We live in a tech-forward world – there’s no denying it. But, while technology is moving at a rapid pace that can sometimes seem overwhelming, it’s actually a crucial factor to the success of most businesses, nowadays.
If you’re an entrepreneur, using technology to your advantage can make all the difference in the world when it comes to success. In the U.S. alone, 90% of startups failed in 2019. While many factors played into that, a lack of education played a part.
You can’t ignore technology and how it can help you if you want to run a successful business.
With that in mind, let’s look at a few tech terms you should know for your startup, and dive into how they can help you thrive.
1. Machine Learning
Machine learning has become increasingly popular in almost every industry over the last several years. If you’ve ever used a chatbot on a website or you have an AI assistant like “Alexa” in your home, you’ve utilized it.
From a business standpoint, machine learning can help with your customer interaction, especially online. It can also make accurate predictions for your business, going far beyond what past statistics could ever do. As a result, you can take the data you receive and make smarter, more productive choices for your business to move forward.
2. CRM Software
Customer Relationship Management (CRM) software is used to collect and keep track of as much data as possible. A cloud-based application like Salesforce specializes in CRM, and working with a salesforce development team can make your CRM experience much easier. By keeping track of important customer data, you’ll be able to hone in on your target audience and utilize the information you have on file to create better marketing techniques.
This can be especially effective if you don’t feel like much of a “marketing expert”. Having as much information as you can about the people interested in your business makes it easy to market to them without having to have a lot of advertising knowledge. That can save you time, effort, and money when you’re just starting out.
3. Managed Services
When a business is just starting out, it can be hard enough to find funding just to get off the ground. You might feel like you don’t have the money to hire a full-time IT professional. That’s why many businesses opt for managed services.
Managed services can help you with everything from network management and security to web hosting. Having an IT professional at your fingertips at all times will help to ensure your business never goes “dark”. An IT problem can wreak havoc on the average business, so utilizing managed services will make sure that never happens.
These terms are really just the tip of the iceberg when it comes to “tech talk”. The more you embrace technology as it relates to your business, the more successful you can be. Don’t be afraid to do your own research on these terms or any other tech-related words that you’ve always been curious about.