For decades, small business owners lacked the overarching cybersecurity and data management tools enjoyed by their enterprise-level peers. Advances in technology continue to address and close that gap. Here are three trends that can help your business manage its finances, as well as its customer and employee data, in a secure and cost-effective environment.
Virtual Private Networks
The onus on businesses to protect client data is shifting. Consumers are now taking proactive measures to secure and protect their own data. Virtual networks allow users to access multiple applications within their own secure environment. Businesses are fostering this cost-effective approach by creating apps that directly cater to users’ needs. Rather than sharing information on websites and open networks, consumers can rely on full-service apps to transfer money to peers, complete loan applications and perform other sensitive matters within the privacy of their own networks.
Small businesses fall into a category described by James Hodge of Splunk as being in the dark when it comes to data. According to Hodge, 63-percent of organizations have vast amounts of dark data. It’s there. It’s captured. But no one accesses it or knows how to use it. Advances in edge computing, where collected data stays on the edge of the network, can help shed a light on data. With greater access to data, small businesses don’t need to invest in cumbersome databases. Instead, they can actually make data-driven decisions that will save funds and grow their business.
Edge computing is also helpful from a security standpoint, as well. In an edge computing scenario, data is collected and accessed in real-time, which places data in a more secure setting than when it is stored in data pools and databases.
Flexible Payment Methods
Small businesses can expect to make use of the payment options that are available to consumers. Peer-to-peer payments can be used for B2B transactions all within a secure mobile banking system designed specifically for businesses. Apps like Tide are expected to proliferate, offering businesses a traditional form of banking coupled with greater security.
These are only a few of the tech trends that will affect businesses in the coming decade. Fortunately, many of these trends are designed for small business owners. Others can be adapted for start-ups and smaller organizations that are looking to scale.