Tech FOMO?!

As a business owner you may feel like you are constantly racing to keep up with tech. It might be nice to know that you are not the only one! Did you know that businesses are actually spending more than ever before due to fear of missing out (FOMO)?

A recent report shows that a whopping 76% of businesses are bumping up their software budgets for next year. Many are planning to increase their spend by 5 to 15%! This is all because of FOMO. No business owner wants to feel like they are falling behind, especially if they see their competitors jumping on the next big thing. So, businesses are investing in the tools that they think will make them better, faster and more secure.

One of the things that is at the top of the investment list is Artificial Intelligence (AI). This is because AI is currently the hottest new technology. It is also a great productivity tool. AI is making it easier to get stuff done, whether that be crunching the numbers, using it as a personal assistant, improving customer service or even automating routine tasks. There is no denying that it is a great tool. On the flip side, however, AI doesn’t just work for businesses. It is also putting tricks up the sleeves of cyber criminals. This means that businesses also need to invest in better cyber security.

Another investment that a lot of business are making is training tools. With new software comes a learning curve. To be able to use your updated systems you need to learn how. Many businesses are investing in Learning Management Systems (LMS). This helps bring your team up to speed so that you can actually use your exciting new tech!

It has to be said that although you might want to buy all the new tools, keep up with your competitors, and even get ahead. Moving too fast and diving in head first can actually cause you more headaches. Landing you further behind than you already were. Make sure that you take the time to figure out what new tools, updates and systems will work best for your business and how these will fit in to your processes. Think about what your business really needs:

• Do you want to improve efficiency?
• Are you worries about how best to keep you data secure?
• Do you want to improve your teams communication and help them to work better together?

Whatever it is that you would like to improve make sure you take the time to choose tech that is in line with your goals. Even ask your staff what they think would be helpful.

FOMO is a horrible feeling to have but ensure you are thinking about what your business could make use of rather than letting FOMO control your decisions.

If you would like any help or advice on what tech will improve your business and keep you in the race, get in touch. We would love to help!