As we are at the beginning of 2020, there are several important technology trends SMEs (Small-Medium Enterprises) should consider for implementation to improve the performance of their businesses over the next decade. The following will discuss seven technology trends that can help every business grow.

AI & Machine Learning

Although AI (Artificial Intelligence) and machine learning seem beyond the scope of a small business, both can help now, particularly in repetitive daily tasks. For example, there are solutions available that can automatically confirm the schedules of several people for a meeting, so you won’t have track down each person. In addition, an AI chatbot can handle typical questions such as office hours, allowing employees to focus on their jobs.

Analytics

Analytics solutions now in the market are capable of analyzing your company’s marketing data. There also tools that can help management teams improve their data-driven decision making. Analytics platforms will allow small business to stay a step ahead of competitors and target customers proactively.

Applications Programming Interfaces (APIs)

Formerly reserved for software developers integrating technology with popular platforms, APIs can be utilized by SMEs to increase efficiency and performance. To illustrate, APIs can allow organizations to access sensitive data from payment platforms such as Stripe or PayPal while avoiding the security hurdles that would slow down efforts through the typical methods.

Backup & Disaster Recovery (DR)

IT failures resulted in losses of more than $1 trillion to businesses in the past year. Organizations should prioritize backup and DR in their efforts to protect and preserve data and bolster security. Company teams should draft a DR plan that includes offsite backup and ensures business continuity in the event of a natural or man made disaster. The plan should be distributed to all stakeholders and tested regularly.
Part 2 will discuss Cloud Computing, Cybersecurity, and Telecommuting.
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