Verizon Business report reveals tech investments propel SMBs towards greater efficiency and growth
A recent study by Verizon Business into the actions and attitudes of decision-makers at small and midsize businesses nationwide shows that SMBs are continuing to invest in technology to improve efficiency and better connect with customers.
Decision-makers view new technology adoption as key for achieving their goals, with survey respondents continually adding or upgrading their technologies. In fact, two of three businesses enhanced internet bandwidth and speeds.
'Small businesses need to stay nimble in today's fast-changing market and new tools allow SMBs to pivot quickly when customer needs shift or new opportunities emerge,' said Jorge Zapata, senior director of retail and SMB business sales at Verizon Business in South Florida.
The survey revealed that 70% of decision-makers said technology upgrades have led to cost savings, while 62% cited incremental revenue as a benefit.
'Using new tech is vital for small businesses to compete today because it can level the playing field with larger competitors and boost efficiency and value,' said Zapata. 'For businesses scaling fast or leveraging seasonal demand, embracing digital tools enables them to automate routine tasks, gain deeper customer insights through data analytics and create seamless experiences across all touchpoints.'
Efficiency and flexibility allow SMBs the ability to customize their tech
Businesses that added or upgraded point-of-service systems in the past year noted an increase in the speed and efficiency of payments, managing inventory and improving payment security. Most decision-makers (58%) reported they will evaluate or upgrade their payment processing systems within the next six months.
There has also been an increase in the number of retail, restaurant and food-and-beverage industries using 5G networks to support contactless payments. The most-used form of digital payment is PayPal, accepted by three in four SMBs, while over half accept payment from Google Wallet and Apple Wallet.
Due to the varying priorities in technology needs, SMBs do not have identical tech stacks, valuing flexibility in services like wireless business plans.
For example, MyBizPlan from Verizon Business allows SMB customers to create and customize their wireless business plans based on their needs. In addition to unlimited calling, data and texting, customers can choose from business add-ons like mobile security, 50-gigabyte hot spots and unlimited individual cloud storage.
'Unlike one-size-fits-all solutions, My Biz Plan allows businesses to customize connectivity services for their specific requirements, eliminating the waste of paying for unused features. The plan's predictable monthly costs improve budgeting accuracy, while its scalability means businesses can easily adjust services as they grow,' Zapata said. 'We're especially excited about the competitive international connectivity My Biz Plan brings to small businesses.'
Adopting AI to improve customer engagement, increase productivity and reduce cyberattacks
Four in 10 small and midsize businesses now use artificial intelligence (AI), according to the survey, often to increase engagement with customers. AI can provide around-the-clock access for routine service requests while freeing up team members to focus on more complex matters.
For example, Business Assistant from Verizon Business enables SMBs to engage with customers through text messages. The AI handles routine inquiries and can seamlessly transfer the conversation to a human representative when needed.
A comparison of Verizon Business' latest survey results with those from its 2024 survey showed that fewer decision-makers are concerned about integrating AI into their business or that leveraging it opens them up to cybersecurity risks.
While 55% believe leveraging Al tools opens their businesses to more cybersecurity risks, 25% are using it to prevent cybersecurity attacks. More than half (56%) believe that Al can increase productivity by helping their businesses offset impacts from reducing or freezing their headcount.
Providing tech solutions based on local needs
While improving efficiency, connecting with customers and strengthening cybersecurity are common priorities for SMBs nationwide, businesses may have different goals locally. Other reasons for technology upgrades include improving customer acquisition, driving employee retention and meeting demands created by new working models like hybrid and remote environments.
'Throughout South Florida, we're seeing a few key trends,' Zapata said. 'First, the major tourism industry requires enhanced connectivity, which increases the need for business continuity solutions due to seasonal weather challenges.
'Additionally, there's growth in hybrid retail models that blend physical and digital experiences for SMBs in major shopping areas.
'Verizon addresses these challenges by providing SMBs with storm-ready business continuity solutions. This includes backup internet options and specialized support for seasonal hospitality and tourism businesses that are adapting to digital customer expectations. In addition, flexible connectivity packages like My Biz Plan support seamless omnichannel retail experiences,' he said.
'We're also significantly expanding our 5G infrastructure throughout Miami-Dade, Broward and Palm Beach counties, enabling Florida SMBs to leverage cutting-edge technologies that enhance customer experiences and operational efficiency.'
Whatever the local trends may be, SMBs remain collectively optimistic. As the recent Verizon Business survey shows, most decision-makers have positive goals – and technology will be key to bringing them to fruition.
Empower your small business with Verizon Business. Discover solutions that enhance connectivity, security, and efficiency. Explore how our innovative tools can support your growth and streamline operations. Take the next step towards a more connected and secure future for your business.
Verizon Business provides solutions to help small businesses stay connected and secure. With a focus on reliable network services, cybersecurity, and innovative tools, Verizon Business supports growth and efficiency for companies of all sizes.
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