Theres no consensus on when business became all about technology, but it probably happened somewhere around the advent of the cloud. Business went from using technology to being about technology; if your business isnt taking advantage of the latest technology advances, it is an almost irreparable competitive disadvantage. This is the case not just for technology companies, but for all business in 2017.
Because technology matters so much, especially to small business that always must act more nimble than larger enterprises, business technology trends matter. A lot. So whether or not you consider your business about technology, you should keep these five emerging technology trends in mind.
1. Interactive Broadcasting for SMB Grows
Facebook Live and Twitters Periscope introduced the Western world to interactive broadcasting, also known as livestreaming. But even though this trend is just now picking up steam in the U.S., China and other markets in Asia already are showing the power of this new technology.
Theres some pretty original innovation going on in Asia right now around interactive broadcasting, notes Tony Zhao, CEO of real-time communications platform for SMBs, Agora.io. Companies in China have figured out that they can create compelling content by letting their customers drive these live broadcasts, and theyve developed some interesting economic models through the use of in-app gifts to the performers, among other things.
Credit Suisse analysts predict that the market for interactive broadcasting in China will reach $5 billion by 2017, and SMBs here in the U.S. should be thinking about how they can take advantage of live streaming for marketing, promotions and customer retention.
2. Access to Big Data, Becomes Big
Even small businesses can now harness big data thanks to the cloud. Cloud services have made big data something that even one-man companies can use, thanks to better visualization, easier tools and big data platforms in the cloud that can be used without any technology investment.
Many small business owners still believe their gut is their best tool for decision-making, noted Cindy Jutras in a recent Forbes article, president of Mint Jutras. But the world is changing too quickly today to rely on that.
Services such as InsightSquared help small businesses gather insight from popular business tools already in use, such as QuickBooks and Zendesk. Companies such as Canopy Labs help with things like big data analytics.
3. Internet-of-Things Evolves Customer Service
The Internet-of-Things (IoT) is not a new trend; weve all been hearing for years about how it will change the world. Whats new, however, is that IoT is being used now for improving the customer experience.
Connected cars, another trend, is one example of IoT in the service of customer care. Cheap sensors and widespread cellular connectivity have businesses in the auto industry to proactively monitor every part of the driving experience, including tire pressure, component wear and owner usage. By combining this IoT data with notifications, firms in the auto industry are serving customers better with proactive maintenance, tips and things like helping the customer find the cheapest nearby gas station.
IoT has great promise for businesses of all types in the area of customer service, and this is one trend to watch and consider closely.
4. Remote Workers Become Normalized
The days of telecommuting when the kids are sick is gone. The practice has gone mainstream, and mobile worker technologies such as Slack and real-time video have made it easy for employees to work from home or on the road; a whole new class of worker is emerging, even, known as the digital nomad.
This is not just a technology trend for workers; it also is an important new development for SMBs. Now companies can easily hire workers from anywhere, opening up the job pool and making it easier to find the right talent. Further, small businesses can use the trend to more easily hire on specialized contract labor for specific business functions or project work.
A survey during the London Business Schools Global Leadership Summit recently found that 34 percent of business executives, entrepreneurs and academics polled expected that more than half of their full-time workers might be working remotely by 2020.
5. Augmented Reality, Becomes a Reality
Yes, augmented reality finally has arrivedand no Pokemon required.
While Pokemon Go showed the potential of augmented reality last year, 2017 marks the beginning of AR as a viable technology that will start working its way into business.
Goldman Sachs predicts that the augmented reality market will hit $80 billion by 2025, and this year we should start seeing non-technology businesses use the technology as a way to engage customers and get things done. From helping field service workers solve problems better and allowing virtual walkthroughs of rental property to engaging mobile customers with innovative in-store promotions, AR is a trend to watch.
“Augmented reality for business offers promise both in communicating with customers, and within the organizations themselves for work functions,” Gareth Price told Business News Daily recently, technical director for Ready Set Rocket. AR brings the internet from being contained on a screen to becoming part of the fabric of the world around us, which will benefit businesses with a physical presence.”
Because technology now drives business, there are many noteworthy business technology trends for 2017. These are some of the biggest, however. SMBs should be watching.
