Eleviant is to Elevate & Scale. Eleviant Tech symbolizes business transformation and reinforces our mission to help clients elevate and scale their business.
7 Digital Transformation Trends that SMBs Can Leverage in 2023
Today’s consumers expect swift services and personalized experiences, and that’s why businesses must embrace digital transformation to stay competitive. While larger companies have the resources to adopt newer technologies quickly, small and medium-sized businesses (SMBs) can still keep track of upcoming trends and make more strategic business decisions. By identifying and embracing digital transformation trends that benefit their business, SMBs can gain a competitive advantage.
According to Gartner, 91% of businesses are engaged in some form of digital initiative, and 87% of senior business leaders say digitalization is a priority. In this blog post, we’ll explore the digital transformation trends that would help SMBs to stay agile and respond to customer demands.
Top Digital Transformation Trends That SMBs Can Adopt in 2023
From automation to cloud computing, the following are the current trends of digital transformation that SMBs can adopt in 2023 to stay ahead of the game.
1. Low-Code/No-Code Technology
Most SMBs refrain from adopting new technology due to financial constraints or needing more skilled resources. But with low-code/no-code platforms, small and medium businesses can keep up with the times and deliver customer experiences on par with large corporations.
As the name implies, low-code/no-code platforms allow businesses to create applications quickly, with little to no coding, and at a lower cost. These platforms provide a visual interface of many prebuilt, reusable components and connectors. With low-code and no-code platforms, SMBs have the power to innovate on their own or engage a skilled development team. SMBs can leverage platforms such as Joget, Microsoft PowerApps, or Mendix to build business tools, leverage technologies like AI, ML and even extend the capabilities of legacy applications.
According to Red Hat’s research advisory, low-code and no-code platforms can reduce custom application development time by 50% -90% compared to traditional application development. By embracing this future of digital transformation, SMBs can reduce time to market, improve workflows, build prototypes, and meet customer demands.
2. Everything as a Service (XaaS)
With the XaaS model, SMBs can purchase IT resources, such as software and storage infrastructures, on a pay-as-you-go basis. It is a cost-effective solution for SMBs as it allows companies to scale up or down their IT resources as per business demands without investing in hardware and software upfront. Some popular types of XaaS are Software as a Service (SaaS), Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Backup as a Service (BaaS). With XaaS, SMBs can get the business tools they need to work efficiently and focus on core business activities without being tied down to hardware or software investments and optimize IT costs.
3. Intelligent Search
Ineffective internal communication, search, and collaboration strategies can stifle innovation and creativity. When SMBs rely on various tools to complete their work, it can lead to information silos over time. Companies can overcome these challenges by unifying data from multiple tools, making it easy for employees and customers to search and access information quickly.
Artificial Intelligence (AI) search techniques like natural language search and cognitive search that understand the context and intent of a user’s query can help users retrieve information reducing chances of duplicating data in multiple systems. For instance, SMBs can leverage AI-powered chatbots and modern intranet platforms to aggregate information from various sources into a single searchable platform to eliminate silos. Overall, intelligent search helps organizations become more efficient, productive, and competitive by breaking down information silos and providing a centralized data repository.
According to a recent survey, 88% of SMBs say automation allows them to compete with larger businesses. Also, 65% of employees are less stressed because automation reduces the time they spend on mundane tasks. Automating monotonous tasks frees employees to focus on more creative and challenging work. By leveraging automation technologies like robotic process automation (RPA), SMBs can improve business efficiency. For instance, implementing RPA allowed a bank and an independent insurance agency to improve overall operations and to help them remain competitive.
5. Customer Data Platforms
Customer data platforms (CDP) combine data from various sources to create a unified view of customer information. It helps companies manage customer information, analyze trends, identify marketing opportunities, and create personalized customer experiences. As a result, small and medium businesses can make data-driven decisions by integrating data from disparate sources into a single location, improving overall customer experience.
The threat of cyber-attacks to small and medium-sized businesses (SMBs) is on the rise due to the increase in remote hybrid-work models and the increased use of cloud-based services. To protect against these cyber-attacks, SMBs can leverage technology-managed security services like IBM or Verizon to protect networks and data, and adopt trends like artificial intelligence, machine learning, and the Internet of Things (IoT). For example, SMBs can use artificial intelligence to analyze large amounts of data and identify patterns and anomalies that might indicate cyberattacks.
Another essential security measure for SMBs is multi-factor authentication (MFA). With MFA, users must provide multiple forms of identification before gaining access to an account, device, or system. Even if cyber criminals obtain login credentials through phishing or other means, this additional layer of security prevents them from access to business data.
7. Multi-Cloud Architecture
Multi-cloud architecture is a cloud computing strategy where a company chooses to use several different cloud providers instead of vendor lock-in with a single cloud service provider. For example, a company may choose Google cloud for storage, Microsoft Azure for computing power, and another for hosting their website. In 2023, SMBs can leverage the growing trend towards multi-cloud adoption. SMBs can compare prices and choose the most cost-effective option for each service they need, leading to cost savings. At Eleviant we assisted CellGate, a leading manufacturer of remote gate access control systems, take advantage of the offerings of both AWS and Microsoft Azure through a multi-cloud approach and gain a competitive edge. Additionally, spreading workloads across multiple providers reduces the risk of downtime and data loss, improving reliability.
Staying ahead of digital transformation trends requires a comprehensive approach that goes beyond simply addressing immediate business needs. With a knowledgeable digital transformation partner by your side, you can integrate solutions that drive transformation across the entire organization and set the stage for future success.