With technology advancing as rapidly as it is, new opportunities are arising every year for businesses to transform the way they operate. Perhaps the most surprising aspect of this exponential development is how affordable many of the latest tech trends are. If you’re looking to give your company a boost that will allow it to stand out from the competition, read on to discover four essential tools for business growth.

1. Biometric time clocks

If you’re still relying on timesheets for tracking employee movements, it’s time to upgrade to biometric time clocks. You get to benefit from the accurate record-keeping and accountability this technology creates. And your employees get a streamlined experience that gives them one less task to worry about.

2. Artificial Intelligence

Many small business owners make the mistake of assuming AI is well outside the scope of their operations. However, you’d be surprised at the variety of useful and affordable ways you can incorporate the automating power of AI into your business.

On an analytics level, AI is unrivaled in its ability to handle even the most daunting data sets. Harnessing this power will reveal precise and detailed information about the customers you have and those you want to reach, your competition, employee performance, and a whole lot more.

3. The Internet of Things

The Internet of Things (IoT) is such a leap forward in terms of technology that it has heralded in the Fourth Industrial Revolution. Most objects used in your day-to-day business activities – cars, computers, printers, smart devices, thermostats, security, and even the appliances in your office kitchen – can now be connected via a network. This enables them to share data and perform their functions more efficiently – without you having to do a thing.

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Among other things, this technology allows your thermostat to adjust itself to ensure you’re being as energy-efficient as possible. Your devices can all predict their own maintenance needs, thus eliminating downtime for costly and unexpected repairs. The benefits of IoT for businesses are growing exponentially, and experts suggest that, by 2020, there will be more than 20.4 billion IoT devices in operation.

4. Cybersecurity

Data breaches are at an all-time high, and even small businesses are being targeted. Everyone has data worth stealing. So, it’s essential to have the best protection possible in place. You can do the research yourself, and set up an impenetrable cybersecurity system, or enlist the support of a managed IT service. You’d be surprised at how affordable the latter can be. And with a reputable IT support service on-board, you’ll have round-the-clock monitoring, instantaneous threat responses, and access to the latest technology.

5. The End of the Office?

Ok, so maybe that section title is a bit dramatic. However, technological changes have advanced so rapidly that for many businesses, the regular office set-up has become redundant.

The development of incredibly sophisticated cloud-based software to streamline customer relationships, team collaboration, communication and project management, means that organisations can often operate at least as effectively in a remote environment.

This can save companies tens or hundreds of dollars annually. Of course, there will always be a need for a physical location for meetings or to show a professional face, but economical solutions such as virtual and serviced offices can easily help there for a fraction of the cost of a traditional setup.

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Giving your business a digital transformation is essential if you wish to keep pace with our rapidly changing world. Start with the essential tech installations above, and you’ll be opening yourself up to safe and sustainable growth.

Photo by Carl Heyerdahl on Unsplash

Author

Founder and chief editor of makemoneyinlife.com Blogger, Affiliate Marketer, Tech and SEO geek. Started this blog in 2011 to help others learn how to work from home, make money online or anything related to business and finances. You can contact me at makemoneyinlife@gmail.com

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