There is no doubt that modern technology has simplified business practices and made it easier to run a company in many areas but does it create it’s own threats to business? It is always going to be a double-edged sword, and there have inevitably been some threats which have arisen at the same time. As a business owner, it is your job to deal with this and make sure that you are putting up defences to make sure that you are best-placed to combat them. Here is a broad overview of some of the most common modern threats to business out there.
The Growth of Cyber Threats
Companies both large and small are at risk of being hacked these days, and cybercrime is becoming increasingly more sophisticated. In general, it is businesses which are failing to do the basics right which are most at-risk. Firewalls which aren’t properly updated, permitting fraudulent orders and money transfers, not backing up your data, not using federated authentication solutions – these are just some of the things that you need to make sure that you are dealing with properly.
The Rise of the Robots
Artificial intelligence has provided a wide range of opportunities to modern businesses and helped to make things more efficient in many ways. And this is putting a wide range of jobs at risk. It is often bigger firms which are at the front of the queue when it comes to making technological advances, which can leave smaller businesses floundering around and struggling to keep up with the pace of change.
Different Ways of Working
When you aren’t automating your business processes, you may well be struggling to come to terms with the different ways of working which people are demanding. So, before you invest in a large office space, it may be time to think twice. And if you are planning on employing freelancers and flexible workers, you need to make sure that you are keeping up with your taxation responsibilities. You may also find that employee loyalty is more difficult to inspire as people are no longer expecting ‘jobs for life’.
Digital Payments
Though cash and cheques haven’t disappeared quite yet, they are quickly being phased out in favour of digital payments. Companies which are slower to adapt could find themselves in difficulty over the next few years. This means both investing in the type of technology which is needed to manage these type of payments, as well as training staff and other personnel to deal with a digitised monetary economy. Managing your cashflow situation is not something which you can get wrong as this provides the lifeblood of your business.
Though technology has presented a host of opportunities for companies of all variety, it has also brought a number of threats to business and challenges. Making sure that you are well-placed to deal with them effectively should be one of your biggest responsibilities as a business owner, and it is a task which continues to change as technology advances.
