With each passing year comes newer versions and updates on every day gadgets and technology.
As a small business owner, it’s important that you stay on top of the latest technology so that you don’t get left behind.
Here are three tech trends that every entrepreneur should be “in-the-know” about.
1. Artificial Intelligence (AI)
Many small businesses have already begun to integrate AI into their business model, and it’s helping them become more aware of their customer’s needs.
They start by collecting data they’ll need to develop an effective AI strategy. You don’t have to worry about creating the tools yourself. Larger technology companies can pass the tools right into your cloud platform.
2. Cyber Security
Here’s an alarming stat: 90% of U.S. small to medium-sized businesses don’t use data protection for confidential company and customer information. In 2016, businesses were the targets of 55% of data breaches.
Investing in this tech trend should be high on your priority list. The cost of digging out of a data breach can reach into the six-figure range.
3. Non-cash Payments
Cash is still king when it come to payment methods. But non-cash payments are on the rise as they slowly take the place of check payments, which has been on an even bigger decline.
Mobile payments are projected to overtake cashless payments by 2020. So make sure your business is equipped for this. Options include in-browser payments, in-app payments, and mobile wallets like Google Pay.
Read more about how to incorporate technology into your small business on our blog.