2018 is the year for small business to get in the digital game.
Over the past couple of years we have been witness to massive surge of innovative solutions and platforms in the marketplace. The result offers massive opportunity for small business to look to technology as a key enabler across their entire business ecosystem. For those small businesses not seriously exploring new ways of leveraging technology will get left behind. Fortunately, we have identified the top six reasons why 2018 will be the year of digital for small business.
Options Breed Affordability
Until recently, the cost to small business to implement technology was a large barrier. The capital required to build a technology-enabled business constrained many business owners from going down the digital path. The explosion of services, platforms and solutions geared specifically to businesses of (almost) all types has driven the cost of adoption way down.
Cloud is Mainstream – No Seriously
The rapid growth of on-demand computing services has put the ‘cloud-first’ mindset at the forefront of the largest global companies – small business is ripe to take advantage of this ongoing maturity of cloud services. The simplicity of procuring services from the likes of Microsoft Azure and Amazon Web Services has accelerated. There is very little these days that can’t be subscribed to in a matter of minutes. The velocity of technology adoption is being driven by the cloud and the ease at which small business can access technology.
An Abundance of Platforms
Tied in to cloud, the market is rich with industry and business-specific solutions that address the core business functions of many types. It seems that almost on a daily basis new business solutions are being launched, couple that with the abundance of mature, feature-rich platforms – there is no end of options for the small business to adopt digital solutions.
Experts are Everywhere
The subscription economy creates easy and affordable access to technology experts with both specific and general knowledge available to the small business. No longer do you need to hire, train and manage an entire IT department to support complex business systems. With social networks like LinkedIn and an enormous volume of expertly-written content available at a moments need, small business owners can find the answers they require to the majority of their technology questions.
As technology adoption accelerates across multiple industries both vertically and horizontally, the ability for business to collaborate with it’s partners, suppliers and customers has become considerably easier. Delivering an seamless experience to the market through technology relies on your ability to connect and collaborate across all channels. The velocity at which you grow your business will be heavily dependent on your ability to integrate your complete business process (both internally and externally) through digital solutions.
Ease of Integration
No longer do you need to invest in a single enterprise system to run your business. The proliferation of specific functional solutions capable of connecting with each other through the magic of API’s (Application Programming Interface) has allowed small business to integrate their existing technology with the latest innovative platforms. Maintaining a solid foundation of data and business analytics allows business owners to make more effective and timely decisions about every aspect of their operation.
Businesses that can effectively take advantage of these benefits will outperform, vastly improving top-line and bottom-line performance. Companies demonstrating technology leadership “are 26% more profitable than their industry competitors. They generate 9% more revenue through their employees and physical assets and they more value, generating 12% higher business valuation.” ~CapGemini
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