Business – Enformix

In today’s ever-evolving digital landscape, small businesses have more opportunities than ever. Many of these call for leveraging technology to their advantage. Embracing the right tech trends can help businesses compete. It enables them to streamline operations, enhance customer experiences, and fuel growth.

But it can be confusing knowing which routes to take. Most small businesses need to choose the route that is going to bring the biggest return.

Below, we’ll explore five small business tech trends. These trends have the potential to drive success. As well as propel your business forward in an increasingly competitive market.

1. Cloud Computing: Expanding Possibilities

Cloud computing has emerged as a game-changer for businesses of all sizes. And some believe small businesses are among the most benefitted. 82% of small to medium businesses report reduced costs after adopting cloud tools.

The cloud offers many benefits. It’s a cost-effective and scalable solution for data storage, software access, and collaboration. By migrating to the cloud, small businesses can save. They cut the need for on-premises infrastructure. This reduces maintenance costs and gives enhanced flexibility.

Also, cloud-based tools and platforms enable teams to work remotely. This can promote collaboration and improve productivity. Working in the cloud offers access to real-time data and apps from any location. This enables small businesses to make informed decisions faster. They can also respond to market changes with agility.

2. Artificial Intelligence: Automating Efficiency

Artificial Intelligence (AI) has revolutionized the way businesses operate. This year alone, ChatGPT has completely transformed many business apps. We cannot overstate AI’s potential benefits for small businesses.

AI-powered tools and algorithms can automate routine tasks. Such as data entry, customer service, and inventory management. This frees up valuable time for employees to focus on higher-value activities.

Chatbots, for instance, enable small businesses to provide 24/7 customer support. All without the need for more staff or paying overtime hours.

AI also empowers businesses to gain actionable insights from vast amounts of data. This helps them optimize processes, personalize marketing strategies, and enhance customer experiences.

Embracing AI technologies can give small businesses a competitive edge. It does this by boosting efficiency, reducing costs, and improving decision-making.

3. E-commerce and Mobile Commerce: Expanding Reach

The rise of e-commerce and mobile commerce has opened up new avenues for small businesses. They can now easily reach a global audience. Using websites and apps, companies can sell anywhere at any time.

It’s easier than ever to put up a secure payment gateway and take payments online. These “plug-and-play” e-commerce sites and apps can create a seamless user experience. This allows small businesses to build trust and encourage repeat purchases.

Businesses can easily understand customer preferences by leveraging data analytics. They can also optimize inventory management and personalize marketing campaigns.

By embracing e-commerce and mobile commerce, small businesses can grow quickly. They can extend their reach beyond geographical boundaries. As well as tap into new markets, thereby fueling growth opportunities.

4. Data Security: Safeguarding Trust

As businesses increasingly rely on digital technologies, data security becomes paramount. Small businesses are just as vulnerable to cyber threats as larger enterprises. This makes it essential to prioritize data security measures.

46% of all data breaches impact businesses with less than 1,000 employees.

It’s important to put robust cybersecurity practices in place. This includes things like:

Encryption
Multi-factor authentication
Regular data backups
Endpoint protection
Identity and access management
Advanced threat protection

Additionally, two more tactics to proactively manage risks include:

Staying informed about emerging threats
Investing in employee training

Customers value businesses that focus on their data security. A strong security posture can instill trust and confidence. This leads to long-term customer loyalty and positive brand reputation.

5. Automation and Workflow Integration: Streamlining Operations

Automating business processes can significantly streamline operations. When small businesses integrate workflows they save time and money. Workflow automation eliminates repetitive manual tasks. It also reduces human error and enhances efficiency.

Think about integrating various systems and applications. Such as customer relationship management (CRM), project management, and accounting software. Integration can end silos and ensure seamless information flow across different departments.

Other benefits include:

Enabling better coordination
Fostering collaboration
Optimizing resource allocation
Improving productivity
Enhancing customer satisfaction

Small businesses that leverage automation and workflow integration gain a competitive advantage. They operate more efficiently and deliver superior experiences to their customers.

Take an Important Step Toward Digital Growth

In today’s digital era, small businesses have a ton of tech tools and trends at their disposal. But it takes guidance to know what to do and how to do it.

