As a small business owner in NSW, you’re always on the go. Your plate is consistently full, and staying up-to-date with technology trends probably doesn’t top your priority list. However, technological advancements can profoundly influence your business’s efficiency and growth.
Therefore, we’ve compiled the top three technology trends with huge potential for small businesses. So, let’s get into it.
1. Technology Trends – Artificial Intelligence (AI) Isn’t Just For Big Business
Traditionally, businesses considered AI a luxury only larger corporations could afford. Yet, AI products and platforms are becoming increasingly accessible and affordable to SMBs. Innovations include voice assistants and chatbots, leading to personalised customer experiences. Also, AI is a game-changer in automating processes, significantly reducing the time spent on manual tasks like data input.
A prime example of leveraging AI tech is through chatbots. These automated virtual assistants provide around-the-clock customer support, enhancing customer service efficiency and effectiveness.
2. 5G Rollout and the Internet of Things (IoT)
The game has changed with the rollout of the 5G network. According to Telstra, 5G is now reaching 85% of homes and businesses across Australia. This network is not just lightning-fast but boasts virtually zero latency (or delay).
Notably, the near-elimination of lag brings us close to fully realising the Internet of Things (IoT). This development promises exciting possibilities like self-driving cars, drone deliveries, and smart cities. By 2027, 30 billion IoT devices will be online, with 5.5 billion operating on mobile connections, according to Ericsson. As one of the top technology trends, the potential of 5G and IoT for connectivity and real-time data sharing is unprecedented and truly mind-blowing!
3. Software-Driven Tech Innovations
Yes, computer software has been a cornerstone for businesses for a long time. However, the trend is more than just a shift in the basics; it’s the transformation from hardware to software, even in product-based companies.
A notable example of this shift is Tesla. On launching their electric cars, they nearly eliminated the physical dials and buttons. For Tesla, product agility is software-based. Apply the same principle, and you’ll see how Apple innovatively transformed our mobile experience with the keyboard-less iPhone.