Technology has grown at a substantial rate over the past decade, placing increasing pressure onto tech companies to keep up. For larger businesses with healthy profits, keeping up with the latest tech is a lot easier than it is for smaller companies with limited budgets.
However, despite the challenges small and medium sized US tech companies face, there are things which can help break down the barriers and help them not only keep up with, but also stay ahead of the competition. Here, we’ll look at what successful US tech companies are doing to stay ahead of the game.
Knowing when to invest in new tech
The main skill successful US tech companies have developed is intuition. They know exactly when to invest in new tech in order to take full advantage of it. So, when is the right time? Well, ideally you’ll want to wait at least nine months before investing in new technology. This gives you an opportunity to see how it works for other companies, and it also helps bring down the cost too.
“Not every piece of new tech is worth investing in so you also need to be smart about the technology you do buy.”
Carrying out regular audits
Think an audit is purely beneficial for accountancy? Think again! The rate in which technology has grown has led to an explosion of electronic data and tools which need to be controlled. In terms of information technology, an audit helps both with a company’s finances and it protects the integrity of information.
If you’re hoping to attract investors for example, you’re going to need to prove your finances are stable. An in-house audit isn’t always enough to keep potential investors happy. While most businesses don’t want to think about the possibility, there have been cases where employees have faked an audit in order to commit fraud. So, having an audit carried out by a professional company, is recommended.
Perhaps more importantly, audits can help with cyber security. Technology businesses are at an increased chance of being subject to a cyber-attack. So, it’s vital any new piece of tech they develop is 100% secure. An audit can determine whether there are any potential weaknesses in a system or software application.
Another vital benefit of an audit, is that it can help with product security. As your tech company delivers new innovative products, you need to ensure they’re stable and reliable. An audit can help to evaluate encryption, monitor login processes and ensure any regulations are complied with.
Overall, it can feel like a full-time job trying to ensure your tech company is keeping up to date with constant new developments. However, there are ways to make it easier. The above are just a couple of things you can incorporate into your business to ensure you’re not only keeping up with the latest technology, but you’re providing reliable, secure and effective solutions.