Why Do Small Businesses Need To Adopt Technology Solutions?

The small businesses landscape has changed drastically over the past decade. Not only is the market getting more saturated with a growing number of start-ups, and small to medium businesses, but the adoption of advanced technologies and solutions have made the competition even stricter.

As stated in a recent report, the revenue in the global IT services and solutions market is expected to reach $1,114 billion by the end of 2022 while growing at a CAGR of 7.10% through 2022 which is majorly driven by the growing adoption of IT solutions by businesses.

The overall global IT services and solutions market is expected to reach $1123.57 billion by 2025 while growing at a CAGR of 8.02% during the forecast period of 2021 to 2026. These figures just give a glimpse of the growing popularity of IT and technology solutions that businesses are adopting at an increasing rate.

If you too are running a small business with big goals, then now is the time to make a decision. But why exactly do you need to adopt IT solutions for small businesses? Read on to know.

Top Reasons Why IT Solutions for Small Business Is Crucial

In this era of technical advancements and digitization, many conventional methods have become obsolete. If you want your business to secure its position amidst the fierce competition and stand tall from the crowd, then you must opt for the suitable IT solutions to accommodate your dynamic business requirements in the best possible ways. Here is more about why IT solutions for small businesses are gaining fast traction.

1. Improved Customer Experience

Good customer relationships pave the path to long-term success for any business and adopting the suitable technology solutions help you achieve that easily. Be it improving multi-channel communication with the customers through emails, messages, phone calls, chats, and others, or resolving customer queries through automated ticket generation, you can simplify everything through proper technology solutions.

Starting from providing your customers with personalized recommendations to tracking your monthly revenue report - there is an advanced technology solution for everything that lets you not only meet but exceed your customer expectations resulting in improved customer relationship and experience. This in turn helps you improve the Customer Lifecycle Value (CLV), customer retention rate, drives word-of-mouth promotion and caters to the overall profitability of your business.

2. Better Team Collaborations

You must ensure that there is efficient team collaborations and transparent communications among the internal teams of your business for better operability. Be it your IT team, developers & testers team, customer relationship management team, or technical support team, there should be proper collaborations, communication, and information exchange among them.

Opting for suitable IT solutions for small business to improve collaborations, streamline workflows, and automate and optimize collaborative efficiency will help your overall business to align with its goals easily and more effectively.

3. Market-Driven Approach

No matter which industry you are operating in, it is important to take a market-driven approach to reach your target of grabbing the target global or regional market share. Opting for the right IT solutions for small business will help you take into account dynamic market factors, trends, forecast, target audience purchase and behavioral patterns, key driving and growth factors and others. This in turn will help you take the best possible approach for your business, grab the low-hanging opportunities and secure your market position in the long run.

4. Robust Security Maintenance

Be it handling confidential business data or utilizing crucial customer information for data-driven decision making, security plays an important role in any business’s success. With the growing incidents of cyber and data threats, breaches, and leaks, complying with the diverse security standards for network security, cloud security, application security, and others is no less than a necessity. And unless you opt for proper IT solutions for small business, it is next to impossible to ensure that additional layer of impenetrable security.

5. Competitive Advantages

There are more than 32 million small businesses in the U.S. itself which just gives a glimpse of how competitive the market is for small businesses no matter in which sector your business operates in - healthcare, eCommerce, streaming, SaaS, or any other.

Unless you opt for the suitable IT solutions for small business, it is quite challenging to beat the competition as every other business is doing the same. So, if you want to pace up with the changing market trends and want your business to be a good fit for the present market and your target audience, then you must opt for the suitable IT solutions for small business.

See More: The Best CRM Tools For Small Businesses in 2022: A Complete Guide

Top Technology Solutions for Small Businesses in 2022 and Beyond

Businesses are opting for diverse technology solutions as per their requirements and if you are wondering from where to start or how to decide then read on, we are going to walk you through the top technology or IT solutions and tools for small businesses in 2022 and beyond.

1. Customer Relationship Management (CRM) System

A CRM system offers a technology solution to streamline, manage, and improve the customer relationships for your business. Be it simplifying the communication with the customers or resolving their queries on time, it takes care of everything improving the customer experience by manyfold.

Here are some of the top features/solutions of a CRM system that makes it highly sought-after among small to medium as well as big businesses -

• Full automation of all the customer relationship management related activities
• Easy third-party systems and solutions integration
• Streamlined communication with customer and tracking
• Analytics, insights and reports on the KPIs of customer relationship
• Contacts and lead management
• Interaction tracking and analysis
  

2. Automated Billing System

An automated billing system is pivotal for your business to automate and track the payment cycles, generate timely payment reminders, and simplify the cash flow. Opting for a quality automated billing system not only lets you bypass the hassles of missed or delayed payments but offers you a 360 degree view on the important KPIs like monthly revenue, recurring revenue, average customer lifecycle value, and others which in turn helps you optimize them further. Let’s have a look at the top features of an automated billing system.

• Automated the billing cycles for all your customers
• Automated invoice generation
• Automated missed payment reminders
• Multiple monetization models management like subscription-based, ads-based, and others
• Multiple payment gateways, currencies and payment options set up and management
• Offers analytics and insights on the monthly/quarterly/yearly payment reports
  

3. Recommendation Engine

A recommendation engine helps you offer personalized recommendations for your products and services to each of your audience. It feeds on the relevant customer behavioral data such as their likes, dislikes, ratings, feedback, purchase history etc. to generate the best possible recommendations for them.

It is the best practice for any business with a digital store/app/website to opt for a recommendation engine to improve their customer experience, reduce customer churn rate, and improve the average order value. Let’s have a look at the top features of a recommendation engine -

• Offering recommendations to the customers based on their interactions with your products
• Collecting relevant data and creating a predictive data model to generate the best possible recommendations
• Providing with recommendations on best-selling products, new inventory, and advertised/promoted products
• Turning your website/app home page into a personalized home page to browse through for every customer
• Maintaining data security for all your customer data
  

4. Inventory Management System

An inventory management system helps you manage your inventory by keeping track of the sold, out-of-stock, newly-arrived, and other products. Keeping track of product delivery through supply chain, planning inventory, tracking and managing goods - it provides an all-in-one simplified solution for your inventory and lets you take the proper actions on time. Let’s have a look at the key features of a inventory management system -

• Real-time inventory tracking
• Inventory value tracking and updating
• Inventory supplier management
• Inventory supply workflow management
• Purchase management and analysis
• Timely notifying on important updates like out-of-stock products
• BoM (Bills of Material) tracking and management
  
  

See More: 8 Ways CRM Software Can Help Reduce Costs for Your Business

It is evident that the requirement for IT solutions for small businesses is inevitable, and by choosing the right billing system, like our MangoBilling web app, you can stay ahead in this competitive market.The above information will help you understand better why you need IT solutions for small business in the first place and will let you opt for the right technology tools/solutions as per your business requirements.  Also, it is a good idea to get your product built from a professional team that can match your exact set of business expectations.

We, at Third Rock Techkno, offer an extensive range of product development services and solutions. Starting from CRM system development to fintech software development solution - we have it all for you. Check out our portfolio and contact us today to get started.