How much to invest in technology is one of the most crucial considerations for a modern business in 2020.
With each passing year, it becomes more apparent that investment in new tech is the difference between succeeding and failing.
Roughly two-thirds (64%) of SMBs indicate technology is a primary factor in pursuing their business objectives
Why is this? Because new technology allows organizations to digitally transform their businesses, and thereby improve their abilities to meet new demands and surpass competitors.
In a practical sense, a typical example of this would be investing in a new ERP platform to replace a legacy system. By updating to a platform that encompasses data from the whole company, as opposed to a system that just works in one department (like an old CRM, for example), you’re able to centralize all your information and use automation to analyze it and feed you actionable data.
This will often translate to a business discovering a new product, service or even market they can put resources towards; ironing out kinks in their supply chain; or streamlining customer services so clients are dealt with more effectively.
The growing importance of SMB investment in technology is clear, and becomes more significant as these technologies fall in price and availability. It’s not just enterprise organizations that are creating custom software platforms anymore—virtually anyone can do it in 2020 for far less than previously possible.
So take a look at this infographic and see what the landscape for SMB technology investment really looks like, and why it will continue to be a vital factor in business plans for years to come.