While embracing cloud computing, AI, e-commerce, data security, and automation can help. To stay competitive small businesses need a clear and affordable path. One that makes sense for their business goals.

We can be your digital transformation guide.

Give us a call today to schedule a chat about tech solutions to fuel your growth.

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Featured Image Credit

This Article has been Republished with Permission from The Technology Press.

No business wants to suffer a data breach. But unfortunately, in today’s environment, it’s difficult to completely avoid them. Approximately 83% of organizations have experienced more than one data breach. (IBM Security 2022 Cost of a Data Breach Report)

These breaches hurt businesses in many ways. First, there is the immediate cost of remediating the breach. Then, there are the lost productivity costs. You can add lost business on top of that, and lost customer trust. A business could also have extensive legal costs associated with a breach.

According to IBM Security’s report, the cost of a data breach climbed again in 2022. The global cost of one breach is now $4.35 million, up 2.6% from last year. If your business is in the U.S., the cost rises to $9.44 million. In Canada, the average data breach costs companies $5.64 million.

Costs for smaller companies tend to be a little lower. But breaches are often more devastating to SMBs. They don’t have the same resources that larger companies do to offset all those costs.

It’s estimated that 60% of small companies go out of business within six months of a cybersecurity breach.

Companies don’t need to resign themselves to the impending doom of a data breach. There are some proven tactics they can take to mitigate the costs. These cybersecurity practices can limit the damage of a cyberattack.

All these findings come from the IBM Security report. They include hard facts on the benefits of bolstering your cybersecurity strategy.

Cybersecurity Tactics to Reduce the Impact of a Breach

Use a Hybrid Cloud Approach

Most organizations use the cloud for data storage and business processes. Researchers found that 45% of all data breaches happen in the cloud. But all cloud strategies are not created equally.

Breaches in the public cloud cost significantly more than those in a hybrid cloud. What is a hybrid cloud? It means that some data and processes are in a public cloud, and some are in a private cloud environment.

What some may find surprising is that using a hybrid cloud approach was also better than a private cloud.

*Graph from: IBM Security/Ponemon Institute 2022 Cost of a Data Breach Report*

Put in Place an Incident Response Plan & Practice It

You don’t need to be a large enterprise to create an incident response (IR) plan. The IR plan is simply a set of instructions. It’s for employees to follow should any number of cybersecurity incidents occur.

Here is an example. In the case of ransomware, the first step should be disconnecting the infected device. IR plans improve the speed and effectiveness of a response in the face of a security crisis.

Having a practiced incident response plan reduces the cost of a data breach. It lowers it by an average of $2.66 million per incident.

Adopt a Zero Trust Security Approach

Zero trust is a collection of security protocols that work together to fortify a network. An example of a few of these are:

Multi-factor authentication
Application safelisting
Contextual user authentication

Approximately 79% of critical infrastructure organizations haven’t adopted zero trust. Doing so can significantly reduce data breach costs. Organizations that don’t deploy zero trust tactics pay about $1 million more per data breach.

Use Tools with Security AI & Automation

Using the right security tools can make a big difference in the cost incurred during a data breach. Using tools that deploy security AI and automation brought the biggest cost savings.

Data breach expense lowered by 65.2% thanks to security AI and automation solutions. These types of solutions include tools like advanced threat protection (ATP). They can also include applications that hunt out threats and automate the response.

How to Get Started Improving Your Cyber Resilience

Many of these ways to lower data breach costs are simply best practices. You can get started by taking them one at a time and rolling out upgrades to your cybersecurity strategy.

Working with a trusted IT provider, put together a roadmap. Address the “low-hanging fruit” first. Then, move on to longer-term projects.

As an example, “low-hanging fruit” would be putting multi-factor authentication in place. It’s low-cost and easy to put in place. It also significantly reduces the risk of a cloud breach.

A longer-term project might be creating an incident response plan. Then, you would set up a schedule to have your team drill on the plan regularly. During those drills, you could work out any kinks.

Need Help Improving Your Security & Reducing Risk?

Working with a trusted IT partner takes a lot of the security burden off your shoulders. Give us a call today to schedule a chat about a cybersecurity roadmap.

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