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:
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.
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.
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.
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.
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.
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