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June 08, 2023

3 Tech Trends to Make your Small Business More Profitable

Growing your business and increasing profitability requires adopting new technology periodically, especially when certain tech is being used by your competitors. If you stick to legacy systems and structures, you’ll quickly fall behind.

To help you stay competitive, here is a list of the top three tech trends worth adopting.

1. No-code and low-code platforms

Not that long ago, it was impossible to get a website or software application built without the help of a software developer. This required a big budget and plenty of time.

In recent years, however, there has been a rise in no-code and low-code development platforms. These make it possible for anyone to build applications without knowing any code, or little knowledge in the case of low-code.

Although user-friendly GUI-based web builders have been out for a while, finally, the same can be said for mobile apps. Today, businesses can skip the $100,000+ price tag (News - Alert) of app development and use a tool like Innovio to build their own apps and launch up to ten times faster.

Low-and-no-code application development will make your business more profitable in the following ways:

·                      Reduced app development cost

·                      Less time to launch; you’ll generate in-app revenue sooner

·                      Internal apps can speed up productivity

·                      Improve the overall customer experience

Not every business requires a mobile app, so don’t feel like you need one to increase your profitability. Launching an app should be part of your overall marketing strategy and connected to a definite purpose. Making an app ‘just because’ won’t automatically make you more profitable.

2. Conversational and generative AI

Two of the newest tech trends to gain serious traction are conversational and generative AI. These work together harmoniously to support customer service and internal team needs.

Conversational AI is basically a chatbot that responds to user input in a manner that resembles a natural conversation, as opposed to the traditional dry chatbot responses of the past.

Generative AI is when a chatbot searches a database for content and delivers a custom response to a query. In the past, chatbots could only provide pre-programmed responses to user input. With machine learning, a chatbot can learn how to identify which pieces of content are most relevant to a prompt, and then create sentences and paragraphs accordingly.

The base of this technology is predictive text, but the algorithms have become so well-trained that they can produce an entire article on any given topic. These technologies increase profitability by saving companies the time and money it would have taken to hire writers, but also, they improve customer interactions.

How generative AI saves time and money

Most businesses hire writers to create their blog content and articles for content marketing. They also hire people to write product descriptions, internal documents like manuals, company policies, and user guides. With generative AI, companies can generate large amounts of decent content that only requires a little bit of editing. 

How conversational and generative AI improve the customer experience

Maintaining a positive customer experience is everything. Unhappy customers leave bad reviews that deter others from doing business with your company, and some go out of their way to voice their negative experiences across social media. This can have a bad impact on your brand reputation.

One of the simplest things you can do to prevent this is to provide outstanding customer service. The top two reasons people get upset with a brand is over poor service or no support at all.

It’s expensive to run a live support team 24/7, but a chatbot built on conversational and generative AI can take the lead. For instance, if a customer has a problem at 2am, they can talk to your chatbot and get support immediately. If you program your chatbot right, and you have a wealth of information in your knowledge base, most of your customers will get what they need right away. Those who still need help can submit a ticket to connect with a live agent who will respond during business hours.

If you haven’t explored these tech trends yet, check out ChatGPT and Google’s (News - Alert) Bard to get an idea of how it all works.

3. 3D printing

For any business that needs to build prototypes, 3D printing is an amazing technology that opens up so many doors for creativity and originality. In a nutshell, 3D printing uses materials like plastic, polymers, ceramic, and metal to create three-dimensional objects in layers. The machine essentially melts the material and uses it to create a 3D object based on the design blueprint from a computer program. Most items are made in parts that fit together, but sometimes small items can be made in one piece.

3D printing can make your business more profitable in the following ways:

·  Build your own prototypes and save money. Relying on another company to create your prototypes can get expensive. You can’t just make small changes and get your new prototype in a few hours. However, this is possible when you have your own 3D printer.

·  Experiment with new designs on a whim without having to go through another company. You can’t be certain the company you choose will even be able to produce your prototype without more research. When you control the printer and software, you can find the right template or create your own much faster.

·  Affordable low-volume manufacturing can save you money. Three-dimensional printers can be slow, which makes them suited for small production runs only. This is great if you only do low-volume production.

Just like building applications, it might not make sense for your company to invest in a 3D printer, but if you need a fast way to accomplish prototyping or low-volume end-part production, it might be perfect for your needs.

Digital adoption is crucial for profitability

Businesses today won’t experience meaningful growth unless they adopt new technology. While there will always be tech trends that turn out to be fads, many add immeasurable value to a business and its bottom line.

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