Four must-have technologies driving growth in SMBs
Competing with larger enterprises, finding, and retaining top talent, and balancing limited resources to drive growth… there are a lot of hurdles that SMBs are facing in today’s market. Overcoming these hurdles is paramount to ensuring the sustained success of companies in this segment.
In this blog, we delve into the details of these challenges and share how the right adoption of technology innovations can hold the key to success in a competitive landscape.
In a recent study of almost 12,000 SMB leaders, 92% planned to maintain or increase investment in technologies for their business, highlighting its importance for future business success. However, despite this recognition, many SMBs grapple with the costs and complexities associated with adopting new digital platforms or struggle to find solutions tailored to their specific needs.
In navigating these challenges, the question arises: which tools provide the most value for driving business growth?
Automation: Streamlining operations
Research shows that SMBs that leverage automation techniques are 1.6 times more likely to expand and grow over time compared to their counterparts. By automating previously time-consuming manual tasks, SMBs can drive their growth and innovation whilst unlocking a wealth of opportunities to enhance efficiency and reduce operational costs.
Delegating routine tasks to automation frees up valuable time and resources, enabling SMBs to redirect this time towards strategic initiatives that add value.
Strategic planning solutions: Planning for success
Strategic planning serves as the bedrock of success for SMBs in today's dynamic market and, as such, investors now prioritise long-term outcomes over quick market entry. This shift highlights the importance of scenario planning and forecasting using real-time data analytics.
By embracing these tools, SMBs can accurately forecast market trends and allocate resources efficiently. This allows them to set clear objectives, identify key performance indicators (KPIs), and devise effective strategies, enabling SMBs to steer challenges and seize opportunities with agility. Ultimately, sustainable growth strategies empower SMB leaders to navigate uncertainty, fostering resilience and ensuring long-term growth despite market fluctuations.
Artificial intelligence: Driving innovation
Recent surveys have highlighted a substantial rise in Artificial Intelligence (AI) adoption in the past year, with nearly half of small businesses surveyed integrating these tools.
AI’s appeal lies in its promise of cost-effective solutions, a fact not lost on 93% of small business owners. The integration of AI into small businesses marks a significant evolution in operational strategies and customer engagement.
With mounting labour costs, the use of AI to manage expenses and bridge skill gaps enables SMBs to unlock new opportunities for innovation, optimise decision-making processes, and deliver personalised experiences to customers. This enables SMBs to keep up with the competition whilst driving down costs.
Cloud computing: Enabling scalability
By embracing cloud-based computing, SMBs can gain access to robust security features, such as regular backups and encryption, without needing to build a costly in-house infrastructure.
Additionally, cloud tools like Kainos Employee Document Management and Workday Enterprise Management Cloud streamline operations, automate tasks for greater time savings, and facilitate seamless collaboration across global teams.
This newfound flexibility enables SMBs to transcend geographical barriers and empower hybrid-remote workforces. With scalability, efficiency, and enhanced collaboration at their disposal, cloud computing primes SMBs to thrive in the digital era, with cloud computing as their catalyst for growth and success.