Is it time to invest in new technology with the start of a new fiscal year?

As another fiscal year draws to a close, you feel rushed. It is a time for reflection, introspection and making plans for the coming year.

You have a lot on your mind, especially with an event as intensive and demanding as EOFY. In these circumstances, software and solutions for small businesses can be very valuable.

A survey of 1,000 Australian small and medium-sized businesses reveals the issues business owners want to prioritize, including reducing compliance costs and supporting digitization.

However, when the books close, many business owners may wonder which digital assets are a must-have or what amount to set aside for assets or what automation technologies to invest in to make their lives easier.

According to the survey, 66 percent consider lowering the compliance costs of running a business their top business-related issue, while 48 percent would vote for a government that would provide greater support to improve digital capabilities and business skills to “future-proof” their business. company.

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David Marsh, Principal Industry Consultant at Endava Australia, believes that not every company needs the same technology solution. Therefore, business owners need to examine their existing assets to see what is no longer fit for purpose and find something that can expand with the growth of their business.

“I wouldn’t say there’s a must-have digital asset, but there are certainly higher expectations about what a seamless consumer experience means in the new fiscal year.

“No one can really put a dollar amount on what it takes to accelerate a business, because every business is different. However, an important part of modernization investment is managing your technical debt – you don’t want your technology to be a becomes an unworkable anchor that costs more than the growth it delivers.”

“Automated reconciliation catches the eye – If a business owner can perfect this part of their process, it will reduce friction and provide an improved customer experience. While automated reconciliation tools have been available for several years, the industry-wide PayTo initiative appears to provide additional benefits and rich data without the challenges associated with legacy solutions such as Off System BSBs. The new capability will be a breakthrough for many companies.”

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Paul Lancaster, Director of Pre Sales Engineering at Commvault, believes that when it comes to adopting today’s consumption models and cloud technologies, companies should strive to be at the forefront.

“In the new fiscal year, businesses must fully understand the value and inherent operational simplicity that as-a-service models can provide to improve their IT environments. In this case.”

“As Software-as-a-Service (SaaS) gains popularity during COVID lockdowns, SaaS has become particularly valuable for trusted organizations working together to secure their data. To maintain a competitive advantage, both enterprises and individuals need to advance and leverage data protection in today’s digital landscape.

“This is critical because when enterprises invest in a good SaaS-based data protection model, it will ensure the company a strong security position along with longevity, durability and profitability for its performance.”

“In the meantime, businesses also need to familiarize themselves with new data requirements as they roll out, including who is affected, what is expected, and whether your business is currently compliant with this standard or if changes are needed to excel in this modern age. ”

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Given the current business climate, all executives would be wise to take a fresh look at their organizations. But it all starts with a straightforward, new approach to how you do business. SMEs and their executives would do well to get started right now, given the current environment of economic recovery and opportunity.

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