Technology aids in the efficient functioning of businesses by reducing the time required to do effortful work and getting it done easily. In a survey conducted by Statistics Canada on Reasons for not adopting advanced technologies by small and medium enterprises, 55.3 percent of all small and medium enterprises with 1 to 499 employees said that adoption or use of advanced technologies is not applicable to the business’s activities, along with 7.4 percent not convinced of economic benefit.
Some small businesses also shared the difficulty in integrating new advanced technologies with existing systems, standards, and processes, the lack of technical skills required to support this type of investment, and the difficulty of obtaining financing. The survey showed that only 1.6 percent of small and medium enterprises with 1 to 499 employees adopted advanced technologies more than 3 years ago.
Small businesses’ refusal to modernize their operations with technological solutions is their greatest setback in current times. Here are 5 simple technology solutions to help small businesses become more efficient.
Remote Workforce Software
Remote workforce software helps manage remote employees by providing smooth communication, innovative technology to coordinate the team, and features to assess employees’ productivity. The software helps create a team mentality in the employees, thus helping to increase productivity and overall efficiency.
The existing hybrid work culture makes it possible to hire staff from different areas of the world and manage them remotely. This requires remote workforce software that helps business owners track employee time, monitor their projects and completion, and access their work output for approval. In addition, it can assess the quality of work done by employees through productivity and efficiency assessments.
Inventory Management Software
Inventory management software helps small businesses track inventory levels, orders, sales, and deliveries, which is usually a tedious process prone to errors when done manually. Hence, software that helps track, monitor, update, and process the stock list will make the business efficient.
Inventory management software produces higher productivity as it helps to keep an organized and transparent stock list, which on assessment will show which products are popular and thus bring profit and which don’t. It takes off a huge responsibility that, when done manually, is time-consuming. Moreover, it closely checks the product numbers to ensure they are either replenished or the expired ones are removed, thus ensuring good customer service.
Payment processing software
Payment processing software refers to a system that allows companies and individuals to send and receive payments automatically. It brings ease to payment transactions from any part of the world, as the growing e-commerce industry demands such a facility. Small businesses can tap into the opportunity to widen their customer base and product availability to a larger geographical area.
The payment processing software helps systematize, simplify, and automate transactions, thus allowing customers from remote parts of the world to purchase your product with internet accessibility. It provides small businesses and customers with a secure environment for quick money transactions. Small businesses should ensure that the software they choose can support different modes of payment and upgrade with the changing transaction methods.
Growth and development are possible only through collaborative work. Technology provides platforms for like-minded people to collaborate to achieve their goals and ensure growth. Collaborative solutions help small businesses to link with professional circles, connect with fellow business owners, and develop a broader network.
Collaborations are necessary to keep you updated on the latest developments in the business industry, understand changes at the federal and global levels, and team up for cooperative growth. As in-person meetings are becoming rare, collaborative apps offer improved remote communication that aids small businesses in expanding their networks, making new contacts, and meet new people to enter new markets and stay competitive.
Businesses are increasingly running on technology. For small businesses to adapt to such innovations, cloud-based technology is the most suitable as it offers organizations a wide array of solutions made easily available and cost-effectively. Furthermore, as small businesses move towards digital transformation and incorporate cloud-based tools into their operations, keeping the data protected becomes important for the secure functioning of the enterprise.
Cloud security refers to policies, procedures, technology, and applications designed to address threats that compromise business security and keep their data secure and protected. The benefit of cloud security is that it enables monitoring of applications and cloud-based assets around the clock, giving visibility into their risk posture and how it affects the company’s operations. As a result, cloud security is always available to protect against any cyber threat that causes small businesses to cease operations because it has enhanced threat detection that can quickly identify threats.
Small businesses should choose options that enable them to function effectively and efficiently, with little but smart effort to deliver optimum results. Technology is the tool that will help small businesses achieve this objective. Therefore, it is essential that technology be integrated into business operations promptly so that business owners can concentrate on the tasks that require their attention without getting distracted by tasks that can be assigned to software solutions.
Technological incorporation is inevitable in the present business operations. To learn more about the available technological solutions for small businesses, subscribe to CanadianSME Small Business Magazine https://lnkd.in/dbqmSKN. For the latest updates, visit our Twitter page at @canadian_sme.