As a business owner, one key to your growth is to keep up to date with ever-changing technology trends. Learning what technology can help you, as a business owner, be more effective and efficient will also lead to your further success.
Embracing technology in your business can have so many advantages including a more systemized and organized approach, which ideally saves us time and resources.
Making data readily available for your business can help you make effective decisions for how to move forward with important knowledge in order to guide your future strategies and goals.
Moving further into Q1 of 2020, we will likely see increasing popularity in blockchain, especially for medium sized businesses as it becomes more readily available.
Blockchain has so many applications in business like record keeping, transactions and more.
What is a blockchain?
A blockchain is a structured data that is used to represent a record of a transaction or a financial ledger entry. All transactions are digitally recorded to ensure their authenticity and that no one will be able to compromise or tamper with it. Also, all the transactions recorded in a blockchain are considered to be of high integrity.
But what makes blockchain really interesting are the digital ledger entries that are distributed among interested parties. The extra layers and nodes in the infrastructure provide a consensus about a transaction at any given time.
Use of AI (artificial intelligence) is on the rise
Smart information extraction will make analytics and KPI (key performance indicators) more accessible to business owners.
With automation increasing, this allows for a reduction in labour-intensive and manual work like data extraction. Saving time so that you can focus on working IN your business is key to business success.
Cloud-based accounting software is becoming more widely used.
Cloud-based software gives you access to your business financial data any time, anywhere. It also saves you time as many cloud-based solutions allow the user to automate many aspects of their day to day accounting and business operations.
Another perk of using cloud-based accounting software is going paperless. This means less paperwork which saves you time AND it’s better on the environment, a win-win solution.
With all of these tech trends on the rise, cybersecurity becomes even more important. Taking proactive steps towards ensuring data protection for your business and your clients is of utmost importance.
All in all, keeping up to date on new technology trends will only help you be more savvy in your business and ultimately more successful.