to growing businesses and taking startups to the next level in a cost-effective and well-researched way. Whether you’re a CEO or decision maker within your business, it’s worth looking into embracing these technologies sooner in order to outmaneuver your rivals and to form stronger relationships with your customers or clients.
If you feel that it’s time to renew your strategy, look at how these technologies can help to take your startup to the next level. Through artificial intelligence, analytics, greater connectivity, and taking on remote talent, you can ensure that you’ll be visible to your customers and capable of growing in a more sustainable way.
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