The tech era has redefined life as we know it. From smartphones to autonomous vehicles, innumerable strings of zeros and ones have revolutionized modern living. This is equally true when considering how companies grow and operate.
Technology has changed the way businesses run by updating ways to accrue funding, altering communication, increasing collaboration, and improving previous operating systems. Artificial intelligence and automation have improved performance, cutting costs and saving time for many companies. As previous tech advances benefited long-established companies, new tech and businesses continue to develop and influence one another.
As companies expand by utilizing tech, many new businesses are created to offer operational support. Niche technological developments shape organizations in unexpected ways. Here are a handful of examples of niche technology improving operations, some even opening up the doors for new business ideas.
1. Changing Funding Opportunities and Investments
When individuals can’t start their own businesses, yet still have the entrepreneurial spirit, investing is one way to make money and support the economy. Tech has already broken down several barriers to entry in the investment world. Tokenization and blockchain have made it easy for non-institutional investors to enter the space.
However, niche tech is going even further by expanding on the kind of investments available–especially in the previously restricted area of retirement savings. Many people like the low barrier and strong returns that come with retirement savings. But in the past, most retirement options have consisted of stocks, bonds, and mutual funds. According to Rocket Dollar, 53 percent of Americans want to figure out how to use retirement savings for alternative investments.
This trend is what prompted Rocket Dollar to create an alternative investment tool that allows people to 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 utilize evolving niche technology, this can support businesses in their fundraising efforts.
2. Automating Operations and Resource Distribution
It’s no secret that the healthcare industry has failed to find enough workers for years. The pandemic caused an imbalance in staff-to-patient ratios around the globe, an imbalance that still hasn’t been able to correct. And all of those recent events took place in the shadow of ongoing growing labor costs.
Companies like startup CareRev are blazing a trail 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 compensation.
Healthcare is paperwork-ridden and involves many operational details that need to be managed. As tech continues to advance, doors are being opened for new businesses that support staffing, billing services, medical supply sales, and alternative healthcare.
3. Improving Team Collaboration and Innovation
As the pandemic forced separation through social distancing, niche technology was created to bring people together. Nearly 400 event technologies have been launched or seen investments in the last four years. Project management software and virtual meetings, events, and conferences have grown exponentially as of late. As these businesses have grown, other businesses utilizing their tech have experienced unique benefits.
Technological inventions and advancements have saved time by digitizing manual processes, and in many cases, this niche tech has introduced new features that have enhanced the experience of event participants. Sales teams have seen tremendous benefits utilizing digital meeting software, as they can grow 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 bound to prosper. Research shows collaboration maximizes performance, minimizes oversights, and leads to innovation. As meeting tech continues to grow within its niche, it’s bound to generate new business ideas, if it hasn’t already.
Tech Continues to Shape the Future
From breaking down investment barriers to improving entire industries and bringing people together, entrepreneurs are still finding impressive ways to use tech to start and improve their businesses. As the technological world continues to evolve, so will businesses. New tech will have substantial impacts on companies, benefiting their operation systems and functionality. And as new businesses utilize niche tech, they can stand apart in their industry.