Running a startup brings a lot of work. There’s so much to it, from full commitment to detailed planning, organization, and a considerable amount of time and effort.
Growing a startup from an idea into a successful company can be accomplished only with the right tools and software behind. Every company has various responsibilities ranging from finances, customer engagement, product development, and marketing, to name just a few. But there are also different, completely automated solutions that these businesses can use to stay on track.
Even employees need equipment or the correct applications to perform their tasks efficiently and facilitate the process of their work.
With the right tools in hand, every entrepreneur can compete with even the largest corporations. But, with so many solutions available out there, it can be quite challenging to decide which ones to choose.
In this article, we will discuss some of the most innovative technologies that can help better achieve your startup vision. These technologies are just methods that can lift the administrative burdens and bring business growth.
1. Artificial intelligence
Although many people relate artificial intelligence to science fiction, AI becomes widely used in our daily lives, especially in business applications, such as automation, data analytics, and natural language processing. In fact, 54% of executives say that artificial intelligence improves productivity.
AI can support business needs such as automating business processes, understanding data analysis with insights that weren’t possible before and interacting with customers and employees. Moreover, it can aid the process of consumer behaviour forecasting, fraud detection, customer service via phone or chatbots, and so on.
Startups looking to leverage artificial intelligence should think of the different operations in the company that can be digitized. In today’s business world, AI can serve as a supporting tool for human capacity and ingenuity, thus enabling businesses to work much smarter and faster.
Whether you need to facilitate the customer service process, collect and analyze your data, detect and deter security intrusions that are likely to disrupt your business, or automate routine marketing tasks, AI technologies are everywhere now.
Organizations should respond rapidly to AI opportunities to ensure that the business has all the necessary strategies and plans to empower their progress/ development.
2. Predictive analytics
Businesses want to know what their prospects want, what their needs are, and how they can convert them into customers. And predictive analytics can help them achieve this goal.
Predictive analytics software can help businesses increase sales by determining their customer’s preferences based on their demographic and psychographic information. Analytics tracks customers in the purchasing process while browsing, giving companies a way to allocate their marketing efforts with more personalized and targeted campaigns.
Moreover, it can identify which customers can turn into loyal customers or even brand ambassadors. This way, companies can plan their marketing strategies and improve customer engagement.
This technology can also forecast inventory by accurately predicting the demand for certain items – thus preventing companies from stocking things that customers don’t want. Inventory management systems can even give suppliers data for inventory levels, allowing businesses to supply based on their customer’s needs and optimize stocks for highly profitable products.
Finding customers for your business is a challenging task. But once you find them, there is another challenge: establishing and building lasting relationships with them.
This is why 60% of companies are increasing IT spending and using tools like customer relationship management systems. Every business wants to take customer satisfaction to a higher level; to be able to understand and assist them. Most companies looking to implement a CRM system wish to improve the quality of customer relationships and build customer loyalty.
The significant benefits you can bring to your organization with a CRM system range from keeping a centralized database to managing all communication and interaction with clients, creating sales reports, automating forecasts for sales performance, and facilitating team communication.
A CRM keeps communication in one place, allowing companies to analyze the buyer’s journey, including information such as phone calls, emails, and so on. Thanks to their automation, CRMs can take the burden of many tasks that otherwise fall on an employee’s shoulders (completing forms, preparing reports, addressing legal issues, etc.).
As these systems track all of your customer activity, you will be able to make informed decisions based on critical metrics such as monthly recurring revenue (MRR) or year-over-year (YOY) growth.
4. Collaboration and project management
For startups, collaboration is essential. Young businesses do not want to make the already difficult work even more difficult. They have so many tasks to do and so little time to individually check up on their employees to make sure they are doing their job.
With the rise of the digital world, every employee should be aware of online collaboration tools, especially if remote work is preferable. You have probably found yourself struggling with clear communication between team members, especially if you are not in the same room together.
Sometimes you need to update your colleague on the progress of a specific task. Doing this via email or Skype can load up your inbox, so it can be hard to keep track of all those messages in one place.
One of the main points of a startup should be finding a way to communicate in one place. Slack is a great tool to use if you have a quick update, question, share a file or maybe something urgent to discuss. It even has an option to create various channels for the team to keep communication divided by project, department or even off-work topics.
Project management tools like Trello, for example, can help businesses streamline their workflow by organizing and integrating all team members within tasks and projects.
There are several tools available for startups that can assist in saving precious time for entrepreneurs. Most of the tools are beneficial to them, especially in keeping their business operations efficient and improving ROI potential.
Use them wisely, and you will see how your business will start flourishing with better customers and sustainable growth for the upcoming years.
The array of tools seems to be endless, and it’s almost impossible to test every one of them. But the best tools are the ones that can save a lot of time, reduce costs, and provide security.
Based on what works for you, here is a curated list of some of the best tools for building your startup business.