10 Small Business Tech Trends Defining 2023
Every day more and more technology is introduced or revamped, continuously shaping the way we run our businesses. Small businesses especially see the competitive edge when using digital tools such as customer relationship management (CRM) software, unique marking platforms, and integrated accounting and financial programs. Sales expert David Appel shares an article on BuiltIn.com of the latest small business tech trends that can help small businesses stay ahead of their competition.
- Applied AI and Machine Learning. “Small businesses can use AI and ML to forecast customer demand, ensuring they always have optimal stock levels. They can also offer personalized customer experiences based on past interactions and behavior.”
- Edge Computing and Distributed Infrastructure. “Edge computing is often paired with distributed cloud infrastructure, giving small businesses the ability to manage edge devices from a single control pane and ensure consistency. Users can control each edge device locally, improving security and data privacy for small businesses. This will make sure you’re compliant with privacy regulations and strengthen cybersecurity.”
- Software 2.0: Low-Code Programming. “Software 2.0 involves using machine learning tools that rely on neural networks for software development no-code and low-code tools utilize machine learning, letting you customize your existing code and automate manual tasks, saving time and increasing efficiency. It will also enable the rapid scaling of AI-driven applications. This ensures your tech stack meets your current and future business needs.”
- Hybrid Work Engagement and Retention. “Technology that supports hybrid working lets small businesses recruit talent from afar. Collaborative tech allows teams to work together and facilitate human connections in a remote world. Plus, you can increase employee engagement and retention by offering flexible working.”
- Hyperautomation and Super Apps. “Hyperautomation involves identifying, assessing and automating as many processes as possible. As robots and software become more intelligent, automation will continue to grow. This will reduce time-to-market and free employees from repetitive manual tasks. Meanwhile, super apps, platforms that combine separate apps into a single interface, streamline processes and boost efficiency. A good example is IPO accounting software. An Initial Public Offering (IPO) is a great way to raise capital for your small business. But it also presents a lot of extra work for you and your finance team.”
- Clean Energy and Sustainable Tech. “Investing in sustainable tech is a must for small businesses looking to secure long-term growth. More people are environmentally conscious, so companies that fail to adopt genuine green practices will struggle to attract customers and remain competitive. Clean technology will also support high-performance computing (HPC) and other technologies that maximize efficiency and reduce time-to-market.”
- Metaverse. “The metaverse is still in its infancy, but metaverse tech like virtual reality (VR) and augmented reality (AR) are already growing in popularity. This tech could revolutionize how businesses interact with and sell to their customers. AR and VR could see remote employees interacting with colleagues in a shared virtual environment. Small businesses could use this type of technology for training. Plus, digital twins (a virtual model of a physical object) could help with spatial and process planning.”
- Zero-Trust Cybersecurity and Architecture. “In response to the growing risk of cyber attacks, many businesses are adopting zero-trust cybersecurity architecture that focuses on verification and access control. Zero-trust technology includes multi-factor authentication (MFA), security assertion markup language (SAML) and other access management tools. Small businesses are at particular risk of cyberattacks, but zero-trust cybersecurity can significantly reduce that risk. It also reduces security and compliance costs and increases consumer confidence in your business.”
- Responsible Datafication. “This trend refers to how companies can use data to improve products and services and better serve their customers. Datafication must be done responsibly, though, especially when it comes to customer data. You don’t want to fall foul of data protection regulations like CCPA or GDPR. Analyzing data can help you pinpoint areas for improvement and make better business decisions. It can also help you identify opportunities to target new customers or create new revenue streams.”
- Embedded Finance and Blockchain. “Embedded finance lets companies offer financial services without building the corresponding financial infrastructure. You can also offer customers a more streamlined experience, which will boost their satisfaction. What’s more, blockchain offers businesses strong security and transparency. Plus, it increases efficiency through automation while eliminating the need for third-party verification.”
Technology is important for all businesses big and small to stay competitive. Future-proofing a small business, Appel notes, starts with looking at your existing processes and the potential benefits of these technologies, as well as making sure your tech stack is compatible with them so you can easily integrate them in the future
