As an entrepreneur, you should always be looking for emerging technologies that can boost your business. New tech, like generative AI and virtual reality, can improve your operating efficiency and help you tap into new markets.
However, adopting new tech can be tricky. Automating your workflow and incorporating the Internet of Things (IoT) is great in theory, but may be tough to pull off in reality. Make the process that much smoother by adopting a strategic approach to transformative tech. This will keep morale high and encourage entrepreneurial thinking in your business.
Workflow Management
An effective workflow management system can supercharge your productivity and boost employee well-being. Folks feel empowered when they can see how, exactly, a project is progressing and will work harder when they’re clear about their responsibilities. Other benefits of tech-based workflow tools include:
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Better Coordination: A unified communication platform ensures that everyone is on the same page. Tools like Slack, Teams, and Webex allow for text and video communication, while software like Asana and Trello host intuitive project management boards for your whole team.
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Data Analysis: An effective analysis program takes the guesswork out of entrepreneurial business decisions. Accurate data improves your efficiency and allows for more accurate resource allocation, too.
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Task Tracking: Entrepreneurial businesses are busy, high-pressure workplaces. You can take the stress off project managers (PMs) by investing in workflow tools that automatically track task progress. This saves PMs plenty of time and alleviates the strain they’re under.
Workflow management systems can take the guesswork out of task management and improve your data collection program. However, you may find that some people struggle to get up to speed with the new tech.
Overcome the onboarding challenges associated with workflow management tech by starting slow. Restrict access on sites like Asana and Trello so folks can only see the project boards that pertain to them. This will reduce confusion and help employees focus on the most important tasks. Increase access over time, as this will help coworkers better understand the business as a whole.
Artificial Intelligence
Generative Artificial Intelligence (AI) programs have grabbed headlines this year. Large language models like ChatGPT and Google Bard have been heralded as game changers for small businesses and can empower your entire team.
However, you may find that some employees become over-reliant on emerging AI tech. For example, if you run several social channels, your marketing team may use generative AI to produce captions for images and videos. Blanket-banning generative AI in this situation would be foolish, but you should encourage strong editorial oversight. This ensures that your content remains high quality, even if most of your ideas are generated by AI programs.
Some entrepreneurs are concerned that AI is making their business less secure. However, in reality, artificial intelligence is improving cybersecurity. AI combats cybercrime by speeding up threat detection and automating the response process. Recognizing suspicious activity quickly can make a real difference to your new business, as you cannot afford to compromise sensitive data sets.
Cloud Computing
Cloud computing has taken off in the past 5 years. Today, 41% of global business leaders plan to expand their cloud utilization and more than half of all organizations are training their staff to use the cloud. This makes sense, as cloud-based storage's scalability and security are unparalleled.
Cloud-based storage can help you overcome challenges associated with human error, too. Too often, sensitive documents are lost when overzealous employees mass-delete folders or forget to save important files. Cloud-based backups reduce the risk of human error at your firm by producing multiple copies in a secure location.
Cloud-based backups ups also accessible from anywhere. This means that your entrepreneurial business can bring on talented remote employees without worrying about document sharing. They will just need regular access to the internet and should be trained to follow cybersecurity protocols that minimize the risk of a breach.
Data Analysis
Machine learning AI programs have revolutionized data analytics. Today, analysts can call on a fleet of advanced algorithms to quickly parse data and discover useful insights. However, utilizing consumer data does present some ethical and legal challenges.
Protect your brand reputation and guard against hefty fines by staying up to date with regulations. At a minimum, you should be well versed with the EU’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA).
Be sure to look out for GDPR and CCPA updates that relate to the use of AI. AI is improving data analytics but may become heavily regulated in the coming years. Expect regulations to change and pay for your data analysts to complete relevant workshops and re-training programs.
Conclusion
Technology can empower your employees and help you achieve your entrepreneurial vision. However, you will run into some obstacles when utilizing new tech. Make the process that much smoother by embracing risk-reducing software like cloud document storage and AI-led cybersecurity programs.