SMBs must have access to new technologies to remain competitive in this ever evolving market ecosystem. Technology drives innovation and being aware of different trends in technology helps an SMB owner to outfit their business with the latest hardware and software to improve efficiency. It may seem that innovations favor large businesses, or that only large corporations can afford them, but the truth is that SMBs have much to gain from embracing new technologies which can be both affordable and cost-effective. Numerous researchers and analyst firms have also articulated that whether a SMB survives, thrives, or closes its doors, depends on how its leadership responds to any technology change.
Capterra's 2017 survey of 699 SMBs revealed that changing technology is one of the top three external factors impacting business goals along with hiring the right people and controlling rising operational costs.
Trend #1: SaaS Growth
Software as a Service (SaaS) adoption is spreading like wildfire across SMBs and is transforming them from technology-focused to business outcome-focused. SaaS provides major benefits to SMBs such as cutting IT costs, avoiding capital-intensive software deployments, easy upgrades and fixes, security and improved productivity. As a result, a large number of SMBs are opting for SaaS to automate everyday tasks such as bookkeeping, managing payroll and optimize important workflows.
Techaisle’s report on US SMB & Midmarket SaaS Adoption Trends shows evidence that 73% of SMBs are using one or more SaaS applications up from 27% in 2011
Trend #2: Spread of AI & Machine Learning
Today, the focus of Artificial Intelligence (AI) is on solving relatively small and well-defined tasks which is giving rise to a new world of intelligent devices and applications which include physical devices as well as apps and services. Additionally, cloud accounting platforms are now moving beyond transaction to automation and into analysis. There are already AI-powered invoice management services available that can make invoice processing streamlined through the implementation of digital workflows. Small businesses could gain access to technologies and applications that use artificial intelligence by leveraging the trusted service providers that offer AI-integrated accounting and payroll services.
Quatrro provides accounting to small and medium businesses using a powerful combination of skilled accountants and automated data entry through the use of machine learning and AI. We possess 25+ years of experience in offering tailored business support services, keeping in mind the needs of our clients while ensuring efficiency and utmost quality in all that we do.