Technology innovations that will change your business. 

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Way ahead: video conferencing via a laptop Credit: Getty

When you’re busy running a business, it can be hard to keep up with all the changing technology marketed at your enterprise. However, there have been changes in recent years that could genuinely improve your business productivity, cut costs and increase profitability. Here are 10 technology changes that could bring big results.

1. Virtual workplace software

Not only is office space expensive, but the best team members for your business might be spread
 across the globe. Fortunately it is easier than ever to bring them together as a team using programmes
such as Slack and Zoom for video conferencing. You could also try software such as Basecamp
and Trello to keep track of campaigns - with the right technology, you can work well together from
 wherever you are.

2. New payment, FX and cash-flow management systems

Whether you are managing payroll, transacting across borders, or trying to mitigate FX exposure,
there’s a new fintech solution to help. Western Union’s free technology platform (WU EDGE)
enables businesses to find and connect with international trading partners, make fee-free real time
 payments and helps them mitigate cash flow and FX Currency Risk.

3. Collaborative consumption

From AirBnB to Zipcar, the sharing economy has transformed the way we consume, but can
 it transform business too? Whether it is outsourcing services such as Fiverr or the peer-to-peer
 rental of essential equipment, smaller businesses are already finding that the sharing economy
makes them nimbler and cuts their costs.

4. Social media management

Social media can really help business take off, but managing Twitter, LinkedIn, Facebook and
Instagram can take up valuable time. Management platforms such as Hootsuite allow you to manage
the whole thing at once, saving valuable time and giving flexibility in tough times.

5. Big data

It might seem like just a big buzzword, but even small businesses can benefit from big data. Technology
such as ClearStory Data, InsightSquared or even good old Google Analytics can help you to make
sense of your traffic and your consumer decisions, to predict demand and trends in future.

6. Cloud computing

Storing your data in the cloud instead of on physical servers can help you do more with less. It also
makes collaboration easier when working remotely, with access available anywhere at any time.

7. 3D printing

For small businesses that don’t want to keep a large stock of inventory, keeping up with 3D printing developments could bear dividends. From printing spare parts to order to providing highly
personalised service, 3D-printing technology could change your business strategy.

Future design: working with a 3D printer Credit: Getty

8. CRM and inventory management

Managing your customer relationships and your inventory using specialist software can help ensure
 you don’t put a foot wrong. Try Zoho, Insightly or Salesforce for CRM.

9. Risk-management software

Want to ensure you’re dealing with trustworthy customers, or check who has access to your data?
Clever technology can do that for you. Try BehavioSec, which analyses your staff’s typing and
 mouse movements and alerts you if someone else is logging in. Duedil, meanwhile, gives metrics
indicating how solvent various companies are.

10. Communication

Whether it is Skype, Facetime or a full VOIP service, internet-based communication systems can
cut costs - particularly if you’re a team working in far-flung locations. These systems often require
 no little or no investment in hardware, and can use apps to sync on-the-road communication with
 office phone systems. Some new systems even provide virtual receptionists, advanced call
screening and forwarding rules and integration with office software (for a fee).

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