Transformative Technology Trends for 2020 and Beyond

Transformative Technology Trends for 2020 and Beyond

You may not know it, but your company is in the technology business. All businesses today are, as they rely on technology for everyday operations. That applies to everything from startups to growing companies and major enterprises.

If you aren’t aware of the latest technology trends, you could end up playing catch-up to the competition. Your company’s success is closely aligned with a willingness to embrace the new tech frontier.

Maybe you’re taking a “wait and see” approach. Despite customer demand, growing businesses are sometimes slow to invest in emerging technologies. You may also think only large enterprises have the resources to take a chance on leading-edge solutions.

However, these solutions are readily available to companies of all sizes and are often customized to meet the specific needs of small to medium businesses, even with limited resources. Let’s take a deeper dive into the up-to-the-minute advances in new technology.

Software as a Service (SaaS)

Although in existence for decades, software as a service is only starting to reach its full potential. The range of SaaS tools increases daily. And many SaaS companies have specifically targeted small to medium businesses with big ambitions.

SaaS is an umbrella term for a wide variety of tech options available on a subscription basis, including cloud computing, digital sales, Point-of-Sale (POS) systems, accounting, payment processing and more.

The benefits of SaaS for growing companies include:

  • Lower total cost of ownership
  • Easier management and maintenance
  • Complete accessibility on any device
  • Scalability and flexibility
  • Seamless third-party integration

Internet of Things

The Internet of Things (IoT) is a relatively new concept. There’s a definite buzz about it, and both businesses and consumers are beginning to recognize its possibilities.

Simply put, the IoT connects any device with an on/off switch to the internet and/or each other. In doing so, it accelerates complicated tasks and cuts costs, streamlining operations and opening lucrative revenue streams.

Potential benefits for growing businesses include everything from remote monitoring and inventory management to improved mobility, security and overall efficiency. Here are several ways you can leverage the power of this technology:

  • Add virtual assistants.
    Google Assistant and Amazon Alexa can improve productivity. These tools can answer payroll questions, schedule meetings, reorder office supplies and help control inventory.
  • Reduce costs.
    IoT devices that help homeowners save money can also be used by businesses. For example, smart light and temperature controls decrease energy consumption and dramatically cut costs.
  • Manage equipment.
    IoT sensors can ensure regular maintenance and quick repairs to minimize downtime.
  • Access detailed business insights.
    With customers’ permission, you can receive direct information about their preferences.

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By: Steve Solomon

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