SME Digital World

Tag: Technology

The Evolution of Resource Management Software

Unlocking New Frontiers: The Evolution of Resource Management Software

In the ever-evolving landscape of business operations, the significance of effective resource management has never been more pronounced. In 2024, we witnessed a notable shift in the paradigm of resource management software, marked by the convergence of cutting-edge technologies and strategic business practices. Organizations are keenly observing the infusion of artificial intelligence and machine learning into resource management software for consulting companies, recognizing that these advancements are not merely enhancing software functionality but also revolutionizing the precision with which resources are managed and allocated.
This year’s trends underscore a more agile and informed approach, where data-driven insights play a pivotal role in shaping strategic decisions concerning human and material resources. With the rapid advancement of enterprise resource planning (ERP) technologies, businesses are empowered to anticipate changes and tailor their strategies for optimal operational efficiency. The growing emphasis on strategic business management within resource management software signifies a shift from tactical scheduling to a holistic planning process that aligns an organization’s resources with its long-term objectives.
Key Insights into the Evolving Landscape
1. Optimization through Advanced Technologies: Resource management efforts are being optimized through the integration of advanced technologies.
2. Data-Driven Decision-Making: Data-driven insights are fostering strategic decision-making processes.
3. Focus on Strategic Planning: There is a notable shift towards strategic planning within resource management trends.

Evolving Dynamics in Enterprise Resource Planning (ERP)
In 2024, the realm of Enterprise Resource Planning (ERP) is undergoing significant transformations, driven by digital transformation and the emergence of new technologies. Companies are increasingly leveraging artificial intelligence (AI), cloud computing, and data analytics to facilitate efficient, data-driven decision-making processes.
Advancements in AI and ML
Artificial Intelligence and Machine Learning are spearheading the evolution of ERP software, enabling predictive analytics and automation. These technologies enhance forecasting accuracy and streamline decision-making processes, with generative AI revolutionizing ERP capabilities across various tasks.
Cloud and Mobile ERP Solutions
The shift towards cloud-based and mobile ERP solutions is democratizing access to ERP systems, making them more adaptable and flexible. Cloud ERP offers scalability and cost-effectiveness, facilitating remote access, while mobile ERP enhances user experience by providing real-time access to ERP systems from anywhere.
Integration and Customization
Integration and customization are imperative for modern ERP systems, enabling seamless connections between different software systems. Application Programming Interfaces (APIs) play a crucial role in facilitating these integrations, enhancing overall efficiency and data consistency across business functions.
Industry-Specific ERP Development
ERP vendors are increasingly offering industry-specific solutions tailored to the unique needs of different sectors. These specialized systems incorporate industry best practices and regulatory requirements, empowering companies to leverage ERP more effectively.
Data Analytics and Real-Time Information
Real-time data and analytics are becoming indispensable for informed decision-making. ERP trends are leaning towards integrating robust data analytics and business intelligence tools, transforming vast amounts of data into actionable insights.
Strategic Business Management
Strategic business management takes center stage in the dynamic realm of resource management software, directly influencing competitive advantage and business continuity through advanced resource optimization strategies.
Resource Optimization and Efficiency
Efficiency remains paramount in resource management strategies, with tools focused on optimization leveraging forecasting algorithms to ensure effective asset utilization. These tools integrate supply chain management and marketing automation, streamlining operations end-to-end.
Tackling Modern Challenges
Resource management software now plays a pivotal role in addressing contemporary business challenges, offering resilience-focused features to navigate disruptions and maintain business continuity.
Future-Proofing through Scalability
Scalability is essential for the future of ERP systems, ensuring long-term sustainability amidst evolving market demands.
Human Capital and Talent Management
Effective talent management tools within resource management systems support HR departments in attracting and retaining top talent and aligning individual career goals with organizational objectives.

Conclusion

In 2024, resource management software is undergoing strategic shifts and technological integrations, empowering organizations to optimize resource allocation and forecasting. The infusion of Artificial Intelligence and Machine Learning into ERP systems is driving decision-making and operational management to new heights. The trend towards mobile ERP solutions reflects a broader drive toward dynamic, intelligent, and accessible resource management tools, catering to the evolving needs of modern workplaces.

