As technology is becoming more integral and complicated, there are many companies struggling to cope with it. Often companies makes several mistakes on their way to success, but some mistakes are so damaging that they slow down the pace of growth. The situation gets even worse if the company is small – small companies struggle hard to survive in the initial years of their launch. According to recent stats, 20% of businesses fail to survive the first year, and 50% fail in the fifth year.
Tech-related problems are found in almost all businesses, but not all businesses respond to them in an efficient way. What if there is a data breach related to customer private data that has gone public? Or could a company survive a computer server crash that has resulted in the loss of all data?
This article will help you get an overview of issues and mistakes that a business should avoid in order to survive in the market. There are businesses with inadequate knowledge about technological advancement, and this leads to loss. In order to avoid such losses, a business should deal with tech-related concerns efficiently.
- Email messages are unencrypted
- Obsolete computers
- Untrained employees
- Cloud computing is not used
- Rushing purchases
Many businesses do not give enough attention to the security risk associated with the encryption of emails. The main reason behind this negligence is cost saving, and it is a complicated process too. There are businesses that do not even consider it an important threat.
However, it is often recommended by experts in the field to get updated with email encryption systems in order to secure all emails and attachments. A business can also purchase an encryption system and install it.
Many SMEs do not realize they need to change the old computer systems. The problem is older devices often do not provide the upgraded and new features, and can lead to patchy internet, as well as operating slowly in performing simple tasks.
Old systems are less resistant to cyber-attacks and easily hackable when compared to upgraded versions. This could cost employee productivity, and even lead lead to a data breach!
The systems should usually be replaced every three years to benefit from the latest features and facilities. When a manager of a business realises it’s time to change the systems, it should be done without delay.
This is the most important aspect that many businesses fail to deal with in an appropriate manner. The employees are not trained enough to handle the new technology due to a lack of training. Some employees do not have even the basic required skills in Word, Excel, Windows, and outlook.
If employees in your company are also in the same situation, then ideally you need to train them or bring in new employees who are capable of dealing with basic tech-related activities. The employees must be provided with updated training sessions on all software applications in order to increase workforce productivity.
Cloud computing has made things easier than ever. It’s widely used in many successful businesses as it enables employees, customers, and other users to access data with ease. Cloud-based applications are a much more efficient way of securing and accessing data compared to on-premise counterparts.
Businesses should work on cloud strategy and try to shift some of the data and applications to the cloud. This would include hiring a specialist, to make sure that the transition is successfully installed and configured.
Some businesses rush into buying and installing tech-related stuff like software, laptops, ERP, or other technological needs. It’s important to compare prices and other factors before investing in technology. As a result, businesses should be able to find better options that meet their specific requirements.
Another example is if a business invests in stocks through trading platforms, it would be better to find some of the cheapest trading platforms instead of choosing an expensive platform in a rush that charges high commission and fees.
Every upcoming day, month, or week brings a change. It’s very important for businesses to follow new technological trends in order to survive in an increasingly competitive environment.
For example, did you know that mobile devices are responsible for more than half of web traffic?
This means that customers prefer the use of mobile for daily searches and updates, so if a business has an outdated desktop version of their website, the business needs to design a site that runs on Android and IOS apps as well. Many businesses ignore the latest trends and stay in a comfort zone which impacts the business negatively in a long run.
*This is not financial or investment advice. Remember to do your own research and speak to a professional advisor before parting with any money.