5 Technology Trends That Will Dominate Small Businesses In 2022
Technology is evolving at an unprecedented rate. It provides small businesses with a wealth of opportunities, but also a significant amount of challenges. Small business owners must stay on top of their game or risk losing out to better prepared competitors.
With so much technological change happening simultaneously, it can be a minefield attempting to keep up with the effervescent world of technology. Here are five trends that are expected to have a huge effect on how small businesses operate in 2022.
Embracing the 5G revolution
5G technology represents a quantum leap in connectivity, with much faster speeds and unrivalled dependability. It is a hundred times faster than the current 4G speed. It is becoming a foundational component for the use of many innovative technologies, and many organizations may be left behind in 2022 if they do not ride the 5G wave. Small businesses can gain a competitive advantage by preparing for 5G while it is still in its early stages.
Small business owners in Canada will look to 5G as the next generation of mobile internet technology to improve productivity and efficiency through faster internet (76%), increase digital access to rural customers (62%), and leverage new opportunities for growth and innovation enabled by enhanced connectivity (53 per cent). [1]
Integration of Data Silos
As data volumes and sources continue to grow, seamless access across a global company's multiple data silos will become increasingly difficult in 2022. Businesses will seek out modern platforms and approaches, such as data fabrics, that integrate the composable stack and distributed data. In 2022, businesses will prioritise finding ways to integrate siloed data for actionable insights.
Collaboration with AI
The first lens, partnering with AI, examines how businesses can capitalise on the rapid adoption of machine learning and AI. To accomplish this, businesses must first understand where technology works well and where it does not. Problems that require creativity or intuition, for example, are not the best use cases for AI. In these situations, AI should be used to supplement, not replace, human decision-making.
Software automation has grown in scope, allowing workers to be more efficient and freeing up time for tasks that only humans can perform.
While automation assists SMBs in eliminating repetitive, day-to-day tasks, there are additional advantages: Automation, according to 88 percent of SMBs, allows them to compete with larger companies by allowing them to move faster, close leads faster, spend less time on busywork, reduce errors, and provide better customer service. [2]
Cloud and digital technologies
To thrive and grow in the next five to ten years, small businesses must invest in digital and cloud technologies. Entrepreneurs in today's digital economy rely on the effective use of technology to support ongoing business processes and drive new sources of competitive differentiation. Artificial intelligence, machine learning, big data, IoT, and other technologies have entered the market and grown rapidly over the years. The needs of modern consumers will be met by incorporating some of these into a business. These organisations will implement this change through digital transformation. While the cloud is the platform on which they rely to enable this transformation.
Hybrid workforce
Workplace culture is evolving, and hybrid workforces are here to stay. This momentum is being driven forward by technology, which allows businesses of all sizes to remain agile and adaptable.
Hybrid working has been gaining popularity in recent years as many small businesses have found it to be a successful way of running their operations. Emerging technology also helps small businesses grow, with augmented and virtual reality creating custom workplaces, immersive training, efficient data analysis, and increased productivity.
References
[1] Two in Three Small Businesses Say 5G Will Benefit Their Business When it is Rolled Out, Canadian Federation of Independent Business, May 19, 2021, https://www.newswire.ca/news-releases/two-in-three-small-businesses-say-5g-will-benefit-their-business-when-it-is-rolled-out-872617876.html
[2] Zapier report: The 2021 state of business automation, Zapier Editorial Team, April 20, 2021, https://zapier.com/blog/state-of-business-automation-2021/#compete