Technology upgrades may seem like the least important investment for small businesses—but there’s a good reason why they should be prioritised. Startups Magazine reveals that more than three quarters of UK SBEs fail to compete with more established organisations due to their lack of access to innovative technologies. Many SBE professionals still rely on spreadsheets and other outdated technologies, which negatively affects their growth, recruitment efforts, and cybersecurity.
Budget constraints often hold back entrepreneurs from investing in the latest technologies. Instead of purchasing every innovation, small businesses can optimise their budgets and experience their desired growth by focusing on the following technology upgrades:
Upgrade your cybersecurity software programs
Cyberthreats have advanced, which makes it easy for attackers to prey upon businesses with old hardware and software programs.
The Cybersecurity Breaches Survey 2022 revealed that two in five businesses experienced breaches and attacks in the past year, with some even getting threats at least once a week. Unfortunately, only 13% of small businesses review the security risks of their systems, making them very vulnerable to cyberattacks. To prevent these issues, the first tech upgrade small businesses need is an updated cybersecurity software program, such as SecPod SanerNow or LifeLock. These programs regularly check security vulnerabilities and block cyberthreats immediately, which are useful for small businesses.
Leverage virtual reality for recruitment tasks
It’s quite difficult for small businesses to attract candidates, especially if they’re still establishing their brand.
However, an insight on LHH regarding new technologies shares that businesses can use virtual reality gadgets like 8i to create 3D videos of the business for job postings. A survey found that these videos can increase the posting’s chance of being viewed by more than 12% and generate more applications by 34%, which is why it’s not surprising that big companies like GE and Ocado produce 3D recruitment videos. Aside from that, businesses can also utilise VR headsets for virtual interviews to make the applicant attraction and assessment process much easier.
Invest in AI for personalised marketing strategies
Marketing strategies can be difficult to execute when you have limited staff. Businesses typically have to assess thousands or even millions of marketing data to properly target their consumers.
To make this process easier, plenty of organisations leverage artificial intelligence. Our article on How to Use AI to Improve Your Marketing Strategy highlights that businesses can personalise their e-mail campaigns based on their target audience through tools like Optimail. On top of that, businesses can also upgrade from their marketing technologies to tools like Optimove, which can analyse customer data and generate actionable insights for your marketing campaigns.
Centralise your CRM technologies
Instead of juggling multiple customer service tasks, small business owners can improve their customers’ experience by utilising customer relationship management (CRM) tools.
These technologies are more crucial than ever, now that the Institute of Customer Service discovered a 16% rise in customer problems in the UK. The institute calculates that UK firms spend about £9.24bn every month to simply handle complaints from their consumers. These costly issues can be prevented by centralised CRM technologies, like Zendesk or Microsoft Dynamics. These tools organise customer data in its storage and automates interactions like calls and meetings to help businesses provide better customer experiences.
Relying on outdated technologies can lead to costly problems, like customer complaints, limited staff, and cyberattacks. Through these four upgraded technologies, SBEs can improve their offerings and optimise their operations.
