It is no surprise that technology is continuing to revolutionize the way business owners conduct their business and the necessity to remain competitive with technological products and services offered. Unfortunately, small- and mid-sized businesses are trying to keep up with the marketplace. According to a 2020 Technology Report, more than 400 IT professionals describe the challenge stemming from a vastly dispersed workforce, IT upgrades with business growth, cloud migration, and outsourcing as business demands increase.
While remote work and other technology-reliant work is booming and changing the workplace dynamic, many small and mid-sized businesses are facing the obstacle of constant and consistent accessibility. Many IT systems and processes are at the core of the technology revolution at these businesses. While IT professionals at such businesses have or are planning to utilize new digital tools, legacy system compatibility and integration is challenging. The second part of the challenge is finding a new technology that best suits business needs, followed by budget limitations.
With all these hurdles contributing to the over 50% of startups having a less than four-year lifespan, it is vital for SMBs to remain diligent in seeking innovative solutions and investing the time and money to do so. Take a moment to look around at where you can sacrifice a little to contribute to your business’s digital transformation efforts.
Another problem with digital improvements is the migration and implementation of the cloud. Cost and security are the underlying obstacles that make migration and implementation of the cloud so difficult. It is best for business owners and leaders to sit down and determine a strategy for achieving well-defined goals, develop adequate onboarding, obtain sufficient end-user support, and invest in monitoring cloud utilization for better optimization of the budget.[1]
Issues with vendors can cause inefficiency in small- to mid-sized businesses. For example, customized solutions for business needs, coordinating effective IT resources, asset management and licensing, and differing between large and small- to mid-sized business needs are some of the top challenges for small- to mid-sized businesses in dealing with vendors.
Many of the stresses and fears that SMBs face with innovation and digital transformations is the hindrance of their business. While much research and planning must be done to ensure investments are optimized adequately, it is imperative to SMBs remaining competitive in the marketplace.
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[1] https://www.businesswire.com/news/home/20191205005283/en/Small-Midmarket-Businesses-Recognize-Importance-Digital-Transformation
