The Business IDEA
|
The Business IDEA
Your Source for the Best and Newest Thinking in Business
|
Learn how to leverage technology to your small business' advantage
How can you leverage technological advances to help your SMB be more innovative and competitive? Here are trends affecting small businesses to watch when evaluating what technologies to adopt.
(BPT) - Whatever your small or medium-sized business (SMB), chances are you’re dependent on increasingly advanced technology — or wish to use more sophisticated technology. Recent advances have been numerous and head-spinning, sometimes making it hard to keep up. The truth is, harnessing emerging technologies effectively may be exactly what takes your business to the next level, ensuring success in today’s rapidly evolving, competitive business landscape. If you aren't using one of these emerging technologies in your business yet, it's likely that your business would benefit from doing so in the near future. How can you leverage technological advances to help your SMB be more innovative and competitive? Here are trends affecting small businesses to watch when evaluating what technologies to adopt. Cloud computing With cloud computing, small-business owners can implement sophisticated software using software as a service (SaaS) or desktop as a service (DaaS) models. The advantage of these models is that they update and maintain applications, eliminating the need for on-site servers or purchasing multiple copies of software. This can help reduce costs and increase efficiency. The DaaS model also stores, helps secure and backs up user data. Additionally, cloud computing means never having to worry about software updates. According to a survey by Garner, 63% of SMBs already use cloud computing.[1] To maximize the benefits of cloud computing, you’ll want to have up-to-date PCs and computing devices. Artificial Intelligence (AI) Software that uses AI — or more specifically, machine learning — collects data from tasks, eventually “learning” how to do those tasks more quickly and accurately. AI can thus help your business save time and money by automating certain repetitive, manual tasks that take up too much of your employees’ time. According to a Harris Poll survey conducted for Salesforce, an average of 23% of an SMB team’s day is spent manually inputting data.[2] Just how popular is AI becoming? Apparently 62% of SMBs are already using technology to automate some processes.[3] And what kinds of AI are they using? Many use tools like Microsoft’s Cortana or Amazon’s Alexa for scheduling and planning, chatbot to analyze customer questions, RPA Express to automate data entry or Salesforce Einstein to analyze data or identify leads — to name just a few. For SMBs wanting to benefit from these technologies, running them on PCs equipped with powerful processors and memory helps ensure they can handle the increased demands on their computing power, such as modern PCs and computing devices powered by the latest Intel(R) Core(TM) processors. Internet of Things (IoT) Devices and objects are increasingly interconnected: phones, HVAC systems, security systems, cars and more. To use multiple apps making all those connections, plus tracking products through the supply chain, you may need to upgrade to computers with more powerful processors or more memory (RAM) to help your company use its software more effectively. Perhaps not surprisingly, 78% of growing small businesses already report using more than one business application, while 30% use more than five.[4] Mobility The ability for employees to work remotely has become essential, not just for employee well-being and productivity, but for connecting at client offices, satellite venues or while traveling. The effective processing power, speed and longer battery life of modern laptops provide employees with flexibility that helps them — and your business — thrive. Today’s notebooks, thin-and-lights and 2-in-1s are available with more powerful processors, more RAM and more solid-state storage than previous generations of computers. And today’s portable technology can handle cloud-based apps, making them more flexible than ever. Cybersecurity Because SMBs don’t have the large IT staff and security budgets of bigger companies, they can be tempting targets for cybercriminals. In a 2018 Cyber Risk Report by Hiscox, 44% of SMBs reported suffering a cyberattack in the previous year, and 52% of those businesses had been attacked more than once.[5] In addition, SMBs still using Windows 7 may be at risk when Microsoft plans to stop providing updates and support for Windows 7.11 after Jan. 14, 2020. Here are some ways you can help improve the cybersecurity of your business:
