As the reach of technology makes its way into more and more areas of everyday life, it’s only natural that the age of technology affects how we run our businesses.

As it is with almost anything in the business sector, you’ll be left behind if you aren’t on the wave of a positive collective moment. Don’t get it? Don’t like it? That’s fine, just be prepared for your business to pay the price. As the tech era branches out into the very core of business growth, it’s important to be aware of what trend waves are making their way across sectors.

Here are 5 tech trends I believe you should be a part of, or at least be strongly aware of, in order to stop your business from falling behind:

Data security:
We’re hearing about a new case everyday. The expansion of all things 1s and 0s means that malicious individuals with the know-how and the right technology can reach areas of our business that they were once unable to.  With more developing companies using the internet to build their business framework, the strength and weakness often comes down to one element: data. The 2014 Cost of Data Breach Study: Australia sponsored by IBM revealed the average cost paid by an Australian company due to data breaches had reached $2.80 million. It’s a scary number, one that may not be completely detrimental to a big business, but one that could spell disaster for an SME. Data security can be a pricey endeavor, no doubt about it, but it beats the alternative.

Flexible and collaborative work solutions:
Depending on the business, a flexible work solution could be the answer to all-important productivity and collaboration-related dilemmas. Firstly, it comes to the clients. As big as the world is, the internet has made it smaller. No longer is it okay to simply be in a different time zone. If you weren’t readily available when that overseas opportunity popped up, they’re gone. Same thing goes with current clients. If they are in a different location and they want support, and you aren’t there to provide it, adiós. Secondly, more staff are looking for flexible work environments. Hudson’sThe Hiring Report found 70 per cent of job seekers seek “work life balance, including flexible arrangements.” Add to that the 66 per cent of employees who think all those meetings you’re arranging have little to no value and you’re looking at a number of all-important reasons to find intuitive, scalable, cloud-based solutions.

Analytics:
As data becomes one of the core points of value within particular business sectors, the importance of analytics is being thrust into the spotlight. While using analytics to find hard numbers of how many hit a webpage is a downright imperative feature, the value that can be obtained from the analysis of data spreads across the board. As enterprise structures formulate more data than ever before, using the right analytics system to cipher through pools of information in order to find where customers are, what they are buying, when they are buying, etc., can be the difference between a business connected with their target market and a business simply throwing products to the wind.

The Internet of Things:
The concept behind IoT still confuses many, and with good reason. It’s a decidedly vague, all-encompassing trend, basically pointing to all things fitted with network connectivity. Yet, it’s a development in technology that arguably has the most repercussions in our day-to-day lives. More than just fridges with internet capabilities, IoT points to a movement that encompasses developments such as the cloud and the rampant use of Point of Sales systems. Ultimately, IoT is about cutting corners using technology, an evolution of convenience. The Smart Home? How about the Smart Business? Why would your business not be all over this wide-reaching concept?

Cloud:
One of the most important tech developments to truly take off in the last few years, the cloud provides businesses with all manner of benefits. While it obviously creates a security concern of a different matter, a cloud-based data protection strategy can keep your business safe as you pass sensitive information between different parties. The value of using the cloud is downright huge. Using the right cloud service for your billing, monitoring and storage will not only save you from sourcing staff members for every single aspect, it will allow you to focus your efforts and spending on the in-house areas that need your full attention.