Technology trends that will benefit startups this year
Navigating the business world as a startup is difficult. You’re pitted against competitors who have been established for years - potentially even decades - and it’s likely that your market is pretty busy already. To find your feet in such a fast-paced environment, you need to be ready to innovate.
Fortunately, there’s plenty of technology out there that can give you a helping hand. By staying ahead of the curve in terms of the latest SaaS products and ensuring you know which digital investments are worth it for your business, you give your startup a headstart. With that in mind, let’s take a look at the top tech trends of 2023.
Continuing rise of AI
We can’t talk about tech trends without mentioning AI. Already in 2023, AI has become a buzzword, with tools like ChatGPT and OpenArt revolutionising the way we create content. As we progress, it’s expected that AI is only going to become a more significant part of business.
For startups, generating unique content using a machine has boundless potential. Create logos, generate blog introductions, and write product descriptions at the click of a button. No-code AI even allows you to build more advanced and intelligent products/services, transforming the landscape of innovation.
But, AI is still in the early phase of development and (usually) fairly easy to spot. Rather than relying on AIt, use it instead as a prompt to help you generate your own content and unleash your creativity.
Contactless card readers
In Britain, around 23 million people hardly ever use cash anymore, with one report predicting that in 10 years time, coins and notes will make up just 6% of all transactions. If you’re a startup, going cashless is the obvious choice.
Contactless card readers aren’t a new trend, but their importance makes them well worth talking about. Ensuring your customers can tap and go securely allows for smoother payments and improves your customer experience. It also opens you up to a wider audience, with those who only carry their phone around still able to pay for your products/services.
It’s smart to offer digital invoicing alongside contactless payments, too, giving clients multiple options for how to pay. SumUp, a company offering card payment solutions, reported that half of their digital invoicing clients received their payment after just 24 hours, making this a quick and convenient way to carry out transactions.
Digital twins are basically virtual simulations of real products and processes. If your company creates physical items, for example, a digital twin can be used to test that they work before full-scale manufacture begins.
For a trainer company, that could mean creating a digital twin of an existing shoe. Using data already collected, you can simulate different scenarios that will test the shoe to see how it performs and when it begins to break apart, before updating it virtually to improve performance. The tests are reliable and come with fewer costs, providing a simple way to evaluate your products.
Metaverse meets reality
The metaverse is a combination of augmented reality (AR) and virtual reality (VR). Already making waves in the tech world - with many experts predicting it’ll add around $5 trillion to the world’s economy by 2030 - it’s expected that the metaverse will gain more prominence for startups in 2023.
In particular, remote startups should pay attention to this virtual space. The development of realistic office environments allows staff avatars to ‘meet’ for a more immersive, engaging experience. The metaverse allows teams to talk, brainstorm, and create in virtual spaces, encouraging creativity and collaboration among remote teams. Host events and lead talks, too, using the metaverse to add to the visual experience of your business.
Cloud technology remains on top
Around six out of 10 businesses in 2022 had already transferred their work to the cloud. Like contactless card readers, cloud technology isn’t a new trend, but it is one that’s here to stay.
As the business world becomes increasingly remote, the cloud enables more digital connection than ever. Allowing simple and secure file transfers, same-time collaboration, and infinite storage for data, becoming a cloud-first startup is a no-brainer.
But, it’s not just the benefits that make investing in cloud technology vital; there’s a growing assumption that if you don’t use the cloud, your business will be left behind. Employees want remote-work capabilities, partner businesses will expect you to have cloud access, and cloud-first speed is essential in the modern world.
Cloud tech doesn’t have to be expensive, either. Google, for example, offers a cloud-based range of programmes that are free to use, including Google Docs and Google Sheets. They’re easy to navigate and provide a good base for startups on a budget.
Cybersecurity is vital
As a startup, building a reputable brand image is crucial if you want to win over your audience. One way you can do that is by taking security seriously, particularly if you’re investing in tech and digital products. Just as you would add CCTV and locks to a shop, you must invest in cybersecurity for the virtual side of your business.
It’s expected that global cybersecurity spending will grow by a further 13% in 2023.
Prioritising it for your startup comes with a number of benefits, including:
- Preventing data breaches
- Protecting your company from outside attacks
- Reducing downtime
- Keeping sensitive information safe
Investing in cybersecurity is particularly important if you deal with customer data. As soon as a client’s email address is in your system - let alone their financial details - cybersecurity isn’t just an option, it’s a must.
Technology is now the beating heart of the business world, and most companies couldn’t survive without it. As a startup, it’s vital you pay attention to the tech trends we’ve highlighted here to ensure you stay ahead of the competition. Invest wisely in the right digital products and watch your startup flourish