How FinTech, PropTech, and Tech in general can assist your business

As technology manages to increasingly wiggle its way into everything we do, businesses are now also starting to adopt it as a way of helping them to succeed financially. Many companies and tech startups have been established in recent years with the core idea of simplifying business at heart, and in the same way that computers have now infiltrated all offices, innovative devices and software will continue to reduce our workflow in the year to come.

Many business owners still like to opt for traditional methods when it comes to how they operate and run their day to day, but the corner-cutting efficiencies that technology can provide are becoming difficult to ignore. Here are some ways whereby your business could benefit from investing in technology.

Visibility

In a literal sense, an enormous flashing sign outside the front window of your business’s potential storefront could help to draw in consumers like moths to a flame, although technology can also help in a huge way with regard to visibility online. Many discuss the idea of having a secondary persona on social media, and establishing a secondary identity for your business (or freelance venture) online can help to not only attract more customers, but also increase brand awareness and help you to connect with local partners to foster community.

Top-Tip: If launching a specific product, or a bar or restaurant, for example, it might be a good idea to consider inviting local known-influencers to sample. This two-step flow process can be a nice, organic way to attract a like-minded customer-base, and if the person promoting your business lives locally, it can be a great starting ground when trying to get your first pounds through the till. Also, remember to interact with customers who have discussed/mentioned your product online. Often a brands’ social media presence online can come across as a faceless entity, and simply liking one of their tweets or statuses could help with repeat patronage.

PropTech developments

Looking into the future, developing technology will continue to aid businesses in ways that many of us haven’t even thought about. Virtual Reality, an emerging technology that is currently in its proving ground in the video game industry, is being injected into different companies in a range of different ways, from training exercises for NASA astronauts, to even pain relief and escapism for hospital patients.

How does VR work?

Virtual Reality is a 3D immersion technology that uses motion tracking, 3D rendered images and a headset with googles to trick the mind into thinking it is somewhere it isn’t.

Depending on the intricacy of the technology, the quality and fidelity of VR can alter drastically. The affordable and more mainstream side of VR revolves around cardboard and plastic casings with lenses that consumers can put their phones into, which works surprisingly well all things considered. However, how close your phone is to your face can result in something called the screen-door effect, which can give you headaches and eye-strain.

The other end of the spectrum involves high-end computers and hardware that can process images extremely clearly, reducing the chance of getting eyestrain and headaches when using the equipment for long periods of time. A general rule of thumb is that the higher the resolution of the headset you’re wearing, the more immersive and realistic it will look.

Property investment specialists RW Invest have integrated VR into their viewings for potential investors, allowing them to get an immersive, authentic look at a property before the build has even been completed. This is particularly useful for off-plan projects – developments that aren’t yet complete – and also overseas investors that aren’t able to travel for a viewing.

Simplicity

If you’re a small business, introducing corner-cutting FinTech into the way you operate can be a massive stress reliever when trying to ‘manage the books’ and stay cost-efficient. To avoid headaches, try to use software and apps as much as possible to keep a log of receipts, payments and invoices in a digital database for easy access. Software can also be used to compare and analyse business across different dates, making sure you’re doing the most to make the best profits possible.

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