As big tech companies roll out further advancements in technology and AI, there are also increasing opportunities for small and medium-sized businesses to leverage this technology to their advantage. These advancements are useful for a variety of topics, including recruitment, social media presence, and more.
Yahoo Finance Tech Editor Dan Howley joins us. wealth! as part of Small and Medium Enterprises: Big Opportunities A series that analyzes all the different ways new technology can help small businesses.
For more expert insights and the latest market trends, click here to watch the full episode of Wealth.
This post was written by Nicholas Jacobino
video transcript
According to American Innovators, 95% of small businesses use at least one form of technology platform, and 87% report increased efficiency thanks to technology.
That data is provided as part of Yahoo Finance's small businesses.
A big chance.
We explore how technology can empower small and medium-sized businesses. Yahoo Finance reporter Dan Halley has more on this.
Hi Dan.
Yeah, you're right, Brad.
Well, obviously, when it comes to efficiency, technology is the only way to go.
Therefore, there are several things small businesses can look for in terms of technology that can help strengthen their strategy.
number one.
When it comes to advertising, it's obvious that you want to get your business out there.
If you look at things like meta, social media is absolutely huge. Instagram is also under meta, um, Facebook, um, Google, YouTube.
These are all social media companies that allow you to tap into niche markets.
In addition to spreading your image and message far and wide, you can ultimately tailor who you want to target your ads to through these companies. Doing so will ensure you get more bang for your buck.
Really?
We saw when Apple went out, how it really affected business.
Ah, Facebook's ability to access user data.
Well, Facebook's sales started declining because Facebook wasn't providing that kind of accurate data.
This is just proof that social media companies are a good marketing vehicle for small businesses.
The other one is, uh, I. I know we talk a lot about I, uh, generative I, but there are also I capabilities that companies can help with. For example, there are features that businesses can help with, such as automatic accounting. This is to clean up the process.
Um, and finally, uh, there's cybersecurity.
It's very important.
When it comes to cybersecurity, many companies cannot afford to be attacked.
If that happens, they will lose a ton of business.
Thank you so much for elaborating for us and some of the key areas where small businesses are investing in key technologies to help their businesses.
