How many startup businesses will make it in the long-run? Financial advisers have some bad news; the odds aren’t good. Only 20% of new businesses will last more than 18 months, Forbes reports. The rest will fail. Investing in few, key technologies, however, can vastly improve small, startup businesses’ likelihood of success. What are these essential technologies?
Product Lifecycle Management Solutions
One of the biggest mistakes new businesses make is paying for things they don’t need. Most startup businesses have tight budgets as-is. Don’t make it worse. Invest in product lifecycle management solutions, such as product lifecycle management software and similar PLM tools, to carefully assess the value of products and services every step along the way. These tools enable business owners to carefully monitor products’ value at all stages — from introduction and beyond. If a product or service is no longer profitable, the software will help them determine that. Business owners can make appropriate adjustments before losing large amounts of money.
Cost-Effective Cloud Computing Software
Hosting server space is expensive. Cloud computing solutions offer an inexpensive and practical alternative. “Data space can be a huge issue for small businesses. But you don’t need to purchase [an] expensive kit to get around this. Many small businesses are opting to outsource data storage,” The Telegraph writes. Cloud computing also allows employees to log on from different devices, making practical business interactions and business trips easier.
Trustworthy Security Software and Backup Systems
Finally, a reliable security software — including critical backup systems — are necessary for businesses’ success. Encrypt as much data as possible. A security breach (or even lost data) can set back companies significantly. Experts also recommends reinforcing security programs with internet security training. Teach employees how to recognize phishing scams and viruses to keep company data safe.
Don’t let your business falter. Save your business with important, core technologies. Invest in PLM solutions, cost-effective cloud computing software, and necessary security mechanisms to keep your business profitable. For more about this, go here: www.integware.com