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.
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Innovations in technology that have allowed the person to try their hand in business have also provided a plethora of opportunities for helping a business to succeed. Today, industries of all kinds rely on technology to maintain a streamlined service for their employees and customers. But is technology that important to business? The following list details some of the ways tech can be utilized to enhance the day-to-day operations of a business.
Retail Software If you run a retail business, nothing can cost you as much in both your budget and sales than an unorganized inventory system. Thus, one of the most important features a retail business must have is a high tech point-of-sale system. According to Celerant Technology, learning how to use a retail POS is an important investment that can transform your business, so it's essential to utilize all the features available to you. These POS systems allow you to have a detailed and live report on your inventory. Consider introducing training for your employees to use this system as they will probably be the ones interacting with it the most. Communication Tools and Apps Communication apps and tools have saved thousands of businesses over the years. This is because information is a highly valued asset in business. Communication tools, such as Facebook Messenger and Instagram, can allow your company to take advantage of minute-to-minute opportunities. Also, video communication tools like FaceTime have provided small business owners the ability to negotiate via the internet with their clients or potential vendors. This alone has provided countless opportunities to less-established businesses, which, according to BroadVision, are opportunities that would not have been there if it weren't for these communication tools and apps. Financial Software Often, it is not the lack of marketing or sales that bring down a business, but the lack of accuracy within its financial records. Your own lack of organization can easily create issues with your local county or even the IRS. There are currently hundreds of financial software tools out there that have saved businesses from going through these ordeals. They often provide you with notifications dealing with your taxes and updates on changes to the law that could affect you. Technology is not something people should fear as a tool that can steal jobs. It can supplement and enhance your team's efforts, opening the doors to a business' growth. Simply follow the list above to begin implementing these technology tools and suggestions into your own business.
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(BPT) - If there’s one thing that keeps small business owners up at night, it’s cash flow problems. Without solid cash flow, businesses can lose employees and suppliers, and watch as their normal business operations fall apart. When small businesses run into these issues, they often struggle to find a way out, making cash flow problems feel like quicksand. Thankfully, it is possible to pull yourself to safety. Here are just some of the ways small business owners can adapt their business practices and overcome the nightmare of poor cash flow. Rethink your invoices If you’re not sending invoices out as soon as possible, start right now. It’s simply the only way to get paid. But beyond that, you may consider changing your invoice policies to encourage timely payments from your customers. You can offer a small discount if they pay before the agreed-upon term, charge a late penalty or consider invoice factoring or financing. Whatever you do, keep on top of your invoices because they’re ultimately the key to solving any cash flow problem. Take stock of your tech Your technology investments were supposed to improve operations and drive efficiencies to save you money. But did they? Consider taking stock of your existing technology infrastructure. You may find hidden, costly issues that hinder your ability to maintain solid cash flow. For example, if you invested in an ecommerce site but it has poor UX design and doesn’t accept popular payment options like PayPal and Apple Pay, you’re leaving money on the table. If you’re not a tech expert, it’s critical you have a technology partner that you can count on to give sound advice. Dell Small Business advisors can provide insight into the latest advancements and help guide your decisions to improve both your operations and your cash flow. Upgrade your accounting software If you’re using outdated accounting software, you may be turning a blind eye to potential cash flow problems. Newer accounting systems come with advanced monitoring capabilities, can automate invoices and generate cash flow reports. These reports provide insights into your cash inflow and outflow, so you can quickly identify and resolve cash flow problems. The best method to take charge of your company’s financial health is to have the best information available, and the simplest way to do that is with powerful accounting software. Invest wisely Making long-term investments may be reckless for small businesses tight on cash. But there are other ways to make your money work for you while maintaining liquidity. For example, you can direct your accounts receivable payments to a high-interest savings account so you start earning interest immediately after your invoices are paid. You can then move money to an interest-earning checking account to pay for your regular expenses. You can also use money market accounts or certificates of deposit (CDs) to improve your cash position. The important thing is to change your investment mindset and find ways to maximize every dollar coming in and going out. Be realistic Optimism is an essential characteristic of any entrepreneur. But if you’re letting that optimism get in the way of sound business practices, you’re only setting yourself up for failure. For example, buying more inventory on the simple belief that you’ll hit your sales targets during the back-to-school season is a fool’s errand. Stop playing the “hope” game and go back to your data. Set realistic targets and expectations and build your cash flow strategy around that. While cash flow issues can certainly be alarming, they can also be temporary. By taking these steps and developing a thoughtful approach to your inflow and outflow, you can resolve cash flow problems and strengthen the financial health of your business.
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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
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