Originally posted on: https://thebossmagazine.com/latest-trends-resource-management-software-2024/

April 19, 2024
Must have digital tools for SME

What digital tools should you have for your SME?

Digital tools play a crucial role in the operations and growth of SMEs. They contribute greatly to the overall output and also influence the outreach of SMEs. Hence, identifying the correct tools for your business is an important task. Here are some must-have digital tools tailored specifically for small and medium-sized enterprises:

Website Builder
Establishing an online presence is essential for SMEs. Website builders like Wix, Squarespace, or WordPress (with plugins like Elementor) allow businesses to create professional-looking websites without the need for coding skills.

E-commerce Platforms
For SMEs involved in online retail, e-commerce platforms such as Shopify, WooCommerce (for WordPress), or BigCommerce provide comprehensive solutions for building and managing online stores.

Digital Marketing Tools
Tools like Google Ads, Facebook Ads Manager, and LinkedIn Ads enable SMEs to run targeted advertising campaigns, reach their audience, and drive website traffic or conversions. Additionally, email marketing platforms like Mailchimp or ConvertKit help SMEs engage with their customers through email campaigns.

Social Media Management Tools
Social media plays a crucial role in SMEs’ marketing strategies. Tools like Hootsuite, Buffer, or Sprout Social help manage multiple social media accounts, schedule posts, track performance, and engage with followers effectively.

Accounting and Invoicing Software
Accounting and invoicing software streamlines financial management tasks such as invoicing, expense tracking, and tax preparation. Options like QuickBooks, Xero, or Wave offer user-friendly interfaces and robust features tailored for SMEs.

Project Management Platforms
Project management tools facilitate collaboration and task management among team members. Platforms like Trello, Asana, or ClickUp help SMEs organize projects, assign tasks, set deadlines, and track progress efficiently.

Customer Relationship Management (CRM) Software
CRM software centralizes customer data, streamlines sales processes, and enhances customer relationships. Options like HubSpot CRM, Zoho CRM, or Salesforce Essentials offer features for contact management, lead tracking, and sales pipeline management.

Online Collaboration Tools
With remote work becoming increasingly common, online collaboration tools like Google Workspace (formerly G Suite), Microsoft 365, or Slack enable SMEs to communicate, share files, and collaborate in real-time regardless of location.

Cloud Storage and File Sharing Services
Cloud storage platforms such as Google Drive, Dropbox, or OneDrive offer secure storage, easy file sharing, and collaboration features, making it convenient for SMEs to access and manage their files from anywhere.

Cybersecurity Solutions
Protecting digital assets and sensitive data is paramount for SMEs. Antivirus software, firewalls, and cybersecurity suites from reputable providers like Norton, Bitdefender, or McAfee help defend against cyber threats and keep SMEs’ digital environments secure.

By leveraging these digital tools effectively, SMEs can streamline operations, improve productivity, and position themselves for growth in today’s digital landscape.

Read more: https://www.smeinstitute.ca/best-digital-tools-to-level-up-your-business/

April 19, 2024
Bridging India’s Digital Frontier

Bridging India’s Digital Frontier: A Exploration of 5G and Fixed Wireless Access with Nitin Bansal, Head of Ericsson India

