Inefficient business solutions and services hurt an organization in many ways than decision-makers and managers think. They lead to various negative results, including retarded growth and inflated costs, among other setbacks that hinder a company’s ability to achieve its goals. In fact, did you know that inefficient processes can cost a firm between 20% and 30% of its annual revenue?
Well, modern business solutions are made to streamline various business processes. Companies are investing in modern business solutions (MBS) to enhance and perfect their business processes. These solutions are capable of tracking, controlling and managing complex business operations effectively than humans.
Despite having numerous benefits, modern business solutions have their challenges. To find out whether these emerging solutions are worth investing in, read through this article to the end. So, let’s start by defining what they are, shall we?
What are modern business solutions?
Information Technology (IT) is currently at the backbone of almost all sectors of the economy. However, not all businesses major in IT-related work. Despite this factor, they still need to implement technological solutions to match the changing business needs.
That’s where companies dealing with modern business solutions come in. A company can outsource digital solutions from vendors who are experts in that industry. Therefore, emerging business solutions are the technological systems integrated into an organization to enhance efficiency in service delivery and streamline business processes.
Who uses modern business solutions?
Perhaps you’re asking yourself who can use modern business solutions. Wonder no more because we got a perfect answer to your question. Any business regardless of its size can adopt a modern business solution.
However, these solutions come at a cost. Therefore, there is a need to assess the company’s needs before selecting the best solution for your business. Always ensure that your business needs align with the services offered by the modern business solution of your choice.
For instance, you cannot buy a payroll management solution when your organization needs project management software. To get a guide on what modern business solutions to adopt in your business, check out the ‘Things to consider when acquiring an MBS solution’ section.
What are the benefits of adopting modern business solutions?
Modern business solutions play an integral role in an organization. Here are some benefits associated with emerging business solutions:
1. Process automation
Modern-day business solutions are empowered with sophisticated technologies that facilitate the automation of business processes. For instance, Enterprise Resource Planning (ERP) software helps in streamlining customer experience through automation. As a result, it saves the time needed to perform tasks manually while ensuring consistency in business services.
2. Real-time access to data
Gone are the days when businesses had to wait for months to get the desired data. It is no longer feasible because of the rapidly changing business environment. Modern business solutions offer real-time data that businesses can use to make informed decisions regarding current trends.
3. Secure data
Data security is becoming a major issue of concern in the modern era. With more businesses moving online, modern business solutions vendors ensure a secure transition of corporate data from traditional storage media to digital platforms. Securing data benefits both the customer and the organization at large.
The case is so because losing sensitive business data can be costly. Customers will no longer trust the brand, and also malicious attackers can use such information to do serial damage. For example, they can steal the payment details of top leaders to authorize falsified payments.
4. Maximizes IT infrastructure reliability
Modern business solutions increase the availability and reliability of the company’s IT infrastructure. The case is so because vendors who provide these solutions are experts in what they do. Also, they allow the company to focus on their line of business as the vendor takes care of the IT solutions, thus, increasing productivity.
Now that you’ve learned about the benefits of modern business solutions, it’s time to check their negative side.
The challenges associated with modern business solutions
Vendors struggle with various issues when developing and implementing emerging business solutions. Here are some challenges associated with implementing modern business solutions:
1. Modern security business solutions data breach.
Modern business solutions are vulnerable to security breaches. Such breaches can be costly to the organization as they expose sensitive data to unauthorized personnel. A single modern business solutions breach can result in the theft of hundreds of thousands or even millions of business records.
If such breaches occur, the organization loses in multiple ways. One is that customers lose their trust in the brand. Secondly, intruders with malicious intentions can use that data to perform further damages like accessing customers’ bank accounts.
2. Low network connectivity.
Many organizations undervalue the importance of proper network connectivity. On the other hand, modern business solutions data dump large amounts of information from one platform to another. Therefore, they need proper connectivity to function effectively.
As a result, vendors spend a lot of time transferring data from one point to another. That said, there exists a need to integrate good network connectivity to facilitate faster data dumping.
3. Lack of adequate computing power
Organizations handle terabytes of data. As a result, there exists a need for high-performance computing devices to process such amounts of data. Besides, automation and virtualization are all essential in handling such data.
All these processes are tech-centered. As a result, they increase the vulnerability of modern business solutions to data breaches. Modern business solutions breach data in various ways, such as social engineering attacks, malware, insider threats, user error, and improper configuration.
Things to consider before selecting a modern business solution
Before deciding which solution to adopt in your business, here are some quick tips to consider:
- The modern business solution’s maintenance costs. Watch out for the solutions upkeep costs to avoid losses or negative return on investment.
- Scalability. Will the software scale up in case the business grows?
- Its ability to recover from an unanticipated disaster. The shorter the recovery period, the better.
- Data security. The last thing you would wish to experience is losing your data through a modern business solutions data breach. Always go for solutions that guarantee data security, preferably renowned vendors.
- Support and training. Go for solutions that offer training and technical support during the implementation and transition stages. This will help your IT staff in mastering how to effectively integrate and use it, avoiding potentially costly errors.
- Compatibility. Is the business solution compatible with your current software and hardware infrastructure? If yes, the better.
Frequently asked questions about modern business solutions
1. How did modern business solutions get my info?
Perhaps you might be wondering how a single modern business solutions data breach can expose over 50 million records? Well, these solutions collect numerous data from users through the cookies and user actions. For instance, if you sign up for a modern business solution, it collects your personal and device data.
That’s how easy these solutions can collect such amounts of data.
2. How to sue modern business solutions?
Did you know that you can sue a modern business solutions vendor? Yes, if they breach the contract agreement, you can take them to court. Here are a few steps to get you started:
- Find substantive evidence that proves the contract breach.
- Determine who you should sue. Is it the vendor or a specific individual?
- Determine the ideal jurisdiction.
- Craft your demand letter that will be submitted to the law court and the defendant, outlining your case and its related financial damages.
- Fill in the court forms and sign up with the court.
- After receiving your court hearing date, serve the evidence and documents to the case’s defendant.
- Now you’re ready for the case hearing.
What companies are associated with modern business solutions?
Companies of all sizes can work with modern business solutions. There are tech vendors who serve large corporations while others serve medium-sized and small-scale companies. It all depends on your call.
How was my data on modern business solutions?
Your data can get to modern business solutions in various ways. The first way is whereby you provide the data yourself. Secondly, the company you signed up for or transacted with might have terms that allow them to share your data with third parties, especially for marketing purposes.
That way, the company can avail your data on mobile business solutions.
How to get money from modern business solutions?
Wondering how you can make money with these solutions? Well, you can become a vendor and start developing and implementing your solutions or advertise them on the behalf of the vendor.
How can I see accounts I had associated with modern business solutions?
To determine what accounts you have that are associated with modern business solutions, always consider checking your mail. Also, take a look at the terms and conditions of various companies that deal with MBS’s. You’ll get to know who has access to what type of your data.
Modern business solutions are worth investing in despite the challenges associated with them. The case is so because they streamline business operations, improving the overall process efficiency and effectiveness. Besides, they are a game-changer, opening businesses to new opportunities.
Failure to integrate these solutions can result in business failure. This is because the business no longer stays relevant since it is stuck on traditional solutions. So, if you’re considering adopting a modern business management solution, just go for it as long as it suits your business requirements, and the vendor has a good reputation.