Be ready for 2020 Whatever your 2020 goals, it’s a good idea to think strategically about technology that could take your business to the next level. Outdated hardware can affect your SMB’s bottom line, so make updating your PCs part of your technology plan this year. To learn more about options for updating your technology, visit Intel.com/smallbusiness. [1] Gartner survey conducted April-May 2017, among 699 U.S.-based SMBs with over 10 employees and annual revenue less than $100 million. The survey excluded nonprofit organizations. Qualified respondents are decision-makers or have significant influence on decisions related to purchasing technologies for their organization. Source: Gartner’s Top Technology Trends for SMBs Survey, cited by Capterra. [2] Harris Poll online survey conducted on behalf of Salesforce, Sept. 1–13 2017, among 490 small and medium-sized U.S. business owners and leaders 18 years of age or older, with 2–199 employees. Data points were weighted by number of employees to bring them in line with their actual proportions in the population. Source: Salesforce: Small & Medium Business Trends Report. [3] Ibid. [4] Ibid. [5] 2018 Hiscox Small Business Cyber Risk Report(TM) focuses on responses of U.S. small businesses surveyed as part of the Hiscox Cyber Readiness Report 2018(TM) released Feb. 7, 2018. Hiscox commissioned Forrester Consulting to assess organizations’ cyber readiness. In total, 4,103 professionals responsible for their organization’s cybersecurity strategy were contacted (1,000 plus each from the U.K., U.S. and Germany, and 500 each from Spain and the Netherlands). Drawn from a representative sample of organizations by size and sector, these are men and women on the front line of the business battle against cybercrime. While all are involved to a greater or lesser extent in their organization’s cybersecurity effort, over 30% make the final decision on how their business should respond. Respondents completed the online survey between Oct. 12-Nov. 10, 2017. Source: 2018 Hiscox Small Business Cyber Risk Report. Other names and brands may be claimed as the property of others. Microsoft, Windows, and the Windows logo are trademarks or registered trademarks of Microsoft Corporation in the United States and/or other countries. Intel, the Intel logo, and other Intel marks are trademarks of Intel Corporation or its subsidiaries in the U.S. and/or other countries. (C) Intel Corporation.
KEYWORDS
Most large businesses have an IT team that is responsible for protecting data and networking the computers used by employees. In many cases, the IT department can be ignored or isn't given enough attention from upper management. If you manage or own a business, there are a few things that you need to know to get the most out of your IT team.
How Much to Budget Depending on the industry, good IT can cost a bit of money because the technology likely affects your customers. Technology is a key driving force in every business market, which makes IT teams more in demand. IT teams can also cost more because they're responsible for accommodating the re-occurring wave of change while embracing technology as a partner rather than a commodity. Companies that sell technology as a product will likely have lower costs than those that sell products like tacos or buildings. Investing more money in IT may be a sacrifice but can have a positive impact on each department and aspect of the business. The Terminology If you make the mistake of getting hooked on buzzwords as a business, then you will quickly find yourself bloated with useless hardware and incompatible software, which can make your IT team confused and ineffective. Do you know the difference between ITIL and ITSM? Using confusing acronyms can only lead to issues and complications that occur down the road. Their Strategy Many businesses fail to have an IT plan or strategy, which is critical to the operation of their business with the type of software that is used. Many businesses often assume that technology can compensate for mistakes that are often made, but it is actually a force multiplier for the business. It can save money, attract more business, and boost the productivity of your team. You'll need to work closely with your IT team to develop a strategy and research the top software that can be utilized. Work with a professional that can help you to identify that IT structure that is needed to support the business and also plan for the future. Businesses that understand the importance of their IT team often succeed because they utilize what the department has to offer. With the right software used and a plan created, you'll likely obtain more success in the industry. KEYWORDS
 RSS Feed
