Your Technology Goals are Greatly Influenced by CFO and Consumer Optimism
Did your technology goals take a backseat to everything else in 2020? You’re not alone!
However, according to Dresner Advisory Services, Inc., a well-known business intelligence and performance management advisor, nearly 90% of businesses reported that their budgets were downsized by Covid-19. Likewise, strategic IT spending budgets were also derailed. Consequently, this led to IT budget reallocated from strategic initiatives towards equipment purchases for teleworkers, home internet services, and new cybersecurity threats.
Technology Goals Lost in 2020
Interestingly, by January 2020, most small- and medium-sized businesses (SMBs) had recognized technology as a strategic business investment tool. Clearly, it leads to better customer service, more efficient operations, strategic marketing differentiation, improved human resources, and enhanced communication. For this reason, many companies had intended to invest heavily in data analytics to understand where improvements were needed. Unfortunately, these initiatives were abandoned as a result of the Covid-19 pandemic.
Consumer Confidence Towards 2021
Most interesting, 61% of Americans are looking forward to 2021 and 73% of Financial Chiefs are forecasting faster growth in 2021. Indeed, many are looking forward to life returning to normal after vaccines are rolled out in the first quarter. As a result, we can expect to see more consumer spending, increased employment, and investors purchasing more stocks. Undoubtedly, the first SMBs to see an uptick in revenue includes those who sell to consumers, manufacturers of consumer products, government, education, or enterprise companies. Afterwards, we can expect a chain reaction for everyone who provides services to those companies.
Amazon Example of Humble Beginning and Growth Through Technology
SMB IT spending continues to grow as technology takes a bigger role in every facet of life and business. Indeed, if you want to differentiate your company from your competitors, technology helps you get there. As an example, Amazon’s ability to meet their client needs is unprecedented. Interestingly, they started off in Jeff Bezos garage and rose to a net worth of $1.7 billion. Now, in just a little over 26 years they have the most robust website, and are able to meet the clients’ needs in record time.
“What we need to do is always lean into the future; when the world changes around you and when it changes against you – what used to be a tail wind is now a head wind – you have to lean into that and figure out what to do because complaining isn’t a strategy.”
– Jeff Bezos
Time to think about your 2021 Information Technology Goals. There is no question Amazon did a great job of using technology to differentiate themselves from their competition. This includes everything from Ad/Marketing Software, Analytics, Infrastructure Hosting, Customer Relations Software, Data Security/Compliance, Asset Tracking/Management, Payment/Procurement/POS Processing, Transportation/Fleet Management, etc.
Here are some of the ways Amazon differentiates itself:
- Robust Website – Amazon’s website is far superior to other retails. Subsequently, they have the widest selection of products, let you know of newer versions, and verified purchased product reviews. In addition, customers know the estimated delivery time and the ability to track the package.
- On-Demand Product Availability – provides e-reader (Kindle), audio (audible), paperback, hardcover, Amazon Music, and Prime Video. (Books and Video previews are available before purchase.)
- Quick & Easy Ordering – allows you to use credit cards, membership rewards points, and financing.
- Monthly Subscriptions – you can get Kindle Unlimited, Audible, and many groceries/frequently replaced household items.
- 1-2 Day Shipping – Amazon has set up warehouses across the nation for quick delivery which allows them to meet 1-2-day Prime delivery and Sunday delivery.
The question is: how can you differentiate your Atlanta GA company to stand out among the competition?
What Are Your SMB 2021 Technology Goals?
Clearly, 2021 is all about comebacks! Therefore, you need to determine if you wait it out to see what happens, or a strike while the competition is down.
Obviously, SMBs do not have the deep financial pockets like Amazon to do every they want to do. Although, neither did Jeff Bezos when he started his business in his garage. So, where do you start as an SMB? What is the most important information technology strategy to help you meet your goals? Clearly, the only way to truly understand this is with the help of a Chief Information Officer (CIO).
A CIO is a strategic information technology partner to the C-suite executives. They not only develop a strategic vision for the business, but they also articulate how IT can enable your current and future goals. Indeed, they can create a digital economy roadmap that articulates how you can use existing and emerging technologies to transform your company into a highly competitive organization.
INSI’s Solution to Planning Your 2021 Technology Goals
If you choose INSI’s CIO-IT Services, we will assign an experienced senior engineer with an executive management background to your account. Subsequently, the hands-on engineering experience is extremely important when they consider adding new technologies.
Generally speaking, this individual will work with your C-suite team to develop a strategic information technology roadmap to help you meet your business goals. Further, they will provide technology advice and guidance as your goals adapt and change.
Fortunately, our CIO-IT services are not a long-term commitment. In fact, our clients can get this service on a monthly basis until they have the plans they need or have reached their goals. INSI is an Atlanta-based IT support provider. We have CIO services that can help you determine the best information technology for your company. Contact INSI to reach the best MSP in Atlanta: 770-387-2424, option 2.
About the Author
Deborah Frazier is the author of IT Outsourcing Secrets – A Small Business Guide to Compare IT Support Companies. With nearly 20-years’ experience consulting small and medium-sized businesses on their IT support needs, she brings a wealth of knowledge to INSI as Head of Marketing and Sales. If you like this article and would like to get notified when a new article is posted, click here.