In an era where connectivity is paramount, India stands on the cusp of a digital revolution driven by the convergence of 5G and Fixed Wireless Access (FWA). As the nation marches towards a more connected future, the integration of these transformative technologies promises to unlock unparalleled innovation, inclusivity, and economic prosperity. In this exclusive news article, we take a deep dive into the dynamics of India’s digital landscape, with insights from Nitin Bansal, Head of Ericsson India and Head of Network Solutions for Southeast Asia, Oceania & India.
Chapter 1: The 5G Revolution in India
India’s journey into the realm of 5G has been nothing short of extraordinary. Within just 18 months, the nation has emerged as a global frontrunner in 5G proliferation, with services extending to 738 districts. This rapid deployment, propelled by Indian telcos’ efforts in deploying over 4.25 lakh Base Transceiver Stations (BTS), has positioned India among the top 15 markets globally for 5G media download speeds, as validated by Ookla. The Ericsson Mobility Report underscores India’s insatiable appetite for data, with smartphone users averaging 31GB per month by 2023. Projections indicate a surge in 5G subscriptions, expected to reach 68% within the next five years, with data traffic per smartphone projected to soar to 75GB per month by 2029.
Chapter 2: Unveiling the Promise of 5G Use Cases
Beyond its speed capabilities, 5G serves as a harbinger of economic revitalization, fostering innovation and growth through transformative use cases such as Enhanced Mobile Broadband (EMBB) and Fixed Wireless Access (FWA). These applications not only enhance consumers’ mobile data experiences but also pave the way for new industry paradigms. From AR VR shopping to cloud gaming and 360-degree live streaming, 5G unleashes a spectrum of possibilities, redefining consumer experiences and industry landscapes alike.
Chapter 3: Fixed Wireless Access: A Catalyst for Digital Inclusion
Fixed Wireless Access (FWA) emerges as a critical enabler in bridging the digital divide, delivering reliable, high-speed internet connectivity to underserved areas in a cost-effective manner. With India’s low fiber penetration, FWA presents a viable solution for extending broadband access to remote regions, eliminating the need for costly physical infrastructure. Ericsson’s FWA handbook 2024 Insights projects a significant uptick in FWA connections worldwide, with India witnessing a surge in FWA deployments by operators such as JioFiber and Airtel Xstream Fibre. Recent demonstrations showcasing peak speeds of 4.7Gbps on mmWave technology underscore FWA’s potential in expanding connectivity across India’s diverse landscape.
Chapter 4: FWA and ARPU Growth for Indian Telcos
Fixed Wireless Access (FWA) not only bridges connectivity gaps but also contributes to Average Revenue Per User (ARPU) growth for Indian operators. By extending broadband coverage to rural areas and offering bundled services, operators can enhance ARPU and drive revenue growth. Ericsson’s report, ‘Capturing the 5G FWA opportunity: A household view,’ highlights the increasing adoption of FWA as a full replacement for previous connectivity solutions, with households opting for FWA for its higher speed and reliability. This trend, coupled with the projected growth in fixed communication services revenue, underscores FWA’s potential as a revenue driver for operators in India.
Chapter 5: Global Perspectives on FWA Deployment
Governments worldwide are accelerating FWA deployment to foster economic growth and bridge connectivity divides. Norway’s District Development model incentivizes operators to provide high-speed connectivity to underserved areas, while Oman has witnessed a fourfold surge in FWA subscribers since 2020. FWA adoption is gaining momentum globally, with approximately 60% of Ericsson’s live 5G networks offering commercial FWA services. Speed-based tariff plans and gigabit-level speeds position FWA as a key revenue driver for service providers worldwide.
Chapter 6: Harnessing the Potential of E&V Bands in India
India’s fiber connectivity constraints can be addressed by leveraging the E&V bands (71-76 GHz and 81-86 GHz) to alleviate network congestion and enhance customer satisfaction. These bands offer high-speed data transmission capabilities, making them ideal for high-capacity backhaul and last-mile connectivity solutions. By harnessing the potential of the E&V bands, Indian telecom companies can efficiently expand their networks, catering to both urban and rural areas and bridging connectivity gaps across the country.
Chapter 7: Strategic Imperatives for Telcos in Spectrum Auctions
The upcoming spectrum auctions in June 2024 present telcos with an opportunity to bolster connectivity nationwide. With eight bands on offer, including 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz, 2500 MHz, 3300 MHz, and 26 GHz, telcos have a diverse range of frequencies to optimize their networks. These bands cater to different use cases, from providing widespread coverage in rural areas to supporting high-speed data services in urban regions. By acquiring spectrum across these bands, telcos can enhance network performance, and capacity, and meet the growing demands for connectivity and data services across India.

Conclusion: Paving the Path for India’s Connected Future
As India embarks on its digital journey, the convergence of 5G and Fixed Wireless Access (FWA) emerges as a linchpin for realizing the nation’s vision of a connected future. With unparalleled speed, reliability, and inclusivity, these transformative technologies hold the promise of unlocking new possibilities and driving socio-economic growth. By harnessing the power of 5G and FWA, India is poised to redefine telecommunications, paving the path for a brighter, more connected tomorrow.

