Technological innovation is growing at such a rapid pace that Moore’s Law can’t even define it. No longer just referring to transistor growth, technology keeps expanding in new directions such as device type, speed, and communication methods. The predicted number of smart devices over the next five years will be near 38 billion, web hosting will reach over $77 billion in revenue, cloud solutions will attract over 70 percent of the market, internet users will far exceed the current 4 billion people online, and the global AI market is predicted to have a compound annual growth rate of 42.2% over the next six years. Green initiatives have launched a strong push for businesses to rethink socio-environmental issues such as ecological destruction. More than 100 Fortune 500 companies have already received substantial benefits after switching to solar power. As an entrepreneur, it’s essential to stay abreast of the latest technology trends.
Regardless of size, technology can help today’s businesses succeed and save money. Small businesses benefit the most from tech solutions since they often have the same goals and tasks as larger companies, minus the budget, space, or staff. Some tech solutions are even free and flexible enough to use in a variety of industries.
Artificial intelligence (AI) and machine learning have been in the headlines for the past few years, and with good reason. Machine learning has enabled large chunks of big data to be sorted and deciphered to detect patterns and behaviors. From these findings, predictions can be made. This has been a game-changer for several sectors, including retail, government, financial, healthcare, and transportation.
Other benefits of AI include 24/7 chatbots to assist customers. This is also a relatively untapped resource for many industries. As an entrepreneur, it’s essential to explore whether it would be an excellent tool to use. Data analytics is getting a lot of attention as well. Businesses can examine trends and make changes to save more and spend less. Instead of doing analytics in-house, firms are hired to come and give an assessment.
One way small businesses can save money is on real estate and low turnover. Both of those are connected when the concept of knowledge workers working remotely is no longer a futuristic vision. The events of 2020 sped up the inevitability of allowing certain types of workers to telecommute. Performance figures from 2020 proved that people either maintained the same productivity level or performed better by staying at home.