Top 5 Technology Trends SMBs Cannot Ignore

Technology is a critical factor in driving SMB growth. The rise of these 6 trends has changed the way SMBs operate globally.

Small to Midsize Businesses (SMBs) are always on an accelerated journey towards gaining new customers while maintaining existing customer relationships. In addition, there is always a race to grow, expand and outweigh the competition. In this race of growth and sustainability technology plays a vital part. Modern day technology can help SMBs be more productive and efficient while aiding them to make effective business decisions based on real-time data and analytics.

Here are the top 5 trends shaping the way SMBs do business:

Trend #1

Embracing Cloud and amplifying its usage by leveraging AI

Cloud is the way to go and is not a matter of debate anymore. They have started to incorporate Artificial Intelligence aided with cloud based analytics that enables companies and the relevant stakeholders with real-time data that can be accessed across the globe.

This will provide the business with the flexibility in accessing real-time information about customer, production, industry and product, thereby assisting them in making effective decisions, fast. This solves one of the biggest challenges for SMBs – anticipating their customers’ needs, behaviors and developing product or serving them in a way that drives profit.

Trend #2

Increased adoption for IoT

IoT is primarily used by the SMBs in verticals such as utilities, manufacturing, asset tracking, smart homes, and wearables. Real-time data tracking and management, faster transactions, enhanced remote access are some uses of IoT that is heavily being used by businesses.

Trend #3

Digital Twin will take a hold in the way SMBs use technology

SMBs are heavily using digital twin as a means of creating an identical digital copy of a physical object/product or process. It is a great way of testing various versions of machinery, product releases and workflows, predicting the outcomes faster prior to any critical business decision that businesses make. Coupled with AI and Augmented or Virtual reality, the reach of digital twins gets amplified manifold.

Shorter time to market and lower R&D expenses are some of the benefits that is tagged along with this trend. The margin of error in using digital twin is extremely minimal. With this technology, hundreds or even thousands of variables can be taken into account, and the process can predict its conclusion before any investment has been made toward actual physical changes. 

Trend #4

Connected data will take the center stage

Data in today’s world is critical and valued the most. Connecting the data via modern day ERP that is coupled with CRM, business intelligence and machine learning will help automate the small and medium businesses. This will increase accuracy and efficiency in processes, predictions, and reporting, thereby enhancing informed and accurate decision making, each time. Additionally, it greatly helps in personalization where companies can leverage segmentation and provide right data to right sets of eyes at the right time. Microsoft Dynamics 365 is one such powerful ERP leveraging the power of cloud, BI, and analytics helping companies in a huge way while being cost efficient at the same time.

Trend #5

SMBs will outsource Cybersecurity

As businesses continue to grow, the associated data and security threat also grows. SMBs have a varied set of security needs, from data loss prevention to data protection and threat minimization. The trend is growing towards outsourcing cybersecurity to vendors providing “best of breed” solutions and tools. The idea of having one vendor to cater to this in place of several, is appealing to companies as they can have a consolidated view.

Download our whitepaper and know 5 Ways ERP prepares SMBs for long-term growth.

You need a PM

You need a Project Manager for your next ERP project.

ERP implementations disrupt business operations and place huge demands on the time and attention of company leadership, functional area leaders, subject matter experts and the IT staff. The role of a PM is to ease that burden. An experienced PM is worth their weight in platinum.

You may be tempted to  PM the project yourself.  But ask yourself “Do I really have the time or the right experience?”.

A good PM will manage the following things for you:

  • Add Value – An experienced PM will help you identify and avoid the typical bear traps, and other impediments that will inhibit your project’s success.  They will help you reduce wastes of time, resources and money.
  • Establish Effective and Efficient Project Governance – Project governance refers to those processes that provide project control support for project sponsors, decision-makers and stakeholders.
  • Manage Project-related Communications Communicating the project status helps keep the project team and stakeholders informed.
  • Manage the Schedule – Effective PMs aggressively manage the work using detailed project schedules, monitor schedule variances and recommend corrective actions to keep the project on track and on budget.
  • Monitor and Manage the Project Team’s Performance – Performance management leverages routine status checks to ensure performance issues are identified and corrected quickly.
  • Manage Risks, Issues and Changes to Scope, Timelines and Budgets – The most common reasons projects fail are related to poor management of risks, issues and scope. Good PMs identify, evaluate and communicate risks, issues and the impact of change requests to affected stakeholders.  They also coordinate optional solutions to deal with issues as (or before) they appear.

It’s clear that someone needs to ensure the project stays on track.   You owe to it to yourself to go with an experienced professional.   Contact Tridea today at info@trideapartners.com.

CFO’s often ask “Why should I renew my Microsoft ERP’s Maintenance Plan”?

The answer is twofold – 1) There’s tremendous value associated with being on a current Maintenance plan and 2) there’s a significant downside to not renewing in a timely manner.

  • You maximize the solution value with ongoing Microsoft Dynamics product improvements.If your Maintenance Plan is current, you are entitled to new software upgrades, updates, product fixes, and service packs.  Microsoft often improves or adds functionality with new releases of the software.  These all enable your business to be up-to-date with Microsoft’s innovations.  If your plan is not current, you will miss out on these innovations.
  • You protect your Investment. Stay current on maintenance and your maintenance costs will be based upon the protected system list price (the initial cost of your system).  It’s useful to have a predictable cost to plan for…
  • You retain access to CustomerSource.CustomerSource is a large knowledge database supplied and maintained by Microsoft, and can be used to get essential information such as technical support, product updates and downloads, training, events, and provide access to community forums. It available 24/7. Many of our clients use CustomerSource to aid them as they configure or troubleshot issues that arise occasionally. This saves the client time and cost when they can perform the work themselves. 

     

Important NoteIf your organization decides to let the Maintenance Plan lapse, you will be no longer entitled to any of the services listed above. In addition you will not being able to purchase new modules or user licenses. It’s possible to re-institute a Maintenance Plan, but please be advised that Microsoft does charge a penalty.  We highly recommend that you stay current on your Maintenance Plan.