Originally posted on: https://www.businesstoday.in/technology/news/story/bridging-indias-digital-horizon-a-deep-dive-into-5g-and-fixed-wireless-access-with-ericsson-india-head-nitin-bansal-425852-2024-04-17

April 18, 2024
HR Digital Transformation Through Online Payroll Solutions

How to Initiate HR Digital Transformation Through Online Payroll Solutions

As small and medium enterprises (SMEs) expand, managing payroll and financial operations can pose significant challenges. Embracing digitalization is crucial for ensuring resilience and efficiency amidst growth.
Across the globe, SMEs encounter common hurdles, with financial and cost management topping the list. SD Worx, a provider of HR software and services, underscores the importance of addressing these challenges, particularly as companies scale up.
Payroll management emerges as a critical concern as SMEs evolve and begin hiring employees. However, the complexity varies depending on factors such as geographical location and legislative requirements. For example, German organizations grapple with compliance issues due to intricate local regulations, while Dutch companies face hurdles in drafting employment contracts and navigating employment regulations.
Lorenzo Andolfi, an HR advisor at SD Worx, emphasizes the significance of expertise in payroll management, especially concerning compliance and data security. As SMEs reach around 150 employees, optimizing payroll processes becomes paramount, alongside workforce and talent management initiatives.

The Role of HR Digitalization
At the 100-employee mark, HR digitalization takes center stage, aiming to enhance operational efficiency and structure. This involves automating manual tasks and transitioning from basic technologies like spreadsheets to integrated systems with centralized databases.
Larger SMEs seek to consolidate disparate systems into unified HR and payroll platforms to streamline operations and reduce administrative burdens. The objectives include driving efficiency, and productivity, and fostering a positive employee experience to remain competitive.
Geographical Expansion and Regulatory Challenges
Beyond 50 employees, geographical expansion becomes a significant milestone for SMEs. However, navigating diverse legal and compliance frameworks across jurisdictions poses substantial challenges. Issues such as industrial relations, diversity initiatives, and compliance with regulations add complexity to expansion efforts.
Addressing the Expertise Gap
A prevalent challenge for SMEs lies in the lack of expertise, particularly in legal compliance and employment law. Many turn to financial advisors for support, leveraging existing relationships. Financial advisors often collaborate with external payroll and HR providers to address specific needs.
The Role of Payroll in Digital Transformation
Andolfi underscores payroll as the starting point for HR digital transformation, citing its foundational role and immediate impact on employee satisfaction and organizational trust. Cloud-based platforms offer advantages in scalability, flexibility, and integration, supporting international expansion efforts.
Maximizing Payroll Initiatives
Starting with payroll allows for easier automation of process-oriented activities, laying the groundwork for broader digitalization efforts. Careful selection of technology partners and consideration of cost concerns are vital for successful implementation.
Proactive Growth Strategies
Companies can proactively prepare for growth by choosing vendors equipped to support international expansion. SD Worx offers tailored payroll services packages, catering to evolving needs and promoting a unified approach across multiple countries.
Enhancing Employee Experience
Digitalization initiatives aim to enhance employee experience by offering benefits such as on-demand salary payments. Improving engagement and retention amid the ongoing talent war is a crucial aspect for SMEs.

Conclusion

As European SMEs navigate complex HR landscapes, digitalization emerges as a key strategy for managing people and payroll effectively. By embracing online payroll solutions and initiating HR digital transformation, businesses can streamline operations, gain insights, and drive growth in an increasingly competitive environment.

Originally posted on: https://www.raconteur.net/digital-transformation/how-to-kickstart-hr-digital-transformation-with-online-payroll

April 18, 2024
How essential is digitization
How essential is digitisation for MSMEs?
In today’s digital world, embracing digitisation is no longer optional for MSMEs (Micro, Small and Medium Enterprises). It’s a key driver for growth, efficiency, and staying competitive. Digitisation has been is specifically helping MSMEs improve customer management in many ways:

