In terms of tech that demonstrates real-world grit in invigorating local trade, there are lots of transformative solutions out there. For business owners eyeing growth or investors seeking value-rich opportunities, the following trio of technologies could signal a prime move.
Adopting Autonomy with Robotics
We’re used to robots being used in heavy industries, such as automotive manufacturing. And yet with recent breakthroughs, this type of autonomous tech is making its way into new commercial environments.
In particular it’s Autonomous Mobile Robots (AMRs) that are disrupting the old ways of doing things. There are many benefits of AMRs, so here are just a few:
Increased Efficiency: AMRs glide through store aisles and warehouse spaces with ease and precision, reducing time spent on inventory management and restocking.
Enhanced Customer Experience: By delegating routine tasks to robots, staff can focus on providing personalized service that builds loyalty and sales.
Safety First: With sensors and safety protocols in place, AMRs minimize workplace accidents—a compelling benefit for both workers' welfare and insurance costs.
While AMRs might typically be encountered on the factory floor, they’re also excellent in a retail context - as proven by Lowe’s all the way back in 2016 when it tried the aptly named LoweBot in California stores. This customer-facing autonomous assistant set the bar for what was to come - and with 40% of retail already automated, and this predicted to climb to over 60% in the next few years, smaller firms need to follow the lead of their larger counterparts.
Smart Scheduling Unlocks Potential
Timetables and to-do lists are a necessary evil, and are often the bane of any business’ existence due to their complexity and the resources needed to keep them updated and on track. Smart scheduling tools are software solutions that bring fluidity to fix rigid rosters and optimize operations with a touch of tech magic. Their perks include:
Dynamic Resource Allocation: Smart schedulers analyze demand patterns, staff availability, and skill sets in real time, ensuring the right person is in the right place at the right moment.
Reduced Overhead Costs: By optimizing staff schedules, businesses minimize overtime expenditure and better manage labor budgets.
Empowered Employees: Staff gain autonomy with self-service platforms for shift-swapping and preferences, leading to enhanced job satisfaction and retention.
A McKinsey report points to the role of AI in optimizing scheduling in a telecoms company which had been held back both in terms of efficiency and customer satisfaction levels by an older approach to organizing its time and allocating resources. This story is commonplace in all sectors, and so modern scheduling solutions are vital as an investment, regardless of your niche.
Mobile Payment Platforms for Cash-Free Convenience
Cash may once have been king, but mobile payments have usurped the throne in a major way over the last half-decade. These platforms are a bridge to the digital economy for local businesses, connecting them with wider audiences and streamlining financial transactions. Here are some other upsides worth celebrating:
Boosted Sales Through Convenience: With a tap or a swipe, customers can complete transactions—reducing abandoned carts and encouraging impulse purchases.
Enhanced Security Features: End-to-end encryption and tokenization ensure that customer payment information remains secure.
Access to Actionable Data: These platforms provide valuable insights into spending patterns, aiding businesses in tailoring marketing efforts and inventory control.
The data here is also unambiguous - with mobile payment announcements increasing the value of 152 retailers post-revelation. From Clover and Stripe to Square and Stax, this competitive market also puts small business owners in the driving seat thanks to the choice available.
Final Thoughts
These tools are just the beginning in terms of what small businesses can do to revitalize their operations and gain momentum. Robotics hardware and cutting edge software go hand in hand in a range of environments; it’s just down to forward-looking investors to bring them into the fold.
This post was contributed by a guest author. Image Source: Pixabay