Technology- the only valuable tool that allows small business owners to be confident about their existence in the industry and helps them compete with various other giant multinational companies out there. But with old school internet technology taking the backseat and advanced technology like IoT (Internet of Things) and artificial intelligence emerging as the new technology stipulations, rising expenses in the tech industry are seemingly expected. For startups, matching pace with big time players in their sphere can be challenging if they lack comparable resources. As per the information circulated by an independent research company called IPSOS, nine out of ten small businesses confirm that upgrading and maintaining costs of the business are a massive challenge for them. Moreover, merely 46 percent business owners quote that their budget seems to be sufficient for them to incorporate the same technical tools in their businesses that bigger companies use for their processes.
Whether you are planning to develop your current business or have just introduced one into the market, you focus is always expansion and profits. Although technology plays an essential role in fetching rich dividends for your business, it comes with certain challenges that act as roadblocks for smaller startups and businesses. Below is a list of some tech challenges that may resonate with small businesses.
- Poor Integration and Slow Network
One cannot be sure whether the new technology will integrate efficiently with the older applications or systems. As a result, there can be duplicate data entry and you might have to explore multiple places for essential information and several other inefficiencies. In addition, the slow network can affect the productivity and efficiency of the resources. However, systematic planning before implementing the new technology can curb this problem.
- Disaster and Backup Recovery Challenges
If you have experienced a server crash, power outage, accidentally deleted a file or faced any kind of data disaster in the past, you are probably aware of the importance of a dependable data recovery and a backup plan. Ensuring that you follow the disaster recovery procedures constantly can benefit you in times when such events take place as it will help you eliminate the expenses and downtime for recovery via various other resources.
- Security Risks
Nowadays, hackers are adopting sophistication and targeting smaller businesses. Imagine the level of impact you would face if the trade secrets, HR records, customer information, confidential documents, and highly important data gets hacked. This risk can be eliminated by opting for cost-effective suites comprising of IT security solutions and procedures. These suites are sure to pay remarkable dividends in the future.
- Strategic IT Planning Deficiency
Business leaders and Technology need to function parallel to drive in growth. However, this is not the case with many small businesses. While having bigger visions in their mind, business leaders sideline the power of technology not realizing that it won’t be possible for them to accomplish their growth targets if the technology does not get in their way. It is mandatory for businesses to perfectly align the technology and business plans so that the organization can scale higher without constraints.
- Measuring Technology for Better Economic Growth
It is essential to remember that a growing company will also grow in terms of IT requirements. You cannot proceed with ancient IT tools. As the company grows, the IT requirements grow too. Making software processes more efficient by expanding your team while upgrading the technologies that aid in the smooth functioning of your business can be a good idea. Seems too much, doesn’t it?
The problems mentioned above prove that Internet Technology is a vital part of every business. Effective IT management can benefit you in saving money and time thus helping you gain many competitive advantages.