As technology advances with time, businesses are under immense pressure to keep up with every new technological change. Whether it’s the Internet of Things, chatbots, virtual reality or 5G technology, there’s no better time to implement these innovations than at the beginning of a new year. However, before enacting your plans, you need to understand how these pieces of technology operate and how they can benefit your business. Below are some ways you can leverage technology to remain relevant in business in 2024:
Run Your Business On a 5G Network
If you’re yet to tap on the benefits of the revolutionary 5G network, then 2024 is not too late for you to start. The 5G network is the fast-speed network for the next generation of mobile communicators who wish to do business faster and efficiently.
Businesses need to interact faster and more efficiently with their clients than ever before, and there’s no better way to achieve this than by upgrading their network connectivity. A 5G network, improved network reliability, and faster download speeds will help businesses meet their clients’ needs in record time.
However, businesses must also invest in 5G-ready equipment before onboarding the new network. While the initial cost for implementing all these seems high, especially for small businesses, the returns are certainly worth the investment.
Use Safer Payment Options
The modes of payment you avail to your modern-day clients determine how seamless their shopping experience becomes whenever they do business with you. While offering numerous payment options is essential, it’s even better to ensure the available options are safe and efficient.
For clients shopping online, you can set up safe payment apps such as PayPal, Google Pay and Amazon Pay, ensuring quick and secure money transfer without directly relying on cash or credit cards. The apps also have effective fraud protection policies, and users can easily reverse any unwanted transactions made on the app.
You can accept cash, debit and credit cards, or mobile transfers for offline shoppers. While debit and credit cards are good payment options for in-person clients, some still fear cybercriminals could compromise them. You can clear their doubts by installing a credit card scanner app to help safely scan these cards and protect your clients’ data. Read more about credit card scanner apps.
Leverage Virtual Reality Advertising
There’s no better way to customize and objectify adverts than using virtual reality technology. Through VR advertising, you can easily bring your business concept and products to your target client’s living room with the click of a button. VR advertising also promises higher conversion rates because customers get to experience your services first-hand at a more personal level.
With the COVID-19 pandemic still threatening in-person meetings, VR advertising stands out as an ideal way of reaching potential customers who can’t physically make it to your stores to view products.
Use Blockchain Technology
Blockchain technology may have waned in popularity due to its association with cryptocurrencies, but this doesn’t mean that it isn’t relevant to businesses. While the public might be used to thinking of blockchain as a financial tool, there are other applications for it beyond digital transactions.
While it’s not yet advisable to entirely leave your spreadsheet behind for a blockchain ledger system, there are a few usages of this technology that might be applicable to your business. This would include the now-common tokenization strategy, especially when it comes to loyalty programs.
It’s important to study this new technology and find out how it relates to your business and the possible benefits it could bring to your business before adopting it.
Go for Hybrid Working Tools
You probably have heard of the concept of hybrid working, but there are a few ways that it can be applied to your future career.
The idea behind this is that you are not limited to one location for work, but instead have the ability to choose where you do your work. This is quite useful if you enjoy working in different locations, but it’s also great for businesses, as employees are much happier when they have the freedom to choose where they work.
The hybrid working concept works seamlessly if your company has the right tools in place. Tools like Slack, Skype, Workana, and Google Docs allow employees to work from wherever they want, whenever they want. In addition, you can simplify your team’s leave management process by introcuding a Time off management software like Timetastic.
All of these tools are wonderful ways to promote a hybrid work environment. In addition to these, you also need to make sure your employees stay on top of the current marketing trends. For example, since millennials are practically glued to their phones all day long, sending business texts can be a great way to connect with them. Make sure your employees have the right SMS marketing platforms which will enable them to send opt-in promotional messages by text. Most SMS marketing is carried out via dashboards in the form of bulk SMS, and all messages must have an opt-out function at the end of the message.
Use Robots When Necessary
In 2024, you don’t have to hire a second employee just because you need more help around the office. Instead of hiring another person, consider using a robot that can do menial tasks like filing, answering phones, and data entry.This will save your business money and still get things done faster. Some common types of robots to consider here include:
- Welding Robots – Efficient for welding procedures
- Order-Picking Robots – These are great additions to busy warehouses where frequent internal and external orders are made. You’ll want to use these for easier identification and location of orders in the warehouse
- Automated Cocktail Maker – If you’re in the hospitality industry, adding a few of these in your bar stands can go a long way into improving your cocktail quality
Robots are optimal for office and store activities that are performed repeatedly, such as filing, lifting and moving objects, and data entry. However, a robot is not typically programmed for creativity and problem solving and can’t replace human employees who excel at those tasks. When it comes time for something important, you’ll still need to hire a skilled worker.
Train Employees Regularly
Since technology keeps evolving rapidly, your employee training programs should also be kept up to date. There’s no better way to leverage the benefits of new tech trends than by having a formidable team putting their best skills forward behind the new technologies you choose to implement in your business.
Technological advancements will keep shaping how businesses run and whether these businesses succeed or fail. Failing to implement the latest forms of technology in your business sets it up for failure sooner or later. The 5G network, safer payment options and VR advertising are a great way to edge out the competition and set your business up for success.
