Scale Your Startup With These Essential Smart Tech Strategies

New business startups in Colorado have many challenges in the modern marketplace. But they have one advantage that older startups don’t have: a plethora of innovative technology that can help build their businesses.

There are thousands of cutting-edge tools available, which means the biggest difficulty might be choosing the right ones to move ahead of the competition. Leaders need to assess and manage the risks and opportunities of the ones they implement. With the right tech, a startup can scale to great heights.

READ: These 5 CEOs Are Launching Colorado’s Startup Sector to New Heights

Business benefits of smart technology 

According to a recent survey from Wallethub, Colorado is one of the top 10 states to start a business. With that kind of competition, startups need to stay ahead.

Today’s technology gives new businesses that advantage. For example, artificial intelligence (AI) and machine learning apps can improve business processes and analyze customer data. Tools like virtual and augmented reality (VR and AR) help businesses gamify rewards and personalize shopping experiences.

Modern technology also plays a role in the workplace. You can use it to improve employee satisfaction and efficiency by offering perks such as installing wireless charging stations. Smart chairs and desks can also be adapted to staff’s physical needs and keep them comfortable throughout the day. 

But the real game-changers are today’s virtual collaboration tools. These allow employers the ability to offer flexible work arrangements so that they can attract the best talent to their company, no matter where their ideal candidate may live.

Whether behind the scenes or client-facing, these tools support the growth of a successful business.

READ: Unveiling the Role of Technology in Modern Workplaces

Tech tools to level up a startup

Startup leaders must select the right technology and choose apps that scale their businesses. Deploying tech that improves customer experience and boosts workplace productivity is key. Here are some useful applications that accomplish this:

• Apps like Hubspot and Mailchimp simplify and personalize customer communication and marketing efforts.
• Integrating sign language apps for clients demonstrates that a business values diversity and inclusion for all.
• Tools like Asana or FreshBooks streamline project management and financial systems.
• AI apps such as Zendesk provide robust customer support and offer in-depth insights.

Technology is only beneficial if it provides a competitive edge for the company. Startups can beat the competition by continually assessing efficiency, also known as process improvement. This activity allows businesses to evaluate processes to refine and automate systems. This helps save time and money while improving employee and customer satisfaction.

Tech apps can help managers map out process improvement activities, so their teams can communicate and contribute to system improvement. Staff members then have a stake in growing the company, which can improve employee retention.

However, employees may struggle to implement new systems. It is just one of the challenges business leaders need to deal with.

Managing risks and opportunities

In addition to getting clients and staff to buy in, there are other issues posed by adopting new technology. Startups need to understand the importance of risk mitigation. Once risks are discovered, a mitigation plan should be developed and put in place as soon as possible. Risks should then be monitored, reported and reviewed accordingly as changes arise. 

Some risks from using technology include: 

• Outdated systems that hinder productivity and efficiency.
• Security vulnerabilities, especially if systems are out of date. 
• Vendors contracts that exceed existing needs and budget.
• Systems or tools (like social media) that do not have user policies in place.

Of these issues, the biggest risk with any new technology is ensuring security in the digital world. Security incidents are rising, causing problems such as identity theft, financial loss and legal troubles. A security breach can damage the reputation of a startup. 

READ: How to Protect Your Business Against a Data Breach in 2024

There also could be risks specific to one’s industry that need to be addressed. For example, e-commerce companies that use technology incorrectly could cause problems with fulfillment, which in turn can negatively impact sales and customer retention. Risk mitigation strategies should address these issues with solid solutions, such as software that can flag these concerns. Having a plan in place beforehand helps make it simpler to deal with unexpected crises that occur.

Risk mitigation strategies must include security plans and proper cybersecurity support. It’s important to have strong data control systems across all resources and, if a breach does occur, it should be dealt with and reported to the entire staff. 

Startups in Colorado need to do their best to level a crowded field. Strategic implementation of technology benefits new businesses, especially if they develop risk mitigation strategies for their systems. Taking these foundational steps will scale a company far ahead of its competition.

Indiana Lee is a writer, reader, and jigsaw puzzle enthusiast from the Pacific Northwest. An expert on business operations, leadership, marketing, and lifestyle, you can connect with her on LinkedIn.