Don’t just keep up with your competitors, leverage these 3 key technologies to power your small business

My uncle worked tirelessly through long nights and early mornings to grow the family business. At that time, almost everything was done manually, which required very high resources and resources for companies. Efficient To be successful. Currently, not much has changed in this respect for small and medium-sized enterprises. We are fortunate to have a wealth of technology at our fingertips, which has accelerated the pace of business. What used to take weeks or months for my uncle’s business can now be completed in hours.

meanwhile emerging technology Not only are there many benefits, but the rulebook for small businesses has also been rewritten. In the digital age, even a one-second delay can mean a lost dollar. This year, 64% of small businesses surveyed plan to: Invest in technology This reflects a widely recognized need to adapt, streamline operations and improve efficiency. But it’s not just about catching up. It’s about seizing opportunities to grow and stay ahead of your competitors.

Business 1. Smarter business operations using AI

There’s a good reason why artificial intelligence is at the top of this list. Yes, this is a hot topic among the tech industry, but at the same time Game-changing tools For small businesses looking to automate and streamline productivity, a recent study from Visa says: 65% of SMEs surveyed Americans are optimistic that AI will have a positive impact on business, with 63% saying they trust AI to help build their business.

Among the promising developments in this technology, generative AI is characterized by increased accessibility. Currently, generative AI helps him save time and transform his business in four ways.

• automation: Implementation of generation Automate management tasks with AI It’s one of the best ways to leverage technology. Consider leveraging these tools for backend business processes such as inventory management, targeting marketing efforts, and sales forecasting. For example, generative AI tools can help you better understand your finances and leverage historical financial data to provide real-time predictions within seconds. This is an important benefit for small businesses where cash flow is important.
• virtual assistance: Customers are the bread and butter of any business, but it can be difficult to prioritize their needs when other aspects of your business require your attention. As a solution, deploying AI-powered virtual support can provide instant responses to customer inquiries, allowing businesses to provide round-the-clock customer care.
• Handpicked recommendations: Today’s AI tools advance natural language interactions, allowing customers to engage with technology in the same conversational way that employees do. It can also provide product and service recommendations tailored to the customer’s preferences and interests based on the customer’s previous shopping behavior.
• Fraud prevention: As everything becomes digital, AI Ensure the safety of your transactions. AI systems monitor suspicious patterns and flag anomalous activity in real-time to help protect your business and customers. In some cases, these tools can quickly hold potentially fraudulent transactions until they can be reviewed by human assistance.

Related: How small businesses can leverage AI to compete with large companies

Business 2. Leverage embedded finance to seamlessly integrate into the digital economy

Until recently, financial management was a distinctly separate task from other day-to-day tasks. Maybe you paid your suppliers by check, relied solely on cash transactions, or struggled to secure credit as a small business owner. However, today the economy has changed dramatically. Embedded Financeintegrates all important financial activities, from payments to loans, into its website, app, and marketplace, simplifying the process.

These activities have penetrated our daily lives so seamlessly that it’s hard to imagine a time without them. Consider the time-consuming process of processing invoices. What previously required multiple steps and often multiple software apps can now be managed directly through your accounting or operating platform using virtual cards.

Built-in financial tools are more than just a tech upgrade. They enable small businesses to thrive in the digital economy and compete on an equal footing with larger companies. the study 73% of SMEs surveyed indicated that they believe the use of new forms of digital payments is fundamental to growth. For customers, this means they can enjoy the convenience of familiar instant transactions and personalized digital financial services. Whether you’re a consumer or a business owner, we all want to be able to do things in one place, and payments are no exception.

Digital wallets and Tap to Phone technology make it easier for customers and businesses to quickly conduct transactions anywhere in the world with a simpler, faster and more seamless experience. Number of digital wallet users is predicted to reach nearly 5.4 billion By 2028Adopting digital payment methods such as virtual cards allows small and medium-sized businesses to meet customer expectations and stay at the forefront of the digital economy.

Related: 12 Cost-Reduction Strategies to Succeed in a Recession

Business 3. Integrate advanced technology to “consumerize” interactions

Just like splitting dinner bills with friends or sending money overseas to a loved one, businesses expect global access to finance to be fast, digital, transparent and customized. In fact, Millennials and Gen Z are made up of 64% Percentage of purchasing influencers in Forrester’s enterprise buyer research. As a result, digital B2B transactions continue to grow to meet the evolving demands of today’s digitally native workforce. Digitization can help you expand your business reach, strengthen your competitiveness and improve your business operational efficiency. The rise of innovative technologies across industries and sectors of the global financial system has led to cutting-edge solutions aimed at reshaping the financial system. Business to business (B2B) payment landscape.

These types of technologies can support mobile and online transactions, automatic invoicing of suppliers and vendors, and cross-border payments. For example, cloud-enabled solutions provide businesses with connectivity and flexibility without requiring large investments in technology. Additionally, a global payments network facilitates fast, secure, and cost-effective B2B transactions, eliminating the friction associated with traditional interactions.

If there’s one thing I’ve learned from my family’s experience, it’s that small businesses never lose their resolve. As technology advances continue to accelerate, your company may find itself in a relentless race to catch up with the big players in the digital economy.