Enhanced Communication: Digital tools like social media platforms, messaging apps, and email marketing allow MSMEs to connect with customers more easily and quickly. This two-way communication fosters better relationships and faster resolution of issues.
Data-Driven Decisions: Digitisation facilitates the collection and analysis of customer data. This empowers MSMEs to understand customer behavior, preferences, and buying habits. Armed with these insights, MSMEs can personalize their offerings and marketing strategies, leading to higher customer satisfaction.
Improved Efficiency: Digitalisation streamlines processes like order tracking, invoicing, and customer service. Many MSMEs are adopting Customer Relationship Management (CRM) software to manage customer interactions and automate repetitive tasks. This frees up valuable time and resources to focus on delivering exceptional customer service.
Global Reach: Digital platforms like e-commerce marketplaces and social media enable MSMEs to reach a wider audience, even beyond geographical limitations. This expands their customer base and opens doors to new markets.
Personalized Experiences: By leveraging customer data, MSMEs can tailor their communication and offerings to individual customer needs. This could involve targeted promotions, loyalty programs, or personalized recommendations
Read more here: https://economictimes.indiatimes.com/small-biz/sme-sector/how-digitisation-is-helping-msmes-improve-customer-management/articleshow/109302551.cms
April 17, 2024
Is having an Accounting system just enough?

Is having an Accounting system just enough ?

While accounting software is essential for managing financial transactions and maintaining accurate records, there are certain scenarios within a company’s operations that cannot be fully addressed by accounting software alone. Here are a few examples:
Stock Accounting: Accounting software may track purchases and sales of inventory items, but it may not provide real-time updates on stock levels or accurately reflect changes in the value of inventory. Additionally, accounting software may not be equipped to handle complex stock management processes, such as tracking raw material purchases, managing stock levels in warehouses, or calculating the cost of goods sold accurately.
Manufacturing: Manufacturing processes involve various components, including raw materials, labor costs, and overhead expenses. Accounting software may not provide comprehensive tracking of manufacturing costs or offer real-time insights into production operations. Companies may require specialized manufacturing software or an integrated ERP system to effectively manage manufacturing processes and track costs.
Human Resource Management: While accounting software may handle payroll processing and basic HR functions, it may not fully address the complexities of human resource management. HR processes such as employee benefits administration, performance management, training, and development, may require specialized HR management software or an integrated ERP system that encompasses HR functionality.
Project Management: Accounting software may not offer robust project management capabilities, such as project planning, resource allocation, task tracking, and performance analysis. Companies engaged in project-based work may require dedicated project management software or an integrated ERP system with project management functionality to effectively manage projects and track project-related costs.

Overall, while accounting software is essential for managing financial transactions, companies often require more comprehensive solutions, such as Enterprise Resource Planning (ERP) software, to address the diverse needs of their business operations. ERP software integrates various business functions, including finance, manufacturing, human resources, and project management, into a single system, providing companies with a centralized platform to streamline operations, improve efficiency, and make informed business decisions.
Small and medium-sized enterprises often begin by addressing local needs but may struggle to grow effectively. Many are unfamiliar with ERP systems, which are crucial for structured growth. Proper data management is essential for growth, and implementing ERP software helps streamline business processes, including accounting, inventory, sales, and HR. ERP software provides SMEs with the tools they need to grow and thrive efficiently.
Cloud-based applications offer several advantages, including accessibility across different locations and devices. They eliminate the need for costly hardware infrastructure and the associated management expenses.
There’s a common misconception that ERPs are only for large-scale companies. While ERPs were initially designed for big enterprises, they’re beneficial for businesses of all sizes. Whether you’re a small shop or a large corporation, an ERP system can help integrate all your business processes and data into one unified platform. No business is too small for ERP software. Even small businesses can operate efficiently and benefit from enterprise-level solutions like ERPs to streamline their operations.
Ultimately, ERPs can help improve your throughput and grow your business. From receiving a potential job to shipping the final product, small manufacturers require a system that facilitates efficient and effective job management throughout their operations. ERPs serve as the ideal tool for this purpose, offering a fully integrated system to manage every aspect of your business seamlessly.

