My uncle tirelessly grew his family business through long nights and early mornings. At the time, almost everything was done by hand, which meant businesses had to be extremely nimble and EFFICIENT to become successful. Today, not much has changed for small businesses on that front. We are fortunate enough to have a wealth of technology at our fingertips, but this technology has accelerated the pace of business. What once took my uncle weeks or months to accomplish in his business can now be done in hours.

until emerging technology it has many advantages, it has also rewritten the regulation for small businesses. Even a one-second delay can mean a lost dollar in the digital age. This year, 64% of small businesses surveyed plan to do so invest in technology that simplify operations and increase efficiency, reflecting a widespread recognition of the need to adapt. However, it's not just about playing catch-up; it's about seizing opportunities to grow and stay ahead of the competition.

1. Using AI for smarter operations

Artificial intelligence tops this list for good reason. Yes, it's a hot topic among tech circles, but it's also a game changing tool for small businesses looking to automate and improve their productivity. According to a recent Visa study, 65% of SMBs surveyed in the US are optimistic that AI will positively impact their business, with 63% saying they trust AI to help build their business.

Among the promising developments of this technology, generative AI stands out for its increased accessibility. Today, generative AI can help free up your time and transform your business in four ways:

• Automation: Generative implementation AI to automate administrative tasks is one of the best ways to use technology. Consider using these tools for bottom-line business processes, such as inventory management, targeting marketing efforts, or sales forecasting. For example, generative AI tools can help you better understand your finances and leverage your historical financial data to provide real-time forecasts within seconds, a critical advantage for any small business when cash flow is king .
• Virtual assistance: Customers are the bread and butter of any business, but prioritizing their needs can be challenging when other aspects of the business need attention. As a solution, implementing AI-powered virtual support can enable responses to customer queries instantly, ensuring your business provides round-the-clock customer care.
• Hyper-curated recommendations: Today's AI tools can advance natural language interactions, allowing customers to engage with technology conversationally, as an employee would. They can also provide product and service recommendations tailored to customers' preferences and interests based on their previous shopping behaviors.
• Fraud prevention: As everything moves digital, AI is vital securing your transactions. AI systems can monitor suspicious patterns and indicate unusual activity in real time to help protect your business and customers. In some cases, these tools can quickly put a stop to potentially fraudulent transactions until they can be reviewed by human support.

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2. Harnessing integrated finance for smooth integration into the digital economy

Not long ago, managing finances was an enterprise distinctly separate from other day-to-day business operations. You may have paid suppliers by check, relied only on cash transactions, or struggled to secure credit as a small business owner. Today, however, the economy has changed dramatically thanks to integrated financewhich integrates all essential financial activities – from payments to lending – into websites, apps and marketplaces to streamline processes.

These activities have become so seamless in our daily lives that it is hard to imagine a time without them. Consider the time-consuming process of handling invoices. What previously required multiple steps and often multiple software applications can now be managed directly through your accounting or virtual card operation platforms.

Integrated finance tools are not just technical improvements. They are allowing small businesses to thrive in the digital economy and compete on an equal footing with the bigger players. Actually, explorative shows that 73% of small businesses surveyed believe that using new forms of digital payments is essential for growth. For your customers, this means they can enjoy the convenience of instant transactions and personalized digital financial services they are used to. Whether a consumer or a business owner, we all want to be able to get things done in one place, and payments are no different.

Digital wallets and Tap to Phone technology make it easier for customers and businesses to quickly complete transactions anywhere in the world with a simpler, faster and smoother experience. With the number of digital wallet users predicted to reach nearly 5.4 billion users until 2028embracing these digital payment methods like virtual cards will ensure your small business meets customer expectations and remains at the forefront of the digital economy.

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3. Integrate advanced technology to “consume” your interactions

Like a person splitting the dinner bill with a friend or sending funds overseas to a loved one, businesses too expect global access to finance to be as fast, digital, transparent and personalized. In fact, Millennials and Gen Z were created 64% of purchasing influencers in Forrester's survey of business buyers. In turn, B2B digital transactions continue to grow to help meet the evolving demands of today's digital workforce. Digitization can help your business increase reach, increase competition and improve operational efficiencies. The rise of innovative technology in various industries and areas of the global financial system has given way to leading solutions designed to reshape business to business (B2B) payments landscape.

These types of technology can support mobile and online transactions, automated invoicing for suppliers and vendors, and cross-border payments. For example, cloud-ready solutions provide connectivity and flexibility to businesses without requiring a significant investment in technology. Additionally, a global payment network can facilitate fast, secure and cost-effective B2B transactions, eliminating the friction associated with traditional interactions.

If there's one thing I've learned from my family's experience, it's that small businesses are never without determination. As the pace of technology continues to accelerate, you may find your business in a relentless race to keep up with the largest enterprises in the digital economy.