Lord Young’s influential report for government on micro-businesses, ie those employing fewer than ten people, makes it clear that increasing the use of technology could significantly boost productivity and revenue. Further, according to management consulting firm Strategy&, ‘The UK is not maximising the potential offered by digital technologies, because too many individuals and organisations are either not using them to their fullest or not using them at all.’

But what does this really mean? Just because there’s a vast array of technology on offer, doesn’t automatically mean you should rush to adopt it. The smart view is to think carefully about how your business might be able to take advantage of it before adopting it. While there is certainly some truth in every business needing to be a more digital business, sometimes not using the very latest digital technology will be the smartest option.

As Rory Whelan of e-Receptionist says, ‘It is critical to make digital technology work for you. There is no point putting complicated technologies in place that fail or slow you down. This is about being leaner, quicker and more versatile. You need systems to work seamlessly 24 hours a day, wherever you are and no matter how busy your schedule.’

While it’s probably safe to say the majority of small businesses understand the role established technologies like email, laptops and websites play in their business, could the same be said about their knowledge of Mobile, the Cloud, the Internet of Things and Big Data? These are the latest trends that could create the efficiencies and revenue opportunities Lord Young is pointing to. Large companies employ IT managers to figure out how these trends and technology can be used to benefit the business but what if you’re not a multinational? What if you’re local and small? How can you still make use of these concepts and technologies to streamline your business without needing an IT expert?

Firstly, it’s vital to understand the concepts behind the technology. Not necessarily in detail, but in principle. Then think about how your business works. In which areas might you be able to implement those concepts and technologies and make a saving or increase revenue? Don’t ever view them in isolation. Technology needs to be considered in relation to how you do business – or how you would need to do business – before you can decide whether using it will be of benefit.

Mobile

The term Mobile refers to the idea and technologies that help your employees be more efficient and productive wherever they happen to be, eg reducing unproductive travel time between client meetings. If you buy your sales agents a tablet, they can work onsite or on the train. Even at home. That means they could be taking sales and processing orders without waiting to get back to the office. But think carefully. That is a potential efficiency saving only if your sales process is set up to allow for it. If you buy a tablet but then need to change your sales process, is that still going to be a saving? There are wider implications too for security and protecting your business data; tablets can be stolen or left on trains or fall foul of a lack of signal.

Even a seemingly small change such as switching phones can have undesirable devils in the detail. If you switch from Android to Apple, be aware that you can’t always transfer your contacts via the SIM card, so you might need to spend half a day typing in all your contacts again. Can you spare that time? In which case you might be better off making sure your team know how to use the features of their existing phones to a fuller extent rather than switch.

The Cloud

When it comes to understanding the Cloud, this refers to using data and software that are hosted online, ie not stored in a local server that sits inside your office, and using services that are delivered over the web like e-invoicing. The Cloud can definitely save the time and expense of buying and maintaining your own in-house server and create paperless offices and providers do offer pay-as-you-go solutions that can be scaled as you grow. There are other risks though. Not all online software might work the same across all your devices and storing all your business data in the Cloud needs a safe a reliable internet connection to guarantee you access. Without it, your business might grind to a halt.

The Internet of Things

The Internet of Things is a concept, not a technology. It refers to the fact that pretty much any device – and even cows – can be connected to the internet and thus send and receive data. Your printer can be connected to the web so if you’re caught in traffic but need to get that report printed in a hurry you can log on to the document from your smartphone, press print, and it will be there waiting for you when you get to the office. The downside is that the more devices and data that are connected, the more attractive they become to hackers. The data can be stolen or changed, and some devices can even be reprogrammed.

Big Data

Big Data is also a concept, not a technology, and is directly related to Mobile, the Cloud and the Internet of Things. The data being captured and transmitted by all these interconnected devices and online services presents a mammoth opportunity for businesses of any size. The specific opportunities for your business though can only be identified by capturing, analysing and assessing the data in relation to your particular business model.

Source : smallbusiness.co.uk

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