# Adopt, explore or avoid? What to do with the latest tech trends Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2017-11-03 Category: BANKING Category URL: https://financedigest.com/category/banking Meta Title: Unlocking the Potential of Small Business Technologies Meta Description: Learn about the latest technologies recommended by Dominic Allon, Intuit Europe VP, for small businesses to adopt, explore, and avoid for maximum efficiency URL: https://financedigest.com/adopt-explore-or-avoid-what-to-do-with-the-latest-tech-trendshtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd031117-4-1736843310236-compressed.jpg) _**Dominic Allon**, Vice President and Managing Director, Intuit Europe_ Today’s blistering pace of technological change provides small businesses with an unprecedented opportunity to drive efficiencies and reach their audiences in creative, compelling new ways. From apps, to machine learning, blockchain and virtual reality, there are countless innovations promising to transform employee and customer experiences, and boost business performance. There is so much innovation going on, in fact, that it’s difficult to know quite where to start. [Small businesses](https://www.financedigest.com/best-small-business-loans-speaks-to-fundbox.html "Best Small Business Loans Speaks to Fundbox") simply don’t have the same amount of cash as larger companies to invest in new technologies without guaranteed returns. This means careful decisions must be made around which technologies to [pay attention](https://www.financedigest.com/why-should-investors-be-paying-more-attention-to-open-source-software.html "Why should investors be paying more attention to open source software?") to: what’s sure to drive revenues, and what’s a gamble that might not pay off? Here’s my take on some of the technologies small businesses should adopt now and explore next – and what they should avoid doing at all costs. **ADOPT: Apps** There’s a reason why [nearly three quarters](http://investors.intuit.com/press-releases/press-release-details/2016/Global-Intuit-Study-Small-Businesses-Using-Apps-in-Record-Numbers/default.aspx) (71%) of UK small business owners rely on mobile or web-based applications to run their operations, eliminate administrative tasks and grow their firm. It’s because apps provide a simple and cost-effective solution for many of the challenges today’s SMEs face – from offering easy access to information to [boosting productivity](https://www.financedigest.com/flexible-pay-can-boost-low-productivity-in-the-uk.html "Flexible pay can boost low productivity in the UK"). However, with so many apps out there, it’s [important to find the right ones to meet a specific business](https://www.financedigest.com/importance-of-transparency-and-connections-in-business.html "Importance of Transparency and Connections in Business") need. There’s no point in using technology for technology’s sake. This can be more destructive than productive for a [small business](https://www.financedigest.com/top-benefits-of-invoice-discounting-for-small-businesses.html "Top Benefits of Invoice Discounting for Small Businesses"). Two in five (40%) UK small business [owners](https://www.financedigest.com/carbon-zero-what-it-means-for-business-owners.html "Carbon Zero: What it Means for Business Owners") using apps believe there are too many to choose from and are unsure of which are best suited to their business. The key to getting the balance right here is to start with the problem you are trying to solve, and then [work backwards to identify which app will make your life](https://www.financedigest.com/redefining-what-it-means-to-have-it-all-how-to-make-work-fit-into-your-life.html "Redefining What It Means to Have It All: How to Make Work Fit into Your Life") easier. **EXPLORE: Machine learning** Machine learning is a type of [artificial intelligence](https://www.financedigest.com/types-of-artificial-intelligence.html "artificial intelligence") (AI). It [focuses on the creation of computer programmes that can teach themselves to evolve and grow when exposed to new data](https://www.financedigest.com/chipmakers-weigh-on-european-shares-focus-on-u-s-jobs-data.html "Chipmakers weigh on European shares; focus on U.S. jobs data"). It might sound futuristic but many of the apps you already use will be backed by machine learning. For example, your accounting app should use data to [forecast and help you streamline tasks such as expense management](https://www.financedigest.com/healthcare-quality-management-market-is-expected-to-register-highest-cagr-of-12-during-the-forecast-period-2021-to-2031.html "Healthcare Quality Management Market Is Expected To Register Highest CAGR Of 12% During The Forecast Period 2021 to 2031") and invoicing. Beyond this, [machine learning could help to make your marketing](https://www.financedigest.com/deburring-machine-market-2022-scope-of-current-and-future-industry-2031.html "Deburring Machine Market 2022 | Scope of Current and Future Industry 2031") more targeted, or power chatbots or messenger platforms. You wouldn’t be alone in wanting to explore this trend: Oracle recently reported that eighty percent of brands expect to serve customers through chatbots by 2020. Machine learning could accelerate your [business in a multitude of ways](https://www.financedigest.com/the-best-ways-to-protect-your-business-from-cyber-threats-in-2021.html "The best ways to protect your business from cyber threats in 2021"), however you must stay focused on the problem you are trying to solve. Access to useful and reliable data, and expertise to guide the [application of machine](https://www.financedigest.com/increasing-demand-for-extruders-and-compounding-machines-to-be-observed-in-speciality-plastics-and-master-batch-production-applications.html "Increasing Demand for Extruders and Compounding Machines to be Observed in Speciality Plastics and Master Batch Production Applications") learning, are required – so think carefully before you go all in. **AVOID: Jumping on fads** With [technology continually changing the way we work](https://www.financedigest.com/what-is-5g-technology-and-how-it-works.html "What is 5G technology and how it works") and engage customers, doing things “the old way” just isn’t an option for SME owners determined to ensure they stay close to customers and grow their business in the face of increasingly stiff competition. However, it’s important not to get caught up with the [latest fad and find yourself investing in new technologies](https://www.financedigest.com/financial-technology-fintech-how-to-navigate-the-latest-trends-and-innovations.html "Financial Technology (FinTech): How to Navigate the Latest Trends and Innovations") for the sake of it. Business owners [must focus on technologies which simplify](https://www.financedigest.com/why-the-industry-must-simplify-cybersecurity.html "WHY THE INDUSTRY MUST SIMPLIFY CYBERSECURITY") and streamline – this is key to making informed decisions which will create efficiencies, enhance productivity and [improve business](https://www.financedigest.com/how-can-call-tracking-improve-your-business.html "How can call tracking improve your business?") processes. Crucially, it’s not about going all in and [investing in emerging](https://www.financedigest.com/rouzbeh-pirouz-on-investing-in-commercial-property-as-the-uk-emerges-from-the-pandemic.html "Rouzbeh Pirouz on Investing in commercial property as the UK emerges from the pandemic") technologies now, but working out which might be able to improve your business and trialing the tech in small, easy to manage phases. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---