As the saying goes, ‘A good beginning makes an excellent ending,’ startups also need a humble starting, with the spark of an idea. But what else a new venture needs? We can say money is not the key to success; sometimes, all you need is passion, innovation, and determination to create something unique.
Of course, funds are needed at the initial stage, which is something that we cannot neglect, but with the ‘Vitamin-M,’ you also need to implement advanced technology to grow your business from zero to infinite.
Do you know what I like most about technological trends? Yeah, that is, it provides flexibility in regular toxic business operations.
India is the second country on the list of top ten countries by the number of startups. But due to the financial crisis and lack of updated technological tools, most of the startups shut down their doors.
Moreover, the pandemic COVID-19, in the past year 2020, gave a tough time to some entrepreneurial minds, but for those who still survive, I know they will have a bright future.
They survive just because of enough funds and technological advancements. So let us hope for the best; the New Year 2021 may bring shine for all the new ventures and entrepreneurs.
Because the new opportunities are knocking on the doors for the bloom in new businesses and startups are vogue again. As an entrepreneur or an owner of a new business, you can consider these technological trends to boost your startup.
What Are The New Technological Trends That Boost The Startup?
Technology today is evolving faster in each field, whether you can take a corporate world or a banking sector or any other industry. But, conversely, you can see darkness in each area without technology.
You can consider the following facts and figures to know the emerging needs of technological advancement in the business sector.
In the field of business, you can consider technology, finance, and the workforce as the most precious asset of the organization. Other than that, the newest technological trends that bloom the business as you are dreaming;
The human resource department solves employee-centric queries. During the pandemic COVID-19, personnel managers demand personalized HR software to manage remote employees.
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The HR manager has many responsibilities of the employees, starting from recruiting them for the vacant place to the exit interview of the employee who wants to leave the organization, and also include change management, employee satisfaction, employee benefits, and composition, etc. With the help of HR technology, business owners can handle their staff effectively.
However, the most important task of HR is to calculate employees’ salaries. They generally use a web-based payroll solution, which simplifies their task. Time had gone when the HRs just focused on the ‘hire and fire.’
Nowadays, the top management authority involves them in decision-making meetings also because they are better to know how to improve employee productivity.
Technological tools help the employees to work faster with high efficiency, and HR tech helps the personnel to analyze employee’s abilities so they can pay accordingly.
AI and ML (Machine Learning) are the hot trends in the tech world. AI is a mixture of human intelligence and machines, which mean you can develop a machine that makes a decision as a human so that it can work without getting any command from human beings. Artificial intelligence marked its importance in each field, as well as it is needed by startups as well.
There is no mark of doubt that advanced AI influences business, but now the new venture is also leveraging the use of AL and ML.
Though it is tough to understand and implement, the startups try to comfort their business with AI because they know that with the assistance of advanced technology, they can grow their business faster and effectively. The following image shows the rise in the AI market;
With the help of AI, big data analysis, and other models, you can predict the future of your business, so you can provide an excellent personalization to your customers that can improve their journey with your business.
That is why it is advisable for startups that do not spend more time with a manual process because you can rely on advanced AI, which gives you assurance to grow faster.
Escalation of 5G
The fifth generation of wireless communication network technology is 5G. In the corporate world, 5G is already in demand as a new fast way of working. In the beginning, stage startups need to adopt a high-speed 5G to grow their business faster.
Business owners know that high-speed internet data provides the best output of each business function; that is why they demanded the updated version of the 4G network.
The advancement of wireless communication network technology proves a significant step in developing the IoT (Internet of Things).
The 5G assures high-speed transformation and also improves network reliability; that is why startups demand 5G to enlarge their business.
There are four phases of onboarding, i.e., onboarding, initial development, ongoing development and retention, and separation. While working in the office, the HR department of an organization conducts a smooth online onboarding process according to all four phases.
But according to the current COVID situation, almost all business fields adopted a remote working model. So, the personnel manager demanded advanced technology to manage the workforce effectively. You can consider the following new ways for remote onboarding;
- Use Chabot’s for a remote employee to introduce the company.
Chabot’s, video conferencing, etc., simplifies the remote onboarding process. Other than that, the application your company uses for its employee, you can use that also for self-onboarding.
The personnel manager provides a unique ID to each employee; they can log in with those IDs in an application and change/edit their personal and professional information because time had gone when the new employees’ first day passed with filled paperwork. It is an era of self-onboarding.
According to the research report published by Bull Guard, nearly 60% of the startups and SMEs thought that they are the first target of any cyber-attack. I think Bull Guard is right because during the pandemic period 2020 and after that, in 2021, many small businesses and startups faced cyber-attacks and data breaches.
The following image shows the emerging needs of cyber security in each business sectors;
However, now with the help of advanced technology, businesses give an intense fight against cyber-attacks. The simple funds of securing your business from cyber-attacks are; use strong passwords, keep your software updated, manage social media settings, etc. Besides that, cloud-based technology, likecloud computing, is the best to protect your confidential data.
Enhance Digital Awareness
I think we all are aware of the new phase of digitization. Digitalization deals with the advanced tools that are technology and data analysis models.
At the initial period of the new venture, a business owner needs to analyze the target market, market segmentation, consumers’ needs and preferences, etc., to enlarge their business faster. The following image shows the benefits of digitalization to expand a new venture;
For gathering the data and analyzing that, they need a big data analysis or other technological tools that provide actionable insights to the business; according to that, they can make strategic decisions. That is why enhancing digital awareness is essential.
With the time changes, now the consumers/prospects become modern, so that the company also needs to change its connecting tactics. That is why the business now uses social indulgence to attract potential consumers overseas.
The new venture, because of lack of funds, accepts the new social indulgence as the best technique to cater to the potential leads of the business.
Moreover, the social media platforms are free to use and easy to understand, hence promoting the business. The internet users and social media users are increases continuously; you can check the following facts as proof;
Hence, you can consider social media platforms; like Facebook, Twitter, YouTube, Instagram, Pinterest, Reddit, etc., are the most effective platform to promote your new business at a cheaper rate but effective way.
As we know, in the list of the highest number of opening a new venture India comes at the second position, then we can also state that the demand for advanced technology and tools increases continuously.
Because almost everyone knows the importance and usage of technology and digitalization to grow the business overseas.
The above listed are the technological advancement that supports the startups and provides a spark in the development of the business. Other than that we can say ecommerce, IoT, etc., are the new emerging trend that helps the new venture to expand the business overseas.
Shubham Joshi is an experienced content marketer at factor. Passionate about training and development programs, he is always ready to help colleagues and customers by representing concrete ideas and methodology. Beyond work, he is well-equipped with problem-solving abilities.