April 17, 2024
AMD Reveals New Series of AI-Enabled Semiconductors

AMD Reveals New Series of AI-Enabled Semiconductors for Business PCs

Advanced Micro Devices (AMD) has announced the launch of a new range of semiconductors designed for artificial intelligence (AI)-enabled business laptops and desktops. This move signifies the chip designer’s strategic expansion into the lucrative “AI PC” market.
According to a press release from AMD, these chips are slated to be integrated into platforms from HP and Lenovo, with availability expected in the second quarter of 2024.
AI-enabled PCs possess the capability to execute large-language models and applications powered by AI technology directly on the device, without relying on cloud computing. AMD’s latest offerings include the Ryzen PRO 8040 Series tailored for business laptops and mobile workstations, along with the AMD Ryzen PRO 8000 Series designed for desktop use by business professionals.
Following this announcement, AMD’s shares surged by more than 2% during early trading.
Industry experts anticipate a potential revival in the PC market driven by the introduction of AI-enabled PCs, as consumers seek to upgrade their systems with enhanced capabilities. The rise of generative AI technology has fueled a significant demand for advanced semiconductors capable of developing and executing complex AI programs.
In the competitive landscape of AI PCs, AMD faces formidable rivals such as Intel and Nvidia, renowned for its leadership in graphics processing units (GPUs). AMD had previously introduced the Ryzen 8000G Series of desktop chips in January, catering to the demanding workloads associated with AI-driven tasks.
Coinciding with AMD’s announcement, Nvidia unveiled its own lineup of AI PC chips, branded as the “GeForce RTX SUPER” desktop GPUs. The company disclosed partnerships with major manufacturers including Acer, ASUS, Dell Technologies, HP, Lenovo, and Samsung for the release of AI laptops featuring Nvidia’s technology.
Intel also made headlines in January, revealing its ambitious plan to ship approximately 40 million AI PCs in 2024 alone, underscoring the intense competition and high stakes in the rapidly evolving AI PC market.

Originally posted on: https://indianexpress.com/article/technology/artificial-intelligence/amd-introduces-ai-chips-for-business-laptops-and-desktops-9274733/

April 17, 2024
IMF Boosts India’s Growth Outlook

IMF boosts India’s growth projection to 6.8% in 2024

The International Monetary Fund (IMF) has upgraded its growth forecast for India, projecting a GDP growth rate of 6.8% for the current year, up from its previous estimate of 6.5% in January. This upward revision is attributed to bullish domestic demand conditions and the country’s expanding working-age population.
India maintains its position as the world’s fastest-growing economy, surpassing China’s growth projection of 4.6% for the same period.
According to the latest edition of the World Economic Outlook released by the IMF ahead of its annual spring meetings, India’s robust growth is expected to continue at 6.8% in 2024 and 6.5% in 2025. This resilience is driven by sustained domestic demand and a growing working-age population.
Meanwhile, growth in emerging and developing Asia is anticipated to moderate slightly, from an estimated 5.6% in 2023 to 5.2% in 2024 and 4.9% in 2025, reflecting a minor upward adjustment compared to the January 2024 update.
The IMF’s January update had initially projected a 6.5% growth rate for India in 2024. The current forecast for 2024 is revised upward by 0.1 percentage points from the January update and by 0.3 percentage points from the October 2023 report.
Pierre-Olivier Gourinchas, the IMF’s chief economist, emphasized the importance of policymakers focusing on measures to enhance economic resilience, such as strengthening government finances and revitalizing growth prospects. Despite global economic challenges, including supply chain disruptions and geopolitical tensions, Gourinchas noted that the global economy remains resilient, with steady growth and moderating inflation.
While the US economy has surpassed its pre-pandemic trend, Gourinchas highlighted potential challenges for low-income developing countries still grappling with the aftermath of the pandemic and rising costs of living. He also pointed out lingering effects on China’s economy due to the downturn in its property sector and emphasized the need to address domestic demand issues to avoid exacerbating trade tensions.

Originally posted on: https://indianexpress.com/article/business/economy/imf-india-growth-projection-2024-9274147/

April 17, 2024
How much should an SME spend on IT?

How much should an SME spend on IT?

It is no doubt essential for SMEs to keep a close eye on their budget to maintain financial stability and prepare for unforeseen circumstances. That being said, it is also beneficial to be aware of the constant tech advances happening around the world and keep up with these advances if you do not want to be left behind by the competition. So, the question arises: how does one determine IT expenditure?

