How SMEs Can Build A Powerful Digital Toolkit

It has become part of modern business credo that to build a great company you have to use the right tech. The recent turbulent economy has done nothing to dispel that.

“Forward-looking businesses aren’t afraid of adopting new technologies,” notes HSBC UK’s Head of SME Business Banking, Tom Wood. “From our data, we can see that high growth-oriented companies see tech as a key tool to enable their growth.”

But with so much software available, how should you separate the signal from the noise? And what’s the smartest way to think about how your business approaches its tech?

Here, two experienced leaders each offer their highest-value tips…

Federico Charosky, Founder and CEO, Quorum Cyber

Federico Charosky is the founder and CEO of Quorum Cyber, which offers cybersecurity expertise to organisations across a wide variety of sectors. Charosky founded the business in Edinburgh in 2016, keen to address what he saw as an opaqueness that ran through the cybersecurity world. Quorum Cyber now helps defend more than 150 clients worldwide. Here’s his advice…

There’s a perennial debate in software procurement: should you opt for “best-in-suite” (a collection of tools serving multiple business functions) or “best-in-breed” (individual products serving specific niches)?

When it comes to cybersecurity, argues Charosky, the answer is clear. While there’s a tendency to pick a best-in-breed technology and then figure out how to integrate it into the rest of the ecosystem, this tactic can be inefficient and, worse still, ineffective. And he has put his money where his mouth is, opting for a suite ecosystem to protect Quorum Cyber itself. “We made a very early bet [on a major provider’s new security suite],” he says, “and thankfully, it has paid off.”

The benefit is that it can offer end-to-end protection without the risk of blind spots. “I’d rather have an ecosystem of things that are easily integrated, easily engineered, and talking to each other, so my overheads are much lower in having to figure all that out. And then I can actually get people to work on the outcome,” he says. “Good enough is good enough.”

Some businesses have put AI on their ‘wait and see’ list rather than investing now. Charosky believes that is a mistake. “I think it will be a force multiplier,” he says. “You might not have a fully defined business case for it today, but this could be the thing that will make the absolute difference tomorrow.”

Charosky says that when it comes to software, if there’s a relatively low cost in taking a punt on something that could be transformative, then it’s worth experimenting. He sees generative AI as one of those things. “My piece of wisdom is to take more calculated risks,” he says.

Not only are many off-the-shelf generative AI tools relatively affordable, but they don’t require network effects. That means forward-thinking employees can start deriving value from them even if the company as a whole hasn’t embraced them.

Ross Linnett, Founder of Recite Me

Ross Linnett founded Recite Me in Gateshead in 2009. Its software helps businesses make their websites more accessible to people with learning difficulties, disabilities, and visual impairments. Recite Me now employs over 100 people across the UK, United States and Australia, and its accessibility products are used by millions of people around the world. Here are his key insights…

When businesses start out, affordability is a priority. That can lead many to build their own tools. This could be as simple as using a spreadsheet for accounts, or, if a company has a large team of developers, quickly crafting a simple solution to address a specific task. At a certain point, however, it’s good to go for a professional option, and when you hit that point, don’t delay.

For example, at the outset, Recite Me worked with its own homegrown customer relationship management system. However, the company quickly needed more sophisticated features than this could provide, and the development time spent maintaining it became problematic. Linnett switched the company onto a popular business operations platform that bundled together marketing, sales, and customer service all in one place. This immediately improved workflow and decision making, more than making up for the cost.

As one might anticipate, the trade-off of implementing such a significant strategic change was that the switching process was not straightforward. So how best to smooth such transitions? Linnett pinpoints three strategies: “These include transparent communication regarding the system's benefits, comprehensive training programs to ensure employees feel comfortable using it, and soliciting feedback to address any concerns or challenges they may encounter.”

Process automation can save countless hours.

One option is to use low-code/no-code apps to string together individual tasks into more elaborate routines. If a customer fills out a web form, say, the system could automatically generate a contract for them to sign, put an alert out on internal communications and enter data into the CRM.

Another option is to use AI-driven tools that can take the pain out of tasks that once required a human. Recite Me has saved a great deal of time with AI transcription tools. Every meeting is recorded automatically in a popular transcription app. This creates a “single source of truth”, without anyone having to take minutes. If an employee wants to know why a decision was taken, or what next actions are required, it’s all documented for posterity.

“As an organisation grows, efficiency can be one attribute that is affected,” says Linnett. “Our approach empowers the team to share information, save time, streamline communications and—most importantly—conclude with actionable insight to continually drive forward.”

Whatever your approach, though, the benefit should be the same: freeing you up to focus on the strategic goals that will move the business forwards.

To discover further insights from HSBC UK’s most recent CAPEX report, click here.

For more insights and advice for small businesses, visit the SME Hub.