Economic and political disruption has created widespread uncertainty in recent years, as accountants and businesses have weathered financial crises, rising prices and slow growth. This disruption has recently been exacerbated by the UK’s impending exit from the EU amid the lack of clarity about the terms on which Brexit will take place.
But, not all disruption has stemmed from political and economic events. Technology is rapidly changing the way in which businesses operate and prepare for challenges ahead. Enabling businesses to approach the future with flexibility and agility, technology presents a viable solution for successfully navigating uncertain terrain.
Yet, to fully take advantage of what technology has to offer, SMEs face important investment decisions. Choosing the right software for a business is paramount, with many factors to consider.
New technology to support growth
New technology solutions for SMEs are characterised by flexibility and customisation, with systems helping to drive growth by supporting a company’s strategic priorities. So, how can SMEs leverage advancements in the digital age? These are the key features of software designed to support SME businesses.
- Modular solutions
With fully flexible systems, SMEs only need to purchase the features they need, rather than having to take multiple functions as a pre-packaged bundle. This makes it cost-efficient and ensures that SMEs receive a solution that is tailored to their own business operations.
- Flexible ownership
Businesses have the flexibility to choose whether to buy the software outright, or pay a monthly fee to use it. They can also opt for on-premises installation, or use the cloud. This choice enables SMEs to choose the right technology approach that aligns with their wider business objectives.
- Open architecture
It’s easy for SMEs to add features in response to evolving business needs as the company grows. This results in increased efficiency and profitability.
- Operational flexibility
SMEs can leverage solutions that not only take care of common business functions, but also address other areas, such as the supply chain, or equipment management. New solutions ensure that communication between all these functions is coordinated and successful.
Competitive edge in the digital age
By implementing new business management solutions, SMEs can drive ahead of the competition, ensuring that they remain agile, flexible and prepared for future obstacles. As a result, SMEs can improve business efficiency, with technology helping them to achieve company growth ambitions in the digital age.
To discover more about how flexible technology can help businesses stay one step ahead, download this white paper by Pegasus Software.