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Blockchain: How Technology Plays a Vital Role in Small Business Growth

Blockchain:

Do you ever think why technology is so important in small businesses? The answer is simple. Technology saves time and labor, and it increases the security of your business. As most of the business tasks nowadays depend on the latest technology; consequently, the corporate world cannot ignore the benefits of technology to businesses. Businesses need technological support to keep their work up to date. Here is how technology is playing a vital role in small business growth.

Digital tools play a vital role.

According to the study, more than 90% of all the small businesses use digital tools for communication purposes, more than 80% use these tools for internal management, and more than 40% use them for sales purposes. Above all, in the future, 70% of small businesses plan to increase the digital tools in their companies. Small businesses rely on technology as it helps them to operate daily. Technology helping businesses in many ways, such as it is providing capital to aid firms for expansion and investment. It is possible by leveraging new technology for a hassle-free process to get money.

List of Small Business Technologies to Consider

  • Data Security: In today’s world of malware and breaches, it is the number one technology that every small business needs.
  • Customer Relationship Management(CRM): It has used for interaction with clients, but not all small businesses like it.
  • HR Software: Administrative functions like attendance, tracking long term employee development, etc becomes easy with this tool.
  • Chatbots: Recent advancements in Artificial Intelligence put the chatbot in the must-have list of small businesses.
  • Cloud Computing: A study said that 59% of the small businesses responded that cloud computing helps their company to become more scalable and agile. On the other side, 51% answered that it is a complex component.
  • Mobile Applications: In the coming two years, less than half of the businesses(49%) are using or plan to use mobile applications.
  • Drones: However, it is not in the must-have list of small organizations — still the drones deserve a careful watch.
  • Email:- Some technologies have become a necessity; an email is one of them.

Reasons to illustrate that technology is a Need for Small Business.

  1. Efficiency Improvement:- There is no reason to deny that technology increases the efficiency of the organization. Due to the rise of artificial intelligence, companies can better use technology. Moreover, the involvement of technology in business saves time and effort and increases productivity, which is a huge advantage.
  2. Technology Protects Against Threats:- As the online attacks are increasing rapidly, so it becomes hazardous for businesses. Thus, cybersecurity defense systems have been developed by the developers to protect the companies from attacks. It is an era of cloud computing, so organizations need to secure their data by enhancing the security of online accounts.
  3. Improvisation of Communication:- Nowadays, many organizations rely on various software and applications for communication with one another. Also, multiple aspects need to consider before choosing a communication channel within the organization. For instance, if you are looking for a quick response, then phone service is better. Other communication channels include video conferencing, skype, etc.
  4. Technology helps to Work Efficiently:- Employees expect the latest types of equipment so that they can work efficiently and effectively. Moreover, the most recent technology equipment helps the employees to complete their work with better results and increase productivity.
  5. More Employee Engagement:- Technology is known for more employee engagement. Also, it encourages them to communicate with one another by sharing files and data. Moreover, technology also decreases the stress level because the workload has reduced due to the introduction of technology.
  6. Extensive knowledge:- Technology provides an endless supply of experience and valuable pieces of stuff. Conducting researches are not accessible without technology. Apart from that, technology enables you to keep an eye on your competitors. Stay aware of their next move and keep yourself up to date with the latest market trends.
  7. Technology brings Cryptocurrency:- The technology enables Cryptocurrency to come into existence. Moreover, this particular technology empowers firms around the globe to give safe and reliable payments with full-fledged records. Blockchain is a digital ledger that manages all the files related to transactions.
  8. Necessary for Business Expansion:- The use of the most advanced technology gives a competitive edge to the company, which makes it a better organization than others. Above all, it will increase the overall value of the organization in the market. For detailed information, you can also read: How to Value Small Company? (I liked an article, “How to Value a Business,” by Norm Tedford; https://www.upflip.com/).
  9. Increases the Capacity of Business:- Technology enables more customers to reach in less time. It means more customers have served than before. Besides, the communication and information storing capacity increase with technology.
  10. Explore New Markets for Growth:- Businesse

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