7 Technology Trends in Business

By Anne Shaw
The Hartford Small Biz Ahead | Originally published December 7, 2022
Updated: February 6, 2023

Imagine doing business without accounting software, a customer relationship management (CRM) platform or even business email. It’s hard to consider it, right? Business technology makes us more productive, keeps us organized and helps us collaborate—especially when we’re not all in the same physical place.

Web conferencing and other digital collaboration technology made remote work possible during the pandemic. If COVID-19 arrived just 10 years earlier, business continuity would have been nearly impossible. Without business technology, many companies would have either completely shut down or put employees and customers at risk.

But some organizations were more prepared than others. Those without the right technology had to scramble to get set up. These days, staying on top of business technology trends is essential.

What Is Business Technology?

Business technology is any tech that powers your business operations, from sales and marketing to accounting and human resources.

Technological innovation has reached into every aspect of business. Think point of sale software, budgeting technology, logistics and more. The digital technology in collaboration tools enables remote brainstorming, meetings, live screen sharing, project management, access to stored files and the ability to digitally sign documents.

Today, technology infiltrates nearly every aspect of running a business. As such, the term “business technology” has been gradually replacing the term “information technology” to describe technology incorporated into business operations.

How Has Technological Change Transformed the Business Landscape?

Over the last several decades, technology has changed the way businesses operate. For one thing, tech has fundamentally altered business strategy. For instance, small business owners use technology not only to improve their day-to-day productivity and capabilities but also to compete with larger competitors. It has also empowered small businesses to join larger ones in allowing remote work, especially after the pandemic forced digital transformations for companies of every size.

Technology has also influenced customer expectations. Whether shopping online, posting reviews on social media, researching products or accessing customer service, customers expect to find your business in both the physical and digital worlds.

Improve Profitability by Advancing Technology in Business

Small business owners can save time and cut costs by automating many of their back-end business processes. Affordable and intuitive software can handle everything from payroll and accounting to logistics and record keeping. This saves time and cuts operating costs, which is especially important during a time when economic growth may slow down.

Small businesses can also provide positive customer experiences by integrating various technologies that interface with customers. This includes their CRM, social media management platform, inventory management platform, accounting software and customer service platforms. When customer data is accessible across various channels, customers can even have positive user experiences with chatbots.

How Businesses Can Stay on Top of New Technology in 2022

With the speed of technology’s evolution, it can be difficult to keep up with emerging technologies. This is especially true for small business owners who wear many hats. To help you keep up with today’s tech trends, we’ve put together a list of current and developing technologies that are making waves in the business landscape.

Artificial Intelligence (AI)

Believe it or not, the term “artificial intelligence” has been around for years. Today, it’s more than a theory and can impact business outcomes. Many software platforms come with built-in AI. This enables them to analyze large amounts of data and draw conclusions that help guide business decisions. Such platforms include virtual auditing technology and business forecasting applications that track buying behavior to predict future sales numbers.

Cloud Computing

Cloud computing was a business world superhero during the pandemic. That’s because it empowers both large and small businesses to allow remote work. With cloud-based technology, employees can access the same files whether they’re working at their desk in the office or at the kitchen island in their home…[MORE]

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To read the entire article by Anne Shaw at The Hartford Small Biz Ahead website , visit: 7 Technology Trends in Business