The age of technology has redefined life as we know it. From smartphones to self-driving vehicles, countless strings of zeros and ones have revolutionized modern life. This is also true when considering how businesses grow and operate.
Technology has changed the way businesses operate by updating ways to accumulate funds, changing communication, increasing collaboration, and improving previous operating systems. Artificial intelligence and automation have improved performance, reduced costs and saved time for many businesses. While previous technological advancements have benefited long-established companies, new technologies and companies continue to develop and influence each other.
As businesses grow using technology, many new businesses are created to provide operational support. Niche technological developments are shaping organizations in unexpected ways. Here are some examples of niche technologies improving operations, some even opening doors to new business ideas.
1. Changing funding opportunities and investments
When individuals cannot start their own business, but still have an entrepreneurial spirit, investing is a way to earn money and support the economy. Technology has already broken down several barriers to entry into the investment world. Tokenization and blockchain have made it easy for non-institutional investors to enter the space.
However, niche technology goes even further by expanding the type of investments available, especially in the previously restricted area of retirement savings. Many people enjoy the low barrier and high returns that come with retirement savings. But in the past, most retirement options consisted of stocks, bonds and mutual funds. According dollar rocket53% of Americans want to understand how to use their retirement savings for alternative investments.
This trend is what prompted Rocket Dollar to create an alternative investment tool that lets people use their IRAs to invest in things outside of traditional stocks, including real estate, cryptocurrency, and startups. . Investing in startups supports new business ideas and investors can often see substantial returns. As investors use evolving niche technology, this can support companies in their fundraising efforts.
2. Automation of operations and distribution of resources
It’s no secret that the healthcare industry has failed to find enough workers for years. The pandemic has caused an imbalance in staff-to-patient ratios around the world, an imbalance that has still not been able to correct itself. And all of these recent events have taken place in the shadow of ever-rising labor costs.
Companies like startup CareRev are paving the way for better healthcare staffing options. The HR company’s technology helps hospitals maximize internal resources and provides access to a pool of per diem talent. This approach helps healthcare workers find mutually beneficial employment, both with time and with compensation.
Healthcare is jam-packed with paperwork and involves many operational details that need to be managed. As technology continues to advance, doors are opening for new businesses that support staffing, billing services, selling medical supplies, and alternative healthcare.
3. Improve team collaboration and innovation
As the pandemic has forced separation through social distancing, niche technology has been created to bring people together. Almost 400 event technologies have been launched or have seen investments in the past four years. Project management software and virtual meetings, events and conferences have grown exponentially in recent times. As these companies have grown, other companies using their technology have experienced unique advantages.
Inventions and technological advancements have saved time by digitizing manual processes and in many cases this niche technology has introduced new features that have enhanced the experience of event attendees. Sales teams have seen huge benefits using digital meeting software as they can extend their reach and increase customer engagement.
In addition to sales growth, increased reach benefits organizations by improving teamwork. As meeting technology improves collaboration, new ideas are sure to thrive. Research shows that collaboration maximizes performance, minimizes oversights and leads to innovation. As meeting technology continues to grow in its niche, it is bound to generate new business ideas, if it hasn’t already.
Technology continues to shape the future
Whether it’s breaking down investment barriers, improving entire industries, or bringing people together, entrepreneurs are still finding awesome ways to use technology to start and improve their businesses. As the tech world continues to evolve, so do businesses. New technologies will have substantial impacts on businesses, benefiting their operating systems and functionality. And because new companies use niche technologies, they can stand out in their industry.