Why Businesses Have to Be More Aggressive When it Comes to Technology

Every business owner is keenly aware of how prominent a role technology has in today’s business environment. Yet, the vast majority of companies aren’t doing enough to keep up with the latest developments, and therefore, risk missing out on serious opportunities for growth, or even going out of business.

This warning is confirmed by a recent survey of SMBs by software provider Exact. The takeaway from the survey is that businesses aren’t investing enough in new solutions, even though they know they should. Consider these survey results, as reported by ITProPortal:

More than a third (38 percent) believe digital disruptors will shove them aside if they don’t adapt, but just two percent are actually doing something about it.
This is proof of just how difficult it is for a business to change their ways, even if they know that business-as-usual is holding them back from new opportunities presented by the expanding digital environment. In a situation such as this, one can’t be too hard on business owners. After all, many of the personnel hired are for the purpose of supporting an existing business model.

Unfortunately, unless a staff member is explicitly onboarded for the purpose of overseeing innovation, your workers may have little reason to investigate how technology trends can benefit your company. This is why it’s crucial that you designate someone to learn about and implement these technology trends. If you can’t afford to hire a new staff member specifically for this role, then outsourcing the responsibility to innovate to a trusted IT company will fit the bill.

Almost two-thirds (64 per cent) are facing competition from new digital companies, yet just six percent are investing in new technologies to keep up.
This figure puts hard numbers to the grim reality perceived by the previous survey result; the digital frontier of business is rapidly expanding and the vast majority of companies that don’t invest in new solutions will be swallowed up by it.

This digital dynamic will look differently to each industry. For example, a retail-based company will lose out if they don’t have a website to pitch their wares on and make use of social media to connect with new customers. The transportation industry provides us with another example. For generations, taxi cab companies relied on phone calls. Today, ride-hailing apps like Uber and Lyft are giving smartphone owners an easier and more affordable way to find a ride. Traditional cab companies that don’t adapt will quickly be passed up by other transportation companies that invest in innovation.

Almost three quarters (73 percent) of SMBs said they’re planning on growing.
Despite the fact that only a paltry number of businesses are actually investing in technologies designed for growth, the majority of businesses are making plans to grow. While it’s possible to plan for growth without taking advantage of the latest technology, you certainly don’t want to overlook the available solutions designed for today’s technology-centric business environment.

For many businesses, taking advantage of such solutions is easier than what they may perceive. Take for example cloud computing, a tool that 58 percent of SMBs are utilizing. With the cloud, you get much more than a single solution that loses its relevance over time. Instead, the cloud is a computing platform that allows growth-minded organizations access to a plethora of new solutions, many of which may not yet be used by your competitors, giving you the digital advantage that translates to real world growth.

With Ferrum Technology Services, you’ve got a technology expert in your corner that's dedicated to equipping your business with the solutions you need to succeed, ensuring that your business will be at the forefront of your industry during this digital age. To have a conversation about the future of your business, call us today at (847) 697-3282.