By
Parimal K Shah, Founder & CEO, Cherise India Pvt Ltd
Startups are set up on the basis of ideas an entrepreneur thinks. It is established by one or more entrepreneurs who want to enlarge a product/service for which they trust there is a demand. Once the startup is set, the major challenge that comes into the picture is how to first sustain and then grow on a daily basis! In the initial stage, startups majorly face issues like getting funding at the right time; finding the right talent at the right place, and time management. But with time, productivity is of the utmost importance as it relates to the gain and achievement of a startup which reflects its image in the market, and hence, it is vital for any startup to keep its productivity high.
Technology boosting Startups
With the role of technology in today’s era, it has become crucial for any startup or businesses to adopt the latest technology which enhances its performance and enables them to survive in the competitive market. Below are a few technological aspects a startup must adopt in order to boost their productivity and performance. This is infact a deciding factor of whether the startup will succeed or not in today’s day. Such is the importance of adopting high technology-based systems in the early stages of any new business today. Some of the technologies that start-ups today should seriously consider adopting, regardless of what Industry they may be in are:
Internet of Things (IoT) – In today’s era, the Internet is the one mass solution for the entire problem as it connects the unconnected and provides help through its virtual assistance. As for beginner startups, the internet helps them to provide important data for converting their ideas into great startups. The use of IoT for startups sees many opportunities as they open a huge platform. Technology is something that can mold things in a simpler or in complex mode. Sometimes it makes things easier for us or sometimes more difficult. In the previous years, IoT has been used amongst the tech circles only but now SME-based startups are taking help of this. With this, a startup can increase their productivity with their effective use.
Artificial Intelligence (AI) – For a startup, AI plays an important role as it makes a possibility for machines to learn from experience, stimulate human intelligence processes and adjust to new inputs and perform human-like tasks. With the use of AI, computers can be trained to perform your task with minimal time and with no waste involved in it. It also processes a large amount of data and recognizes patterns in the data. Hence, with AI, the productivity level increases which results in higher outcomes.
Virtual Reality (VR) – With VR, it has been possible to create an immersive sensory experience that digitally simulates a virtual environment. The major benefit of VR can be utilized for startups of domains, such as healthcare, education, engineering and robotics, entertainment, fine arts, and few others.
Building Apps – With the internet reaching every house, it has become a necessary step for startups in product and services to build an android/ios app to enlarge their portfolio and to link it to direct sales with payment options. Via interactive and engaging applications, one can reach out to and engage millions of people within a very short span of time!
Integrated WhatsApp – The most dominant social communication platform around the world, WhatsApp is a daily necessity to everyone’s life. With the integrated WhatsApp function, startups are building on WhatsApp. Using this tool to reach out directly to the customer will enhance the relationship between a startup and customer and hence convert them into regular customers. Interactive WhatsApp bots can serve as excellent marketing tools!
Research & Development boosting Startups – R&D is the most important aspect and ensures that the business remains relevant. No matter what the industry maybe, continuous and Smart R&D is what ensures success for a business in the long run.
A business cannot start without the application of research and development. R&D plays a major role in setting up a startup as it answers the entrepreneur – Why, What, When, Where, Who, and How. R&D builds a brand to sky level as it continues to provide the best product and services without compromising customers and needs.
Understanding the market and the need of consumers in finding the right people with the right market fit – With R&D, an entrepreneur understands the importance of targeting the audience for its products and services. Thus, provides a lead to the startups.Building the USP of the brand – R&D helps a startup to go beyond the competitor hence by building a USP of their product and services to stand out in the market. Thus, one can see how important it is for startups or for any business in today’s day for that matter, to adopt advanced technology and focus on R&D. These 2 aspects are key to achieving exponential success and creating unimaginable wealth.