.Are you considering updating your business tech? You should know that many of the upfront costs are usually worth it. Not only will your business be ahead of the game. But keeping up with the latest business trends can increase your productivity exponentially and entice new leads.
With this in mind, read on for the top high-tech business trends to watch this 2020!
Why Should You Upgrade Your Tech?
If your business isn’t situated in the heart of Silicon Valley or has very little to do with the latest technology. You may be wondering whether upgrading is even worth it. Perhaps your business has been operating for years on tried-and-true systems. Maybe the thought of integrating the latest technology into your business makes you nervous because of the inevitable learning curve.
However, updating your business tech is a great move for a variety of reasons. Here are a few to keep in mind:
Today, people of all ages access the Internet through multiple devices. Whether through their phone, tablet, or computer, they rely on these devices to find information. Including purchase goods and services, and stay connected. Since technology is now so ingrained in our culture, it’s important your business stays up-to-date as well.
If you can’t keep pace with your customer base, then they’ll eventually move on to a business that can.
When you’re staying up-to-date on the latest tech in your industry. You’ll find that after the initial learning curve, your productivity and overall speed will increase.
For instance, old and outdated computers aren’t able to download files as fast as models with newer operating systems. If your computer hardware is too old, it won’t even be able to download the latest updates. Hence, making it more prone to data breaches that can compromise your client’s personal information.
With newer computers, your day-to-day business operations will naturally increase. Even better, this opens up more opportunities to follow-up with more leads. Providing customers with faster service, and scale your business easily in the future.
Mobile User Attraction
Almost everyone nowadays carries their mobile phone around wherever they go. They’re our current version of a security blanket. If your business hasn’t been keeping up with today’s high-tech trends. You may find yourself losing leads, employees, and even loyal customers.
A mobile-ready website is important so that people can access your website on-the-go. However, being a mobile-friendly business also means you can adopt new technology such as communication software for employees. Ways to keep track of scheduling and timesheets, and more.
Top Business Trends of 2020
Now that you know some of the upsides of embracing current and new technology. Here are some of the top tech business trends we’ve noticed for 2020.
5G Data Networks
5G data is going to make uploading, downloading, and browsing the Internet even faster. When 5G came out in 2019 for the first time, this bump up in data speeds was still expensive and limited to certain cities in the United States. Today, people are predicting that 5G prices are going to lower throughout 2020 with improved coverage.
This is technology to keep an eye on because faster data speeds on mobile phones. It means even more people are going to be using their phones to access the Internet. If you don’t have a mobile-ready website, 2020 is the time to do some major updates.
If you have employees who work from home. Now is also the time to invest in software or apps that can keep your workforce connected even when they’re away from the office.
We’re still not at the point where we’ll see people chauffeured by their own cars to the grocery store, but this technology is still steadily developing and is coming out in specific industries. For instance, we’re seeing more and more cars with automated braking and lane-changing.
Replacing trucks with autonomous ones is still on the horizon, and Elon Music predicts that his company will create a truly autonomous vehicle by this year.
2020 is the year of utilizing new technologies in order to boost productivity and collaborate better with your team. With this in mind, interactive displays are becoming more popular for collaborative, in-person meetings.
Rather than passing around documents or sitting in a huddle, an interactive display allows the entire group to stay immersed in the presentation or topic at hand. The interactive flat panel display, Meetboard brings an easy to use and feature-filled interface that can be used for a variety of industries. Even better, Meetboard’s email function easily sends an email with the presentation data to all attendants.
In Gensler’s U.S. Workplace Survey, they found that 43% of people considered the “best workplace” to be one that focused on collaborative team-building. Utilizing tools that make collaboration easier is the best way to strengthen teams.
More and more, we’re seeing that 2020 is about increasing productivity and reducing costs, and automation trends that reduce IT staff are becoming more prevalent. Although people who specialize in IT are still needed, repetitious tasks that can be programmable are becoming easier to seamlessly integrate with the rest of a business’s software and processes. These automation investments are usually in:
- Customer service
- Email marketing
- Data management
For instance, something as simple as an email being sent out after a customer has made a purchase can increase the likelihood of re-purchases.
In the customer service sector, we’re also seeing customer service chat bots being used frequently. These chat bots are able to greet and respond to customers right away, either on Facebook or directly on a website.
This enables customers to get instant help for frequently asked questions. When a customer has a more specific question or issue, the chat bot can connect them to a customer service representative.
Social media is becoming just as popular as ever. Whether you’re B2B or B2C, companies in any kind of industry benefit from having a strong social media presence because more and more people are becoming familiar with the platforms.
Hootsuite has found that an equal proportion of both males and females use Instagram, with 63% logging in at least once a day. They’ve also found that U.S. marketers spend 31% of their Instagram ad budget on Stories, meaning that more users are viewing and engaging with brands’ video content.
If your business doesn’t have a social media strategy in place with video content as a strong focus, now is the time to invest.
VoIP Telephone Systems
VoIP stands for voice over IP, allowing businesses to send and receive calls through an IP network. Although this may sound overly technical, many businesses are migrating to VoIP telephone systems because of their ease of use, affordability, and easy maintenance.
Instead of using old telephone lines, VoIP systems use your Internet connection to convert sounds into data. The best part is that whether a business is small or large, they typically have the flexibility to purchase smaller plans and slowly increase their plan depending on how quickly the business scales.
Alternative Payment Methods
There’s a slow shift away from cards and a focus on alternative payment methods for clients that are easier to use and far more secure. Cryptocurrency is becoming more popular than ever before. For instance, the number of users on the cryptocurrency exchange site Coinbase has risen from 400,000 in 2017 to 5.6 million the next year.
Through blockchain, businesses can use the built-in verification system to keep clients’ personal data safe. They’re also able to transfer financial data and information through the shared data easily, and it’s expected that the technology will only become more accessible as it gains popularity.
Harnessing Data Analytics
Data analytics is important both for small and large businesses. Even if you’re able to gather large batches of data, it’s more or less worthless if you’re not able to analyze it for common trends, patterns, and make predictions.
For instance, data analytics can be used to track customer behavior and determine the next best platform to focus on for marketing. It can also give an overview of how productive a business is running.
Even better, data analytics is becoming easier to understand for people without any IT backgrounds as companies are providing helpful visuals and effects that accurately portray the data.
Stay on the Leading Edge with High-Tech Business Trends
Even if your business is still growing, becoming knowledgeable of this year’s business trends in tech. It gives you an idea of what to work toward. You’ll know if there are ways to make your processes easier and, more importantly. You won’t be falling behind your tech-savvy customers.
Want to read about more ways to grow and scale your business? Keep checking out our blog for more informative and actionable tips.