Technology as an advantage: Small Business challenges in 2020

The role of technology in business caused tremendous growth in trade and commerce. Business concepts and models were revolutionized as a result of the introduction of technology. In a different way, the evolution of technology has allowed small companies to work more efficiently since it allows them to achieve their objectives more effectively.

Those also known as SMEs are an integral part in the economy of the countries, they face equal challenges to large companies. However, many times they do not have the resources to cope with the problems that the environment brings (changes in the economy, competition and changing customer preferences), so they have to be more skilled to overcome the challenges.

With the arrival of Covid-19, companies in all sectors have found it necessary to adopt new ways to market their products and services, in addition to having to be vigilant about cybersecurity, since cybercriminals have been launching attacks to steal information, taking advantage of the vulnerability of some systems.

The challenge will be the use of technology effectively, for this, companies must make an effort to identify processes to automate tasks and in this way, they can provide a competitive advantage in relation to other companies, through data management and analysis. (You can see our article The power of Big Data in the Cloud and its effects on the future of companies).

“Organizations are adopting hybrid models, which combine private and public clouds; and they are opting for XaaS service models, in which applications and software are consumed as a service. In 2020 this trend will be increasingly visible. The challenge will be to achieve integrated environments, easy to manage”. Report infopymes.com.

These are some of the challenges and how technology can face each one since this changing landscape requires appropriate and digital solutions.

1. Scalability

Without a doubt, for any large, medium, or small company, its growth is a priority. This means the expansion of markets, products and services, and new sources of income. This is where the challenge for small companies comes in, as they must implement automation tools, cloud data storage, and keep their employees connected without any problem as a fundamental part of their business. Businesses no longer need to save multiple versions of documents and spreadsheets and email each other to receive feedback from colleagues. Teams can collaborate using messaging solutions like Slack, which allows companies to separate conversations into channels for easy organization and referral. Small businesses can allow multiple team members to work and review documents simultaneously, saving time, so growth can be achieved without affecting corporate culture.

2. Regulation

The most frequent question asked by small companies so far in 2020 and due to the devastating effect of Covid-19 is, How to increase sales without having to invest so much money in personnel, training, and resources? This second challenge is adopting the cloud, investing in IT projects, using artificial intelligence and automation capabilities for the business advantage, paying for what you use, taking into account that all cloud services are scalable and resizable at any time and With very tight costs, you can always offer your services in the most efficient and optimal way, and paying only the resources you need.

3. Data Optimization

Businesses of all sizes are changing the way they view data. It is no longer enough to collect and store data, it is not a plus to have lists and lists of information without any sense or without using them. Different use of data is necessary for small businesses, as this can mean new business models, new business processes, and new products and services. They are key to new sources of income because they help us to be one step ahead of our customers and the competition, the data will be more valuable than ever since they help companies of any level to be in constant communication and contact with their customers prioritizing times of need regardless of time zones or device type.

4. Cybersecurity

Today and even more due to the crucial moment that the world is going through in terms of health issues. Businesses of all kinds are subject to increasing regulatory pressure from states, provinces, countries, and regions, and especially when it comes to protecting customer and consumer data. This is why this fourth challenge for small businesses is very important and must be a priority when adopting new technologies. Data security must be comprehensive. Adopting security in the cloud can be the solution for SMEs who want to be leaders and evolve, always thinking of consolidation in the market. At Teracloud we offer a free assessment on your current infrastructure so you can take the first step.

5. Innovation: Build the future in the cloud

At Teracloud we consider that cloud adoption is the foundation of innovation for any small business, it is what will distinguish the winners in their field; This is because the cloud will determine who comes first and best to the market with innovation in digitally developed products and creativity in the way of providing services. In addition to this when moving to cloud platforms such as Amazon Web Services (AWS), the costs will be much cheaper than any internal solution. The cloud offers fantastic flexibility.

For many small businesses, technology has opened up a new online marketplace, which is how e-commerce enables small businesses to reach broader audiences outside of their geographic area, which can be particularly useful for small niche offerings.

Put another way, the most effective way to tackle this problem is for companies to adopt a predetermined cloud strategy, taking advantage of the benefits offered by large-scale providers, managing to transform their small business, and adjusting it to the demands of today's market. The cloud frees companies from their legacy systems by offering flexibility.

As we see 2020 is and will continue to be a very exciting and busy year for technology, there will be new advances that will help and can be used so that small businesses continue to be that fundamental piece in the world economy.

If you think that your business has a problem and it’s time to go one step further to stay in the market, at Teracloud we take care of empowering small and medium companies to generate value in a constantly evolving market. Do not doubt to contact us to analyze your options as a company and use technology as a growth advantage.