8 Must-Have Technologies for Modern Startups
Starting a business in the post-pandemic age is one of the most challenging endeavors anyone can undertake. Fortunately, times have changed in the last few decades with the influx of various technologies in almost every facet of modern-day life. Today, you can find hundreds of gadgets and solutions designed to help businesses simplify and streamline operations, save time and resources, or reduce costs.
With digital advancements and strategic integration, anyone looking to start a new venture can give themselves a fighting chance to survive and grow in the modern business landscape. However, certain business technologies for modern startups are a must-have regardless of the industry or niche.
In this post, we’re going to explore eight essential technologies for startups. So, whether you’ve just launched your business or are developing, keep reading to learn them.
8 Essential Business Technologies For Modern Startups
1. Customer Relationship Management (CRM) Software
Regardless of your industry or niche, you need a software solution to help extract, store and analyze customer data. You can generate leads and convert them into paying customers using this information. Moreover, you can use the solution to establish long-term relationships with your clientele.
Many users also use it as a marketing tool to segment their audiences and design targeted campaigns. In contrast, others use it as a data visualization, reporting, and automation tool for enhanced collaboration.
Regardless of your use case, a good CRM solution can help improve your operational efficiency and reduce costs related to customer acquisition. Plus, many solutions are cloud-based, meaning they can be accessed from any location using any device with an internet connection.
For startups, we highly recommend tools such as Zoho, Hubspot, Pipedrive, and Insightly due to their ease of use, low prices, and customization features.
2. Cloud Storage
Physical storage is often one of the biggest expenses growing businesses have to cover when tweaking their IT infrastructure. Modern storage options include in-house servers, external drives, multiple individual workstations, and other devices and IT equipment.
Startups that rely heavily on data storage should opt for cloud storage solutions, such as Google Drive, Dropbox, WorkDrive, OneDrive, iCloud, and IceDrive, to name a few. Many of these solutions or services are free, while others come with paid plans that offer more features or storage.
Opting for cloud storage doesn’t necessarily mean you should stop using physical storage. Many startups opt for this option for partial storage or as a backup solution in the event of a disaster (fire, flood, etc.) or malicious activity (theft, hacking, etc.).
3. Cybersecurity Solution
Whether running an offline or online business, you need a secure network to protect your digital assets. Most digital tools are designed to simplify or automate tasks and functions. However, they also invite unwanted guests like hackers looking for a quick payday.
There’s been a rapid rise in cyber attacks and malicious activities in the digital age, such as ransomware, denial of service attacks, phishing, SQL injection, etc.
With the popularity of blockchain and decentralized finance peaking, attacks are becoming more sophisticated, leading to many crypto startups falling victim to crypto-jacking and Trojan horses.
Therefore, setting up a Cybersecurity solution is crucial to minimize or prevent financial or data losses from attacks. Depending on the nature of your business and infrastructure, you may not need to start big when starting. You can start by purchasing a VPN and antivirus software to protect your computer and network.
You can hire a managed IT and Cybersecurity service who will work to protect your data and infrastructure using state-of-the-art solutions. This way, you can avoid spending big and delegate this function to experts. They can protect everything, from your workstations to servers, networks, mobile devices, and data warehouses.
4. Logistics Software
If you’re starting or running a business that sells products, you need a viable solution to manage your inventory and supply chain. With modern logistics software for startups, such as Monday.com, ShipBob, and NetSuite ERP, you can ensure you have enough products to meet demand and avoid overstocking. Optimizing space allows you to make room for new products and avoid stocking unsold ones for long periods.
Many of these solutions also double as data analytics software for viewing operational workflows and generating reports related to products sold. Startups can use insights generated from their supply chain to learn more about their customers’ spending habits and other behaviors. Some tools also offer real-time tracking, which can help teams offer better customer service.
5. Social Media Platforms for Marketing and Communication
There’s much more to social media than meets the eye. Most people think platforms, such as Facebook, Instagram, and Twitter, are only good for sharing photos and memes or learning about the whereabouts and activities of their social circle.
From a business viewpoint, social media platforms have become the go-to marketing and communication channels for startups around the world. They can set up a free digital front to attract new customers and maintain long-term engagement via posts, shares, and instant messaging by setting up their accounts and profile information.
During the pandemic’s start, thousands of businesses with no digital presence, such as websites or apps, switched to social media to ensure continuity and stay connected with their audiences. You, too, can do the same by figuring out which platform best aligns with your use case and audience.
For instance, TikTok is an excellent option for targeting youngsters using short videos. Similarly, Twitter is excellent for sharing quick updates about your business or industry with millennials and older generations.
6. Bookkeeping and Payment Processing Software
No matter your scale of operations, you need to keep track of all your transactions and financial activities. Therefore, investing in bookkeeping software is critical for success.
You can actively monitor your cash flow and simplify billing processes using solutions such as Quickbooks, Xero, and Freshbooks,. You can also manage employee payroll and centralize all spending activities onto a single platform.
Similarly, solutions like Strope, Braintree, and PaySimple, are viable solutions for integrating payment processing as a business function, especially if you’re selling goods or services online or accepting card payments.
Regardless of your operating model (online, offline, or both), you need to make it easier for customers to pay for your value offerings. Having diverse payment options, including popular gateways like PayPal, Square, Apple Pay, and Google Pay, can build a better brand image as it shows you value customer convenience.
7. Website
Most modern consumers begin their purchase journeys online in the digital-first economy. Therefore, you must establish a digital presence to ensure they can find you and opt for your products and/or services. Sure, you could stick to social media platforms. However, they won’t always cut it as search engines favor business websites on top results.
Therefore, creating a business site is essential if you want to sell your value offerings online. It serves as your digital door front and contains all critical information, such as operating hours, contact details, product descriptions, etc. Many site owners integrate live chat to enable real-time assistance to visitors and accelerate their purchase journeys.
However, there’s more to creating a website than purchasing a domain and opting for a popular hosting service. You need to invest in SEO and other digital marketing strategies to boost your ranking on SERPs to increase traffic and conversion. If your audience can’t find you, they can’t do business with you.
As a startup, you might worry about the initial costs of website creation. However, you can find many solutions that allow you to create beautiful sites in no time and at little cost, such as Hubspot, Wix, Shopify, and Bigcommerce. You just have to do your homework to find out which one best suits your business needs, budget, and other requirements.
8. Project Management Software
Finally, project management software is the last must-have technology for modern startups. When starting, many startups find managing different tasks, activities, and projects difficult. This is where solutions, such as ClickUp, Freedcamp, Asana, Teamwork, and Basecamp, help users keep track of deliverables and deadlines.
When starting, you need all the help you can get to ensure client satisfaction. If you’re unable to meet deadlines or work efficiently early on, you won’t be able to build trust. By leveraging PM tools, you can enable several features, such as task delegation, follow-ups, notifications, and reports.
Wrapping Up
As a startup, it can be difficult to invest in multiple solutions if you have a limited budget to work with. However, in the digital age, you have no choice but to adopt different technologies and solutions to get things done faster and more efficiently.
The tools, solutions, and platforms in our list can help you stay on top of your operations and help you find the success you need to get out of the survival phase and become sustainable. Plus, you don’t have to adopt all our business technologies for modern startups at once.
You can integrate them gradually on priority bases. For instance, if you’re running an online store, you need a payment processing and Cybersecurity solution right away. You can then move on to CRMs and logistics software to manage your customers and inventory.
