How can small businesses better leverage technology?

Protecting your enterprise goes far beyond obtaining the appropriate business insurance and guarding against physical and cyber damages. Leaders also need to think about ways to stay competitive far into the future, adjusting their operations and strategic plans to meet evolving challenges and opportunities.

In Australia, small businesses might be falling behind a little when it comes to leveraging technology to their advantage. However, that's no reason to feel discouraged. Instead, it's a fantastic opportunity for organisations to explore tools and techniques that can set them apart from the competition and help them advance.

Technology: Untapped potential for small businesses

According to a recent report by PricewaterhouseCoopers (PwC), which Google commissioned, small businesses in Australia could be missing out on $49.2 billion in 'untapped economic potential' over the course of the next decade.

Over half of this value would come to fruition in rural and regional Australia with the right business strategies. In particular, the study focussed on utilising mobile and internet technologies to shape and advance business operations.

PwC also pointed out four specific ways that technology has great potential to add value for enterprises, improving:

• Sales and distribution channels
• Customer services
• Supply chains
• Business strategy and management

In addition to providing strategic insights that organisations can then apply to drive better business decisions, technology can prove valuable as a component of risk management, making it easier and less expensive to launch new ideas and products, for instance. Enterprises might also be able to use new tools to assess their business risks.

Preparing for the future

PwC isn't the only entity drawing attention to the increasingly central role technology has - and will continue to have - in the success of leading firms.

Mobile Payments Today explained that new data from 451 Research demonstrated the growing prominence of mobile payment systems (mPOS) around the world, and especially in the Asia-Pacific region. The research firm predicted the number of devices in use will increase 400 per cent by 2019, reaching 54 million globally.

Tablet POS systems allow clerks to help people check out virtually anywhere.

The point is not only to adapt to consumer preferences and to provide greater convenience to smartphone users, for instance, but to be able to capture additional sales by accepting non-cash payments at trade shows, other non-traditional retail spaces or before they change their minds in the store, Mobile Payments Today explained.

According to the source, 451 Research senior analyst Jordan McKee said this trend would be particularly significant for small and mid-sized enterprises, which may find leading tablet-based solutions particularly appealing.

From POS to web presence

In addition to this type of technology, simply establishing a strong business website could be a fruitful effort. Lifehacker noted that only about 50 per cent of Australian small businesses have their own site, often feeling like they lack the time or expertise to set one up.

An online presence can help consumers discover your company.

However, it could be well worth the investment, and websites aren't nearly as complicated to build as they once were. Lifehacker also suggested getting started with an online presence through social media - an affordable way to connect with your customer base without devoting a tonne of time and energy to it. PwC's research explained that high levels of digital engagement, such as pursuing search engine optimisation and marketing on more than one digital platform, could increase their annual revenue by as much as 20 per cent.

No matter which technological strategies you choose for your company, it's important to weigh up the pros and cons, consider the possible drawbacks and how they fit into your risk management strategy, and make sure your business insurance policy covers any additional assets.