Luke Downing, President of Mode5 in Norfolk, spoke at Prosper Insurance’s headquarters on October 9th as part of Hampton Roads Chamber’s Educational Series. He discussed the future of technology for small businesses and how they can use technology as a strategic advantage.
One main trend is security threats to your business. Almost 50% of small businesses have experienced a cyber attack. There are several things your business can do to be prepared and reduce the risk of an attack. Properly training your staff, invest in advanced firewalls, and invest in other security authentication services are just a few.
Being compliant with new regulations and laws is another trend. Some examples of what your company should be familiar with is HIPAA, NIST, PCI, and GDPR. GDPR or General Data Protection Regulation law is a data compliance law that shifts ownership of customer data from organization to the individual. This is currently in the European Union, but will most likely some version of this will be coming to the United States. Meeting these compliance requirements allows business to improve security and attract clients that they may not otherwise be able to.
Downing also discussed Cloud, application, and sales and marketing trends. Cloud services is another trend that is being adopted by more small businesses. Cloud services are flexible and allow you to access your apps and document from anywhere. Downing also discussed how the integration of software applications is driving ROI for many small businesses and how sales and marketing technologies have evolved and improved. Some companies are taking advantage of artificial intelligence as well. AI will be a big driver of growth in the years to come.
“Businesses who leverage technology are more competitive and achieve a better bottom line.” Downing said.