 Shopping for small business solutions (BPT) - As a small business owner, you do it all: the books, marketing, customer service, product, inventory and — oh yes — tech support. In fact, small and microbusiness owners are more likely to shoulder all tech tasks for their firms, according to a study by the National Small Business Association. Yet unless your business is IT, chances are you struggle to speak the language of business technology solutions. “Small business owners need to be masters of virtually every aspect of their business, but they shouldn’t have to be translators, too,” says Nate Spilker, vice president of cloud services for Citrix. “Technology can help small businesses grow and stay ahead of the competition. Organizations of all sizes need the technology they use to be easy to adopt, improve efficiency, reduce costs and boost productivity, no matter what their industry.” Microbusiness tech challenges The 3.7 million microbusinesses (which the Small Business Administration defines as having fewer than nine employees) make up more than 75 percent of all private-sector employers, and provide nearly 11 percent of private sector jobs, according to the SBA. Their tech needs are significant, yet 40 percent of microbusiness owners handle all their company’s IT support, according to the National Small Business Association. Additionally, 60 percent allow employees to telecommute, which can make sharing files and data problematic. Telecommuting employees may save documents and files on local hard drives, rather than centralized locations where others can securely access and collaborate on the documents. What's more, 57 percent don’t use cloud computing, a technology designed to enhance collaboration, the NSBA reports. Technology can help microbusiness owners improve efficiency, reduce and control costs, provide superior customer service and satisfaction, and focus more time on activities that help the business prosper. Stephen L. Nelson, CPA, used Citrix ShareFile to securely, quickly and easily share documents and files with his clients. Replacing the inefficient method of physically mailing documents with file sharing technology allowed his small team to get more done in less time, reduced the need for physical storage space for paper files, and increased productivity for his firm and his clients. Lowering overhead, paper and office space costs allowed Nelson to grow his business 10 percent. Talking about solutions The terminology that describes common tech tools can be mystifying to small business owners. Spilker and the small business technology professionals at Citrix offer explanations of some common terms and tools: * Digital transformation — Technology is profoundly affecting how companies of all sizes do business. They are moving away from traditional, more labor-intensive processes in favor of digital tools, activities and processes. * Cloud computing — Instead of storing, managing and processing data on an office computer or local server, cloud computing executes the same functions by using a network of remote servers hosted on the Internet. * File-sharing — Transferring files or documents via email or ftp servers has drawbacks, including potential security issues, version control challenges and slow speeds. File-sharing technology allows people using different devices to access, edit, change and otherwise use files, documents and other types of data stored in the cloud. Citrix ShareFile, for example, makes it easy for small business teams to securely share files and client data, collaborate on documents and obtain electronic signatures. * Integrated document workflow — In order to keep work moving, small businesses require the ability to work with documents and move data between multiple kinds of software. For example, an accounting firm needs to be able to take data from W-2s (which might be stored in one format) and move that information to a tax form stored in a different format or “living” in a different system. * Real time — When hardware or software does its job so quickly — in a matter of miliseconds — the user can immediately take entered data and put it to work. * File sync — Storing files in multiple locations or having multiple users work with them on different devices can lead to discrepancies between versions. File synchronization technology basically compares these multiple versions to each other and allows users to update all versions with the most current changes, regardless of which user made the changes. * Cyber security — Criminals who attempt to steal, manipulate, hack or otherwise illegally access a business’ proprietary computer systems and data are cyber criminals. All the steps a business takes to thwart these criminals — including anti-virus software and firewalls — are aspects of cyber security. "ShareFile has really allowed my firm to digitally transform," says Nelson. "The addition of automated workflows and secure file-sharing has improved efficiencies, which allows my team to focus our attention on delivering the best client service possible, while ensuring vital company and client data remains safe. Adopting a safe and secure online portal for customer engagement has been essential for delivering on the bottom line." To learn more about small business technology solutions, visit www.sharefile.com. KEYWORDS
|
Archives
January 2021
Interested in Publishing on The Business IDEA?
Send your query to the Publisher today! Categories
All
Interested in Publishing on The Business Idea?
Send your query to the Publisher today!
Get this business content for your website with our RSS Feed below!
|