4 tips on how to spot a tech trend that works for your business

Posted on Thursday, February 21, 2019 - 13:48

Business technology is ever evolving to help businesses run more efficiently. However, not all technology trends that are out there will be beneficial. Researching tech trends can show you which one will be best suited for your business.

Know what your business needs

The internet of things, Artificial intelligence, augmented reality, and cloud services are becoming buzzwords when it comes to tech trends. According to the Australian Bureau of Statistics, web presence for businesses has increased from 48.6% to 51.1% within 3 years. Furthermore, 83% of businesses in Australia had introduced some form of innovation. Although there is a growing movement to be innovative by introducing new technology that will optimise businesses, not everything will work. Therefore, it is vital to research and compare your options and whether it will benefit your business in the long run. The last thing you need is a costly liability.

Have a budget set up

Making your business productive in a savvy way is essential. 70% of businesses with 200 or more people employed were more likely to be innovative and productive. Couple this with the right technology and your business could be moving at a high performing rate. However, improving your business’s productivity is not cheap. There may be times when you will need to purchase more than one item which can see you footing a bill that runs into the thousands.

There are finance options such as taking out a technology loan and equipment finance that can help you purchase the needed gear without hurting your cash flow. Comparing your options can also lead you to find something that won’t burn a hole into your budget.

Speak to a tech head

Speaking to your IT personnel or someone within your business that is tech savvy can give you better insight as to which technology will be more beneficial towards your business. This can help you avoid purchasing tech gear that will end up collecting dust. Asking the professionals can also give you insight into other aspects that you may have not considered. You may have to set aside a budget to integrate the new technology into your business which may take time.

Keep track of your inventory

Keeping track of how the new technology is performing will help you know whether it is adding value to your business or becoming a liability. It is important to always compare the costs versus the value to see if you are getting the best value for your money. If this is equipment that you need to purchase, weigh whether leasing or buying it will work in your favour.

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