With over 15 million people receiving the full two doses of the vaccine, the end of the pandemic is coming soon. Due to this, entrepreneurs are starting to look for businesses to start once everything goes back to normal.
Since businesses require capital, entrepreneurs should make sure they have enough funds to start the business. They can source the funds from family and friends, financial institutions, and government organizations offering lending programs, such as the SBA Express Bridge Loans, Small Business Lending Fund, or the Small Business Investment Company Program.
In addition to the funds, entrepreneurs should also consider current technology trends that they can leverage for their business. The following are some tech trends that small businesses should consider.
Widespread Usage of 5G Technology
The next generation in broadband wireless technology is 5G. The technology transmits data faster than the current 4G technology. The technology is already deployed in 50 cities across the country as of January 2020.
With the continuing adoption of the technology, it will reach a point that it will be the main wireless technology in the country. This means data transmits faster compared to the current technology. There is also little to no delay in the data transfer or latency.
Additionally, it will speed up the Internet of Things development, and more smart devices will connect. Taking this into account means an entrepreneur should start a business that will take advantage of 5G technology.
Shopping Using Technology
When the pandemic started, people had to stay home due to the shelter-at-home directives. While many retail stores closed due to the lack of customers, others innovated and reached their customers online. Since people stayed home, their reliance on the internet increased as they shopped online more often.
Major businesses started offering contactless payments for the convenience of their customers. Even after the authorities lifted the shelter-at-home directives, people continued using contactless payment gateways to shop. Delivery services and curbside pickups also increased.
Even after the pandemic ends, businesses can install mobile payment gateways to facilitate their customers’ checkout. These gateways will reduce lines on checkout counters. Many businesses are already working on improving their customers’ shopping experience by increasing the number of contactless payment gateways in their physical locations.
Software Integration
Technology is already widely used in modern workplaces. The pandemic highlighted the importance of technology as employees had to work from home and connected with their colleagues online. They used different online tech tools to complete their tasks. These tools included Slack, Google Drive, and Salesforce.
Since connecting software to each other is challenging, businesses can consider using integration platforms so they can integrate all the software their teams are using. Integrating all the software the teams are using facilitates efficiency and improves productivity among the workers.
The only thing businesses should do is find the most appropriate integration platform where they can access all the software they need for their work.
Emphasis on Cybersecurity
When companies use an integration platform, all the software the employees need is accessible through a single platform. Since the platform allows them to access sensitive information, businesses need to emphasize the importance of cybersecurity.
Even the current remote working arrangement has already made some employees susceptible to hacks and phishing activities. With this in mind, businesses should make sure they have the necessary safeguards to prevent unauthorized people from accessing their system information.
Even if the business doesn’t think hackers will target their system, they should still implement strict security protocols. It’s always better to prepare for something that will not happen rather than become unprepared for something that will happen.
Use of Artificial Intelligence and Machine Learning
Topics about artificial intelligence (AI) and machine learning (ML) have kept technology watchers busy over the past few years. AI is already used in a lot of everyday items people have in their homes. Siri is the voice-activated personal assistant of Apple that can interact with iPhone users.
Another example of the use of AI and ML is Netflix. It analyzes customers’ movie choices and analyzes its records to look for videos that the customers are interested in. Alexa is similar to Siri, and it can decipher speech from different parts of a room. It helps users perform online searches, shop online, and schedule appointments.
The use of AI and ML is expected to increase as the technology develops further. This means entrepreneurs should take this into account and try to leverage the technology for their business.
Technology has grown by leaps and bounds in the past few years, and it’s expected to develop further in the future. So, entrepreneurs should always be on the lookout for the latest trends that they can use for their businesses.