There is no straightforward answer, as every business has its own needs and requirements, and your budget will depend on these requirements. No two companies, not even within the same industry, will spend the same amount of money on IT.
But one could get a clearer idea by looking at some case studies and observing how other companies of different budgets and scale, allocate their resources in the IT sector.

According to one study done by Deloitte on technology budgets, the average spending on IT across all industries was 3.28 percent. The average came from considering a wide range of industries, with the lowest spender being construction at less than 2 percent and the biggest spender being banking and securities at 7 percent.
Other studies that looked at the size of the business found that small and mid-sized businesses actually spent more on IT as a percentage of their revenue than large businesses. Small businesses spend around 6.9% of their revenue on information technology, while midsized businesses spend around 4.1% of their revenue on IT. For large companies, the percentage drops to 3.2%. The smaller percentage spent by larger companies is often the result of scale—they put so much money into IT that they get better rates, perform the work in-house, etc.
It’s essential to note that these benchmarks should be used as a starting point and that companies should consider the factors that are specific to their business when determining their IT budget.

Asking focused questions that help shed light on your true IT demands is a clearer approach to determine how much money should be spent on IT. These inquiries ought to cover the following:
What are you spending on IT right now?
Every business, no matter its size, needs an IT budget. To see how much you have been spending on IT, add up your expenditures on information technology over the past year.
What are your business goals?
Your IT investments should support you in achieving particular business goals. Your money would probably be better off being used for other aspects of your company or for other IT tools if it isn’t helping you meet your goals in a quantifiable way. A growing business will likely need to scale its IT infrastructure accordingly.
What is your risk tolerance?
Some businesses require more robust security measures than others. Consider how much you are willing to invest to mitigate potential security risks.
What are your current IT pain points?
Identify areas where your current technology is causing problems or inefficiencies. Addressing these issues can be a good use of IT funds.
What is your industry standard?
Further research on how much similar businesses in your industry typically spend on IT can be a helpful benchmark.
Can you leverage existing technology more effectively?
Before investing in new solutions, explore ways to get the most out of your current tools through training or optimization.

Answers to these questions will help you come to a clear conclusion about your spending habits in SMEs.

Studies mentioned in this article: https://www2.deloitte.com/us/en/insights/focus/cio-insider-business-insights/technology-investments-value-creation.html
https://www.techtarget.com/searchcio/

April 16, 2024
Google’s Stand Against California

Google’s Stand Against California Legislation Sparks Debate Over News Compensation

Google is taking action in response to proposed legislation in California, which would require big tech firms to compensate news outlets for their content. The tech giant announced on Friday, via a blog post, that it is removing links to California news websites as a “test” to assess the potential impact of the legislation on user experience. This move is expected to affect only a small percentage of California users.
The proposed legislation, known as the California Journalism Preservation Act, is yet to be heard by the state’s Senate Judiciary Committee. If passed, it would mandate digital platforms like Google and Meta to pay a “journalism usage fee” to eligible news outlets when their content is used alongside digital advertisements.
The bill has garnered attention amid concerns that news aggregation practices by tech companies may divert users away from news websites. Lawmakers and proponents argue that while tech giants benefit financially from sharing content from small and local news publishers, these publishers do not receive adequate compensation.
Responding to Google’s action, California State Senate President Pro-Tempore Mike McGuire criticized it as “bullying” and an “abuse of power,” emphasizing the importance of news in keeping the public informed, especially during emergencies.
Google has opposed similar legislation in other countries, including Canada and Australia. In these cases, the company threatened to remove links to news content from its platforms if the laws were enacted as proposed. However, Google eventually reached agreements with news publishers in both countries, avoiding the removal of links.
Critics argue that Google’s actions suppress access to critical information and underscore the need for legislation to ensure fair compensation for news content. However, Google maintains that the proposed legislation would create uncertainty for businesses and has raised concerns about its feasibility.
As discussions around the legislation continue, the implications for the future of news distribution and the relationship between tech companies and publishers remain at the forefront of the debate.

Originally posted on: https://www.wral.com/story/google-removes-links-to-california-news-sites-citing-proposed-state-law-requiring-payment-to-publishers/21380225/

April 16, 2024