Today, we bring you the top 5 IT challenges encountered by small and mid-sized business:
Data integrity challenges
70% of small firms that experience a major data loss go out of business within a year. The most common challenge is data loss, majorly due to absence of adequate back up in the first place. The situation gets even more complicated with many increasing data complexities like structuring varied data types from disparate sources. Since most of the SMB don’t have dedicated professionals to deal with data challenges, it becomes difficult to maintain a minimum service level in case of a data disaster.
The average cost of per-minute downtime was $7,900 in 2013. SMB frequently faces database, hardware, and software downtime than their larger counterparts, as they don’t have the right kind of infrastructure or adequate investment in IT that allows them to maintain full-fledged IT maintenance services.
Whether it is breakdown of mission-critical applications, or the below par performance of a data center, a downtime not only runs into bigger losses but also takes longer recovery time to get back into the business.
Traditional SMB IT solutions more or less revolve around ERP and CRM which helps them in running business operations and managing customer relationships. But with rapidly changing market and customers’ behaviour, SMB requires more advanced technological solutions to help them grow their business.
Unfortunately, 70-80% of SMB business leaders are not aware of the latest business technology available in the market. In fact, most of them are not able to come out with accurate IT requirement analysis due to limited knowledge base.
Sales enablement tools
65% of sales officials spend too much time on non-sales activities like searching for the right information to connect with the right audience. Moreover, they struggle with marketing strategies since they don’t employ smart analytic tools to dig deeper into their business operations to uncover the hidden sales opportunities.
When it comes to functionalities, most of their existing CRM solutions are limited to customer interactions, order processing and invoice settlement. These CRM solutions can’t be upgraded with sales and marketing services that empower them to view their customers, prospects and partners and deduce key insights for sales.
Affordable workflow management
Most of the business process management and workflow management were originally designed keeping big corporations in mind. High price tags and technical complexities to install and maintain those solutions keep them away from the SMB sector. But as transactions multiplied, SMB now requires smart affordable solution that can help them handle vendor request management, work fulfilment and order management, human resource management, document management, and sales automated tools in a streamlined manner.
SMB are gradually moving towards adopting new infrastructure models and eliminating the challenges associated with emerging technologies.
Let us know how you as a part of SMB tackled these IT challenges.