With the ongoing increase in tech spending, and with the ever-evolving options for how and where people can choose to work, the need for up-to-date technology will become a high priority for businesses of all sizes and types who want to stay competitive in the market and attract top hiring talent. Business spending on technology implementation, IT support, process automation, and security rose in 2021 and 2022 and is forecast to remain high this year, reaching well over $4 trillion. The biggest areas of spending and growth are expected to be in software and IT services with smaller growth in data center systems and communication services. Device spending, while still expected to be high, is one area that is predicted to show a decline over the last year.
While inflation has undoubtedly affected the device and IT spending that businesses have been able to pursue so far, it has not prevented overall growth, and forecasts predict that increases in IT investment will continue throughout the year, even if device spending comes down for employees and consumers who opt to postpone upgrades and instead use their current laptops and mobile phones for longer periods.
Small business owners on a limited budget are understandably looking for affordability and convenience and do not want to make a big investment in a large-scale infrastructure for a lot of technology features they don’t need. Still, many business owners don’t realize how many options there are on the market today, thanks largely to cloud technology, and that many digital tools can save time, reduce overhead costs, and enhance productivity without requiring a large, ongoing investment in product and maintenance. Common misconceptions that prevent business owners from adopting and modernizing their tech offerings include the beliefs that cloud-based tools are expensive, require a lot of IT training to learn and navigate, or only for large companies. In fact, the opposite is true: there is a lot of software designed specifically for small business needs and they can be surprisingly inexpensive and user-friendly.
For businesses that haven't yet upgraded the company’s tech infrastructure and incorporated the features of cloud-based technology into business operations, some benefits to consider for 2023:
Digital marketing offers the broadest and fastest way to reach consumers. A navigable website that is optimized for mobile is a must-have in today’s competitive environment where people shop primarily through their phones. Online adds, social media, and geomarketing campaigns also help reach target audiences most efficiently.
Remote working options have become standard for a lot of businesses, but it can only be done successfully with the right technology to keep everyone connected and in sync. Digital tools that enable employees to track leads, share data, and update documents in real time make for a streamlined and productive work environment with fewer errors and less wasted time.
Analyzing consumer data, purchase histories, shopping trends, and online feedback can help businesses improve their product lines, quality of services, and the overall customer experience. It can also help craft and hone marketing campaigns to be more effective and targeted.
Thousands of businesses have realized the time-saving benefits and cost-effectiveness of automating routine administrative, clerical, and bookkeeping work. A little research into the right software to automate invoicing, scheduling, payroll, and bill paying is worth the time and can pay for itself by reducing costly errors and hiring needs. The best services are those integrate with one another so that data need only be entered once and then updated in real time across all channels.
Businesses that have not modernized and updated their tech investment may struggle to stay competitive in the upcoming year. Investing heavily without research is never advisable though, and many products offer free sampling or no-commitment trials that allow companies to try out products and features to see which services save time and streamline the finances most efficiently. The wide availability of digital tools for businesses this year creates opportunities to explore products and software with limited risk.
Online check printing is a modern alternative to old-fashioned manual check writing and offers unlimited customizing options. It is also affordable and can be sampled for no cost, no lengthy commitment, and no risk. It integrates with the most commonly-used accounting and payroll applications used by businesses, or it can be a stand-alone solution to all check printing and mailing needs.