You Should Invest Startup Budget in These 5 Technologies

Just like a glass at the edge of a table – with one touch it could fall and break, or with one touch it could fall and be caught by a helping hand – startup that seems fragile due to lack of planning, resources, and budget can actually be saved with the right adoption of technology and automation.

Peter Daisyme, the co-founder and cybersecurity at Hostt, suggested that it is hard to scale up a startup’s growth. You might have a great idea and a few customers around, but it needs more than that (budget) to develop the business. That is where automation comes into play. There are numerous segments where automation and technology can double your output without requiring additional resources in terms of time, communication, standard process, visibility of business operations, human capital maximisation, and superior data/insights. So, without further ado, here are budget-friendly and important tech/automation you should adopt now.

“The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency.” – Bill Gates

Machine learning (ML)

Machine learning helps organisations reduce repetitive tasks such as manufacturing assembly or purchasing and billing functions. Even better, it can accomplish better, quicker, and more accurate work, freeing up your team to do jobs that demand more creativity and critical thinking.

See also: How to Maximise Your Startup with Blockchain

SAS Insight cited that machine learning can grow volumes and varieties of available data, computational processing that is cheaper, more powerful, and affordable data storage. Good news for startups that have a limited budget to grow and scale their business, right? To create a fully-functional machine learning, however, you need data preparation, algorithms, automation and iterative process, scalability, and ensemble modelling.

Remote application

Hiring talented individuals could be hard for a newly-built startup. As the war for talent with bigger businesses is never-ending, you should not narrow down your search to only hiring local but also international. While flying them from their home country is another story, remote working remains a good choice. Besides, as cited in New York Times, no one would disagree to working remotely as it is not only beneficial for an organisation, but it will also boost hires’ productivity and wellbeing by giving them freedom and flexibility. Thus, adapting remote applications such as TeamViewer, Wyse Pocketcloud, or Mocha RemoteDesktop will be a good investment

CRM (clients-relationship management) tools

Bringing convenient and taking care of customers is among the homework of a startup guy because you need customers and clients to continue the business. Therefore, investing in clients-relationship management tools such as HubSpot, PipeDrive, ProsperWork, Teamgate, or NetSuite CRM should be your next concern.

As a new business, it is important to engage your customers, manage relationships with them, and predict their behaviour in order to know them better and retain them longer.

CMR provides a standardised method for obtaining and sharing customer data, as well as recording customer interactions and their behaviour, said Kelechi Okeke, a customer experience analyst. Thusly, you can better retain and engage customers with your business.

Chatbots

Your customer service agent might be able to handle 50 or 100 customers. But what happens if your startup booms and reaches over thousand or million customers a night? Sure is, it will be hard to handle for even a genius customers service agent. And yet, you should provide a good customer experience in order to stay professional, competitive, and more importantly to retain those prospective customers.

When this happens, chatbots will be useful as it can serve thousands of customers better than your agents as they are the solution for 24/7 customer service and can build better personal user experience.

“Chatbots represent a new trend in how people access information, make decisions and communicate.” – Christie Pitts

Wellness technology

Wellness Trends in 2019 revealed that there are plenty of new startups that have employees’ wellbeing in mind. Individuals are also looking for healthy living, indicating that a wellness program is vital for staying on top of a competitive world. Besides, investing in wellness technology also add value to the company in terms of safety, healthcare cost, productivity, and performance. Hence, having wellness technology such as gym equipment or smartwatch might invite more talented individuals to collaborate with you and at the same time, improve your current employees’ wellbeing.

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So, what are your thoughts on this? 

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