As technology evolves, adopting the right tools for your business is key to long-term success. You need to be ready to leverage the latest tech solutions to stay competitive and innovative.
In this installment of CO—’s premier event series, Ready. Set. Scale., CO—’s Vice President and Editor-in-Chief, Jeanette Mulvey, interviewed experts about future-proofing your business technology and staying ahead of the curve on tech trends.
- Craig Ward, Director of Solutions Engineering at T-Mobile for Business, explained how to prepare your business for the future through effective tech planning.
- CO—’s Editorial Director of Features, Barbara Thau, walked through some of the latest business technology trends that you can leverage for growth.
How to future-proof your business technology
Ward said the biggest tech-related challenge for small businesses is often basic awareness of what’s out there.
“They're not aware of the technologies available … to help them positively impact their business in so many different ways,” Ward told CO—.
Here are a few of Ward’s top tips for small businesses that want to leverage the latest technologies and set themselves up for future success.
Adopt 5G for faster, more reliable, and more secure business operations
Thanks to the growing adoption of 5G cellular technology, small businesses can now access faster upload and download speeds and broader connectivity options. This is critical for businesses with employees working remotely or in different field locations.
“A single 5G connection can be used nationwide, wherever that work needs to be done,” explained Ward.
5G networks are also more secure than traditional internet networks.
“They provide the latest encryption and security measures, [which] allows you to have a network that you can trust for your business and even back up your traditional wiring services,” Ward added.
Help employees embrace technology upgrades
When investing in any technology, it’s important to focus on the impact on your team as well as your customers, said Ward.
“[It’s about] ensuring employees understand the impacts to the business,” he said. “If … employees don't understand that return on investment, we're probably going to miss the mark with our technology upgrade.”
Incorporate AI into everyday business operations
Because AI is now integrated into so many everyday technologies, there are more opportunities than ever to automate processes like customer interactions or data analysis.
“Businesses should be evaluating how AI can help enhance their tools and the applications that they're deploying … to free up their employees to do what's most important for the business,” Ward said.
Work with an expert advisor
If you’re not sure what technologies your business needs or how to best implement them, Ward recommended working with experienced consultants and advisors like those at T-Mobile.
“They're really the key in filling the gaps in your knowledge for your small business,” he said. “Identify that trusted advisor, get them engaged, and have them help you navigate the technology that is available to you and specific to your industry to help [your business] grow.”
Identify that trusted advisor, get them engaged, and have them help you navigate the technology that is available to you and specific to your industry to help [your business] grow.
Craig Ward, Director of Solutions Engineering at T-Mobile for Business
Current small business tech strategies to learn from
During the second segment of the event, Thau highlighted three recently published CO— features that explore emerging small business technology trends. Here’s how small businesses are using tech to improve their sales, professional skills, and customer experiences.
Leverage LinkedIn's tools for lead generation and skill-building
LinkedIn has recently launched tools aimed at helping small businesses better engage with customers and generate leads. One of these tools is LinkedIn's premium company pages, which offer features like call-to-action buttons (e.g., "Book an appointment" or "Ask about our services") for just $99 a month.
“So far the results are that the call-to-action buttons have been a hit [and] have driven increased customer engagement,” said Thau.
Thau added that LinkedIn also offers access to 22,000 classes, including many focused on AI, to help small businesses upskill and stay competitive.
[Read the full article: How New LinkedIn Tools Fuel SMB Growth]
Take advantage of fintech platform partnerships to expand your payment options
Major payment companies like Affirm are expanding the use of buy now, pay later (BNPL) services to help small businesses appeal to more consumers.
“Buy now, pay later platforms … are essentially the modern-day version of layaway where you're paying installments,” Thau said, adding that millennials (currently the nation's biggest buying group) and baby boomers are really gravitating toward this payment option.
Thau noted that Affirm is expanding its BNPL services by collaborating with travel companies like Booking.com. The company is also partnering with Amazon Business to allow small businesses to pay for large purchases in installments.
[Read the full article: How Financial Tech Giants Are Maximizing Capital Access for Small Businesses]
Personalize your customer experiences with AI-powered shopping assistants
The concept of retail concierges, traditionally used by luxury brands, is now being expanded to online shopping with the help of AI.
“AI … shopping assistants are looking to … move in where online shopping is not great,” said Thau.
Thau explained that AI-powered shopping assistants, like those offered by companies like Radiance Commerce, can enhance the online shopping experience in a few key ways:
- Learning customers' shopping habits.
- Understanding product details.
- Recognizing where customers are in their buying journey.
- Providing personalized answers to customer queries.
This allows small businesses to offer a more personalized and efficient online shopping experience.
[Read the full article: How ‘Retail Concierges’ Are Revolutionizing Shopping]
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
