Seven essential technology every startup should invest in
The speed at which technology evolves and adapts is enough to make any startup wonder where to start - and that’s without mentioning AI.
However, knowing what tech will help you lay the foundations and help your business grow quickly early on is crucial to keeping up to speed with your competitors.
The hard part is knowing what specific tech is going to help your business early on.
So, we’ve compiled a list of what tech startups should invest in, and how it will help create a strong foundation for faster growth and efficiency.
1. Leading appliances and software packages
We’re not saying you have to go out and buy the latest tech on the market, but you want laptops, computers and software packages that make running your business easy and efficient.
For example, if you’re a video production agency and you’re not investing in tech capable of crunching huge video files, it’s going to slow down your processes and leave you feeling frustrated. Up-to-date tech means faster loading times, easier multitasking, and enhanced overall efficiency.
Similarly, leading software tools empower you to innovate faster, adapt to market shifts quicker and keep your business secure. In fact, having software that regularly updates and keeps cyber threats at bay is probably the most important benefit.
Investing in great tech at the beginning of your startup allows for a smoother, more secure, and more competitive journey.
2. A reliable and efficient project management platform
Project management platforms are essentially the backbone of your startup’s operations. They help keep teams on the same wavelength and make collaboration super simple, even if you’re miles apart. The absence of a project management system can see organisations can waste up to 12 per cent of their valuable resources.
Investing in a solid project management platform that allows you to assign and preview workloads, tackle issues on the go, and generally improve productivity is essential for any startup.
Having a project management platform is like having a virtual meeting room, where ideas are shared, decisions are taken, and progress is tracked – all under one digital roof.
3. A versatile communication platform
No startup, or business for that matter, can communicate efficiently without a dependable communication platform. Take Slack, for instance. Being able to quickly communicate with employees and clients, attach and send files, call from anywhere and share ideas on the go allows for better teamwork and a more streamlined work process.
Around 28 per cent of employees cite poor communication as the reason for not being able to deliver work on time. Without an efficient communication platform, startups would likely spend more time in meeting rooms instead of focusing on their core services and growing their business.
4. Virtual and physical payment solutions
Having a way to swiftly and effortlessly process payments, whenever and wherever is crucial. While the number of digital buyers in 2023 is at 2.64 billion, let’s not forget the importance of in-person transactions.
Let’s say you’re a startup selling refillable deodorant with an online and physical store. This means you will need both virtual and physical payment solutions.
While Shopify or another e-commerce platform may handle the online transactions, offering a payment solution like a SumUp Air card reader to process payments at exhibitions, product events and test stalls is crucial for when you’re on the go.
This kind of versatility is crucial for businesses frequently on the move or have both a physical and virtual presence.
5. Google Analytics 4
Google Analytics 4 (GA4) has recently rolled out, and it’s one of the most robust analytics platforms out there.
It offers a treasure trove of insights, a comprehensive view of user interactions, detailed audience segmentation, precise conversion tracking, and real-time analytics. With GA4's event-based tracking, you can chart every user's journey through your website.
GA4's cross-platform prowess means you'll have a unified view of user interactions across various touchpoints, from web to app. This knowledge empowers startups to adapt swiftly, responding to user preferences and market shifts. Its privacy-conscious design also ensures ethical data usage
Beyond mere analytics, GA4 can become your startup's compass through the digital realm. With its precise event-based tracking and cross-platform insights, GA4 empowers you to shape strategies that resonate with users and market dynamics.
6. Artificial Intelligence (AI)
Although we’re only at the starting point for AI, it’s come a long way over the past few years. Its ability to integrate with big and small businesses makes it an attractive prospect for pretty much any business.
From AI chatbots to help aid customer service journeys, to content creation platforms speeding up research and simplifying complex topics quickly, there are so many ways to integrate AI into your business model.
Regardless of how or where you use AI, the biggest universal benefit is time saved by automating monotonous or redundant processes. For example, AI-driven chatbots can handle frequently asked questions, helping visitors find information instantly.
Over 60 per cent of business owners believe AI will improve customer relationships, while also reducing the load on employees, who can then dedicate their time to more complex interactions and creative campaigns.
7. Cloud computing
Cloud computing is a great area to invest in for a few reasons. The first being the flexibility it affords your business. Cloud-based tools facilitate seamless teamwork from wherever you’re based, crucial for startups with remote or distributed teams.
Cloud-based tools like Google Workspace enable seamless real-time collaboration on documents, presentations, and spreadsheets, no matter the time zone. This streamlined remote collaboration allows the startup to maximise productivity and creativity, leveraging the strengths of each team member regardless of their location.
Cloud computing can also help make your business model more secure by implementing advanced security measures and backups, safeguarding startups' data more effectively than local systems.
You’re set to go
Investing in the right tech for your business from the start is crucial. Without a strong foundation, like having the appropriate tech and software to carry out your work, and platforms that make communication and handling work processes easy, you’ll likely get off to a slow and frustrating start.
Be sure to do your own research when it comes to what platforms or tech to use. Every startup is different and there’s no one-size-fits-all when it comes to technology.
Research, experiment, adapt and enjoy the process of the early stages of startup life.