Leveraging Technology to Drive Business Growth
Making Today’s Tech Trends Work for You
From e-commerce to customer service chatbots, it seems that these days every company is a “tech” company on some level, and for a good reason. The right technology, when used correctly, can help businesses deliver better customer experiences, improve efficiency, and drive growth.
But using the “right technology,” and using it in the correct manner to achieve your desired outcomes, isn’t always as easy as it seems. Navigating the various options available to you can seem like a full-time job, and you also have a business to run! Not to mention, integrating new technology into your business practices can be challenging at its best, and scary (with more than 2,200 cyber-attacks occurring daily) at its worst.
So, which new technologies are right for your business? And how do you make sure the rewards of using them outweigh the potential drawbacks? Of course, the answer to those questions ultimately lies in your hands, but there are certain market-wide trends to be on the lookout for. And we’re here to break down four of those trends (as well as potential risks associated with them), so you can make the most informed decisions possible about your business needs in terms of tech.
- Tech Trend #1: Increased Cyber-Security
First thing’s first: protect yourself. As businesses increasingly turn to technology run their operations and store important data, they leave themselves vulnerable to cyber-attacks, and even legal action, if that operational data isn’t well managed and protected. As stated above, over 2,299 cyber-attacks occur daily, so having some form of cybersecurity is crucial in order to protect your business, your employees, your customers, and yourself. Luckily, there are a number of cybersecurity solutions available, including firewalls, anti-virus software, multi-factor authentication, and encryption. Keep in mind, every added layer of security protection does have an accessibility trade-off. Firewalls can block websites that employees need to be able to access, multi-factor authentication takes time and requires employees to have multiple devices, and so on. Consider these trade-offs and the level of security needed to protect the type of data you work with on a daily basis. Other security strategies that businesses are starting to employ include phishing tests and standardized cybersecurity trainings throughout the year. These strategies are shown to reduce the instances of security-compromising employee mistakes by up to 60%.
- Tech Trend #2: Cloud Computing
Chances are that your business is already using some sort of cloud computing. Cloud computing is a tech trend that is here to stay, especially as remote work continues to be the norm, because it is the only way employees can collaborate and access company resources without being physically in the same location. It’s also a money saver because it is highly scalable and reduces the need for expensive hardware and software. So, for cloud computing, it’s not really a question of “if,” but “which one?” The top three most popular cloud service providers are currently Amazon Web Services, Microsoft Azure, and the Google Cloud platform. Different industries tend to have different standards and preferences in terms of which of these they use, so it’s worth looking into which cloud service provider is most popular in your industry. Choosing that “most popular” option will reduce employee learning curves, as new hires are more likely to be familiar with the industry standard. It’s also worth thinking about the security/accessibility tradeoffs associated with each of these platforms. Microsoft tends to be looked at as a more secure, but less user-friendly, option, whereas Google Cloud offers a little less in terms of security but is very user-friendly. Take your specific business needs into account when deciding which one to use.
- Tech Trend #3: Generative AI
When we talk about AI in 2024, we’re usually actually talking about a subset of the technology called “generative AI:” AI that creates things like text and pictures. Other forms of AI, such as facial recognition and smart assistants, have been around for a while, and may already have a place in your business practices. But generative AI has only relatively recently become accessible on a wide scale, and businesses across industries are grappling with how to use it ethically and effectively.
Like with cloud computing, there are many different applications to choose from when it comes to generative AI. Open AI’s platforms (like Chat GPT) are among the most broad, popular, and user-friendly, but industry and job-specific technologies in this subset are being developed all the time. So, if you have a specific task you feel your business could benefit from partially off-loading onto AI, it’s worth looking into what already exists, as well as what other businesses in your industry are using. With AI, content generation can happen quickly, saving time and manpower.
Keep in mind, however, that generative AI is only as good as the data it is trained on, which means it can be unoriginal at its best and, at its worst, can be subject to biases and stereotypes associated with that training data. That’s where the ethics piece comes in. It’s important when employing this technology to do so IN TANDEM with trusted creators and DEI teams who know your brand and how to protect it.
- Tech trend #4: Business Process Automation (BPA)
For family-owned and entrepreneurial businesses, maximizing efficiency while maintaining a personal touch is crucial. Business Process Automation (BPA) is a technology trend that helps streamline repetitive, time-consuming tasks, allowing your team to focus on higher-value activities that drive business growth. BPA involves using software to automate routine processes such as invoicing, payroll, inventory management, customer relationship management (CRM), and even aspects of sales and marketing.
For example, Customer Relationship Management (CRM) systems like Salesforce can automate customer interactions and sales processes, ensuring that no lead or opportunity falls through the cracks. Similarly, Enterprise Resource Planning (ERP) systems can automate and centralize core business functions, providing real-time visibility into operations, financials, and supply chain activities.
In family businesses, where roles and responsibilities often overlap, BPA can help create clear, efficient workflows that ensure tasks are completed accurately and on time. However, while automation can save time and reduce operational costs, it’s essential to maintain a personal touch in areas that require human interaction, such as customer service and client relationships.
Conclusion: Balancing Technology with Human Expertise
While the latest technology doesn’t make or break a business, it is a tool (and an increasingly important one) that can help your business grow and stay both solvent and competitive. The right combination of cyber security, cloud computing, generative AI and BPA can protect your business while taking it to the next level. But, with any new technology, there are always risks. Those risks include learning curves and security concerns of course, but they also include homogenization and the risk of losing the beating heart of your business: its people.
As a leader, it’s up to you to decide how much of your business operations you want to automate or delegate to technology. However, be cautious about over-reliance on tech, as it’s your employees and their unique contributions that will ultimately set your business apart.