Article Contributed by Mark Palmer
A start-up business can be demanding in terms of time and resources. You have a million and one ideas to get your business up and running, and you need to create time for each thought crossing your mind. It is at this moment when advances in technology become necessary; more especially those that will help in prioritizing and smart spending. Here are some five tech advances that will redefine your startup in future.
Augmented reality
Often referred to as AR this new advance will redefine your startup especially when it comes to brand engagement. We all hate ads popping up on our browser, and in fact, most of us turn them off with ad blockers. It is now possible to use AR to combine physical and digital experiences. If you are in the furniture business, you can make it possible for your customers to virtually redesign their homes with new furniture. There are low-cost options for augmented reality that you can use for your startup.
Big data
Forget about the traditional marketing and business operations. Big data is already applied in several aspects of our lives, and it is helping transform lives. Imagine a world where you do not have to push tens of thousands of ad impressions and hope that few of them will convert. Imagine a world where you send very specific targeted ads that are informed by your customer’s buying habits. It is more effective, less challenging and better paying way of getting to your customers.
Algorithms
Trading in the stock market can be very challenging especially if you are just a beginner. Algorithms are used to execute trades often following pre programmed criteria. Well, the use of algorithms does not stop there; there are other numerous ways that they can be used especially for startup businesses to watch the market trends. Using credit spread strategy, for example, when looking for investors in your business can help to analyze maximum gain and minimum loss from the investment they make in your business. It is a revolutionary technology that will shape how businesses will be done in the future.
Blockchain technology
Well, you must have heard of the new technology that is basically used to process cryptocurrencies payments. The potential that this technology has is immense, and its application not only to financial instruments is inevitable. It has the ability to bring a democratic value system and revolutionize the way users interact in the digital world. If your business is in e-commerce, then you are in luck because this technology is for you. Think about instant payments, decentralized corporations, enhanced communication, efficiency maximization, fraud minimization to mention but a few.
Machine learning
Think about a world where you can automate non-creative tasks with machines that are intelligent and learning the nature you do business. Well, machine learning is a disruptive technology that looks at automating aspects of your business that you never even thought possible. For a startup business, you stand to gain more by getting more done with little resources and personnel. The biggest challenge for most startups is resource allocation and management. With machine learning technology, you can complete tasks that would otherwise take five employees working all day in just a few hours. Accuracy and efficiency are guaranteed.
Conclusion
Advancement in tech is inevitable and whether or not you want to be part of is at your discretion. However, there is much to gain and everything to lose if you do not join the wagon. For startup business owner, you do not have a choice you just have to embrace the changes in technology if you are to remain relevant. Big businesses are already using some of these advancements, and you cannot compete with archaic technology. The good news is there are low-cost tech advancements that will achieve the same results and compete with the big giants. These five tech advances should give you an idea of the direction to take for your business.