There’s a high chance that right now, you’re reading this article on your phone. After all, 77% of Americans own a smartphone, a device which has become a primary source of information for most owners.
Smartphones are not only used to keep up with friends and news, but many people handle their finances on mobile as well. Over 41% of banking consumers use a smartphone to track finances. Our phones have become the main way many Americans keep up with and manage personal finances, and businesses are now following suit.
There are numerous resources out there meant to help businesses. Beyond just borrowing money, firms are now able to streamline their forecasting, accounting, and tracking in real-time, creating a level of efficiency not possible in previous years.
With economic reports showing that equipment financing is on the rise in 2018, we thought we’d share a few insights into how mobile has played a role, as well as how it will expand given current innovations going on in the industry.
Mobile has given us a wide range of financial tools and services right at our fingertips. In fact, many of these services are probably ones you’re already using in your day-to-day, such as mobile banking. The coming years are going to see a significant change in how these services expand.
With an efficient stream of data available in real time, expect products and services to integrate with one another more fully in order to accurately balance out other processes, such as in-depth financial forecasting and analysis needs.
For example, let’s say one of your pieces of equipment has broken down and you need to perform a cost-benefit analysis to decide if it’s better to repair or buy another piece. With mobile technologies working together, you can break down all your data points into the pros and cons of each scenario, have a decision based on data, and begin looking for a repairman or shopping for a new piece in a matter of minutes.
Expect these technologies to follow the current trend and become increasingly prevalent in all facets of business, including entrepreneurship. The world of entrepreneurship can be a volatile one, so having access to funds from your phone can make or break your business.
Make Room for AI and Machine Learning
As all of Silicon Valley gets giddy with excitement when any story flashes about machine learning and AI, its usage with mobile is going to entirely change the business landscapeforever.
The possibilities are nearly endless. With AI/Machine Learning, business owners are now able to track efficiency, improve processes, and keep up with maintenance like never before. For example, a coffee shop owner can use sensors to measure the weight of each espresso shot, as well as see how many shots are being poured per hour. Additionally, AI can judge when a machine needs new parts, a cleaning, or even replacement. With all this information available, business owners can approve buying replacement parts or a new machine in a matter of seconds.
Perhaps one of the most exciting developments in the small business world is how accurate AI/Machine Learning is getting while simultaneously becoming much cheaper. Affordable tracking and managing of these processes with pinpoint accuracy on a smartphone is much closer than most would imagine.
The future of our finances on mobile is going to bring us into an unprecedented time in business. Not only will we have access to a plethora of information right at our fingertips, but we will also be able to synchronize data to work together like clockwork. This upcoming era of innovation seems to be moving toward one thing: cutting out the middlemen to make our decision-making process much easier.
Businesses will soon be able to aggregate all of the information they’ll need to make a strategic, well-informed decision in a matter of seconds. In such a competitive marketplace, we’re here to help you get the tools you need to be successful instantly.