Technologies for Small Businesses


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By: Mayank Maitreya, CEO of Aapai Technologies

Life seems impossible without technology nowadays. Technology is changing the way we work, live and interact with the world today. From smartphones to cloud computing to artificial intelligence, technology continues to amaze us by making our lives easier, more convenient and worry-free. In an age where technology is revolutionizing every aspect of our lives, as a business, it is time to invest in technologies that simplify work and provide better results without making a pocket hole. Here we look at some of the emerging technologies that small businesses should invest in.

Digital Payment Methods

In every industry, payment processing is an important business function. Digital payment methods such as mobile banking, internet banking, mobile wallets, bank cards and UPI are much faster than manual payment methods and business assistants to save a great deal of time and money.

Digital payments and cards are on average almost three times more cost-effective than the traditional purchase order process due to less manual intervention and reconciliation efforts. As people are increasingly turning to smart digital payment options, small businesses need to be more flexible with their digital payment options. This leads to better customer experiences and provides a competitive advantage for the business.

Artificial intelligence

Artificial intelligence (AI), which was initially only affordable for large organizations, is gradually beginning to find its place in small businesses and start-ups as well. A survey of 1,467 CEOs from medium and small businesses revealed that of all the current technologies, AI has created the most impact for their businesses. This is not entirely surprising because AI is able to outperform humans in many ways including the ability to handle huge amounts of data, identify important opaque patterns for humans and help understand customer requirements to identify complex problems.

Artificial intelligence supports us by reducing manual labor and increasing productivity. For example, product labeling takes a long time when done manually. However, AI tools can do this in a short time without much effort, and in this sense, it is imperative that small businesses invest in AI and machine learning.

CRM

Regardless of the type, the success of each business depends on the customers. Generating leads and converting them into loyal customers is what drives profit. CRM (Customer Relationship Management) tool is an important requirement for companies looking to manage their relationship with existing and potential clients. According to a Salesforce survey, companies that switched to CRM saw a 29 percent increase in sales and a 34 percent increase in productivity.

CRM is an effective tool that can be used to improve lead conversion, improve usage growth as well as reduce marketing costs. For small and medium-sized businesses, there are plenty of options to choose from depending on the type and size of the business.

HR technology

Employees are the biggest asset of any organization and small businesses need to focus on creating best-in-class human resource management to engage employees in different ways and simplify certain practices. HR technology can play an important role in hiring, evaluating performance and external employees, tracking vacations and breaks… all of this can offer tremendous benefit to companies, making HR operations simpler.

One of the primary functions of HR is to find new talent. HR technology helps simplify the entire hiring process by using artificial intelligence and machine learning to find the right talent for the role. Even the smallest of companies can use HR technology to not only reach a wider audience but to process applications faster.

last words

Small businesses have to constantly switch between different tasks, from accounting to management to human resources. The technologies mentioned here can become a huge boon for businesses by simplifying many tasks and helping them stay ahead of the game.

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