Technology has become a game changer for many businesses. It has allowed businesses access to a world of customers that were not previously available. Therefore, it is important that, as an employee, you embrace the technology that is being offered and look forward to future availabilities. With technology you can do anything from doing payroll to recruiting new employees. Here are the top 7 technologies that can help you in your business:
1. Social Media / Live Streaming
Social media has given companies the ability to reach more people. It allows customers to become involved and have a voice in their favorite companies. Social media platforms allow a company to promote itself and its services. Additionally, some social media allow the company to live stream. People want real connections with companies. They do not want recorded videos, they want live videos. It provides for communication and interaction between companies and their customers (or potential customers).
2. Smart Technology
Smart technology can change the landscape of any business. They can institute things like facial recognition, which make it let likely that employees will clock in for each other. The systems can also make payroll easier because it can be automated and just monitored by an employee. This leaves less of a need for an employee to be devoted specifically to this function on a daily basis. Other things that can be done with smart technology include lights, thermostats, and cameras. Not only does this technology allow the company to take advantage of better equipment, it saves the company money. Having automatic lights and thermostats lets a business change the usage and reduce utility bills. There is no sense having lights on when there is no one in the office – it is a waste of money.
3. Coaching and Resume Writing
Attracting and keeping the right people for the job is important. This can reverberate through the company and lead to more engaged employees. By understanding what employees are looking for and what they have to offer, you can bolster your recruitment. For example, Employmentboost helps with career services. They offer services like onsite training and outplacement.
4. Artificial Intelligence (AI)
Companies use AI to perform redundant tasks that will eliminate employees that are currently doing the work. This allows large amounts of data to be manipulated and imported without human interaction. This cuts down on mistakes and the associated costs. This leads to increased efficiency by companies because it removes functions that typically take a large amount of time to complete. Furthermore, artificial intelligence is getting smarter, which means more functions will be able to be done by machines. While AI can eliminate some jobs, it also creates other jobs, usually more specialized and in new industries.
Companies needing to create an influx of capital are turning to crowdfunding. Some companies want to try this method instead of the traditional venture capital. The crowdfunding allows a company to raise capital and lets investors have a voice in product development. If a project does not get the crowdfunding it needs, it shows that the market is not receptive to the product. This can change the trajectory of a project and point it in the direction of success.
6. Collaboration Tools
There are new technologies that allow for teams to collaborate and share without having to use tons of internal email traffic. It is possible to funnel all communications, based on project or topic, into one place. This way no one is left off the email and anyone can find the information they need with a simple search. This kind of program reduces the need for employees to constantly check their email for pertinent emails about a project and potentially miss something important. They can simply go to a platform that holds all the information. These are becoming more and more popular in many businesses.
7. Recurring Revenue
Businesses that once charged an upfront fee for services or technology now offer it in a different manner. Previously businesses would have to pay a large, upfront fee. Now, these services can sometimes be accessed on a monthly or subscription basis. This allows the business to only subscribe to the service as long as it needs to. Conversely, it may cost more in the long run compared to having purchased it at the onset. However, it does allow the business the freedom of trying other products or services without suffering a loss. For instance, if you bought a service upfront and then decided it was not really what you were looking for, your business would lose that initial fee. But, if you subscribe to a service and find out it is not what you thought, you could cancel and only lose one month’s fee.
Technology is advancing every day and more and more companies are embracing the changes. This acceptance of change allows the business to be more flexible and continue their success. If you refuse to try new technologies or use them in your daily business, you may find that you are missing out on customers and revenue. Or worse, you may be losing them.