Technology is a vital tool to transform a small business. Enterprises must adopt new technologies to boost their operations in this evolving landscape.

According to Forbes, digital transformation is a must in this age as it is instrumental in staying competitive, minimizing costs, and having a firm grip on the market.

The media buzzes with AI and tech, but which technologies are most crucial for your company’s growth? Here are the top five technologies that can greatly impact your business.

Essential Technologies

1. 5G 

This is one of the most impactful IT and data infrastructure technological tools. SMBs can use 5G to boost their internet connectivity for their offices and provide networking for remote teams such as employees working from home. Some small enterprises with IoT-enabled devices can also leverage 5G technology.

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2. Financial planning tools

Financial planning and data analysis tools are great technologies for your business. You can leverage them to gain visibility and automate your planning cycle. This way, you can optimize your decision-making process to drive growth. Asset-Map, eMoney Solutions, and MoneyGuidePro are examples of financial planning software worth adopting.

3. Cloud computing

Perhaps, you are making a huge mistake by storing all your data locally on your hard drive or smartphone. Your company risks suffering serious losses when you lose access to your physical devices.

Experts say more businesses must migrate to cloud platforms. When you back up your information with the cloud, you can always recover it and resume your business without interruptions. It is also more affordable and secure than physical storage.

The good news is you can auto-backup your data in real-time online, which can save you from major headaches. Small businesses don’t necessarily need IT departments to handle this job; outsource your cloud computing to managed cloud providers, who will do the rest for you.

Consider choosing cloud providers like Azure partners that offer end-to-end encryption, ensuring your information is secure from nefarious parties.

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4. VR and AR

It’s never too late for your business to embrace virtual reality (VR) and augmented reality (AR). See if you can partner with a developer to implement these technologies. AR and VR can create multi-sensory experiences that narrow the gap between real life and the virtual world.

Every brand is different, but still, you can grow your business with these technologies in many ways, such as enabling buyers to try products virtually.  You only need to ensure your customer has a wonderful experience with your business and that your investment serves a purpose. 

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5. AI

Artificial intelligence (AI) empowers businesses to use smart (intelligent) computers to increase revenue, enhance customer experience,  and ramp up productivity. Companies possess vast information ranging from financial to sales and customer data.

AI tools can enable you to generate useful insights into your data and discover growth opportunities. Artificial intelligence benefits businesses in automation, fraud detection, marketing, and customer service. Automating work processes boost quality and frees up human resources to manage other tasks that add value to your company.

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