Technological innovation enters the market to cause seismic shifts that can make or break a business. Indeed, some long-standing technologies will always be the go-to options for businesses.
However, there’s always room to improve, especially in start-ups looking to make an impact and distinguish themselves in a competitive marketplace.
Successful businesses can put their finger on the pulse of the latest trends and decode the slightest shifts and changes in business landscapes.
They understand that technology is a powerful tool for expansion because it helps them find new ways to improve efficiency, reach new customers, or do things better than their competitors.
Let’s highlight the leading innovative and new technologies that businesses should watch to maintain a competitive advantage.
1. Low-Code Development Platforms
The world is on a high-speed train regarding technological advancements and the demand for software. But there’s a big disconnect because the people who can create that software can’t keep up with the demand.
Low-code development platforms close that gap by allowing people with little to no coding experience to develop software applications.
Low-code platforms are visual and drag-and-drop, making them easy for non-technical users. It allows businesses to develop custom applications quickly and efficiently without expensive and time-consuming coding.
Many small businesses are still struggling in grasping how low code can assist them in expanding their business.
They need to understand that they can automate various business processes with this innovative technology, including sales, marketing, customer service, human resources, and IT operations.
Businesses that use low code development platforms have a leg up on their competition because they can quickly adapt to change and scale their operations without incurring many costs.
2. Communications Tech
The time of vertical hierarchies has come to an end. Businesses are more receptive, networked, and highly team-based.
In the past, essential decisions, announcements, and messages would always come from the top-down. But now, thanks to communications tech, businesses can have a more open dialogue with employees and customers.
Therefore, it is safe to say that the once-popular email is no longer the go-to option for many people. Social media, messaging apps like Slack, and video conferencing platforms like Zoom have become the new normal for business communications.
This two-way flow of information helps businesses be more agile, responsive, and customer-centric. After all, happy customers are the ticket to a bigger and better business.
Businesses have realized that expanding a business isn’t all about increased revenue and more enormous investments. It comes with a massive load of responsibilities. These include managing projects, handling customers, collaborating with teams, etc.
Various apps and tools like Slack, Jira, Asana, and Miro can help businesses manage these responsibilities better and expand their business.
3. HR Operations Automation and Digital Brainstorming
Remote working has become the new norm for many companies. And with that comes the need for new tools and technologies to help managers connect with employees and keep track of their work.
Why? Because let’s face it, some companies experienced a significant dip in productivity when their employees started working from home. And when a business is contemplating reaching for the skies, it can’t afford any drop, big or small.
HR operations automation is a trend that helps managers automate repetitive HR tasks, such as performance reviews and onboarding. It brings transparency and efficiency to the HR process and helps managers focus on more strategic functions like sales.
Digital brainstorming, on the other hand, is an effective method that businesses put into practice to get the most out of their remote employees. It allows managers to connect with employees and get their ideas and feedback on projects and initiatives.
When put together, these increasingly prevalent trends will alter how business development teams function.
4. Data Analytics & Visualization
Without data, a business is blind. Companies that enter the market with a vision to expand domestically and internationally understand that collecting data is not enough. They need to make sense of it and draw insights to help them make informed decisions.
In the past, businesses collected data and stored it in massive warehouses. They depended on data scientists to decipher it and make sense of it.
You can well imagine how long that process may have been. Time is of the essence in business, and waiting for weeks or even months to get insights is not an option anymore.
It is where data analytics and visualization come into play.
Thanks to digitization and technological advancements, businesses can now collect data from multiple sources, including social media, website traffic, and customer interactions.
With the help of data analytics and visualization, they can clean and analyze the data and spin the world around it to their benefit.
Data analytics and visualization help businesses save time, money, and resources. They provide insights that would otherwise be hidden in mountains of data.
5. Content Management Systems
Everything you see on the internet, be it a website, blog post, or e-commerce store, is built on content. Content helps businesses connect with their customers and promote their products or services.
At this time, when even a toddler recognizes the brand of diaper he uses, businesses need to be extra careful about the quality of their content. It should be interesting, informative, and engaging enough to hold the reader’s attention.
A content management system (CMS) is software that helps businesses create, manage, and publish content. It makes the process hassle-free and ensures that the content is high quality.
Some of the most popular CMS platforms include WordPress, Drupal, and Joomla.
If you are a business owner on a mission to expand your business, you already realize the importance of content. It will earn you the referrals you didn’t even ask for. And what could be better, right?
Technology is the driving force behind the success of many businesses today. It has helped businesses reach new heights and expand their operations.
If you are an entrepreneur or a business owner, it is time you make use of technology and give your business the boost it needs to succeed.
The technologies we highlighted are just the tip of the iceberg. There are many other technologies out there that can help businesses expand. The important thing is to keep your eyes open and look for new and innovative ways to use technology in your industry.