Top 6 tech trends for SMEs

Charlie Wood, CEO of Business Software company Wiise, has named his list of key technologies impacting SMES in 2024.

Generative artificial intelligence (GenAI) was the standout tech trend of 2023, with tools such as ChatGPT and Dall-E making
advanced AI available to everyone.

But will the hype settle in 2024, or will more capability be unlocked?

Here’s my glimpse into the six tech waves for 2024 – each promising to add a new rhythm to the heartbeat of modern business enterprises.

1. Supply chain enlightenment.

A robust, agile supply chain is critical for business success. Advanced ERP solutions based on AI and blockchain will help make complex networks much more transparent and resilient. Those who invest in technology that gives them transparency and
real-time data will best position themselves to survive future volatility and take advantage of opportunities.
 

2. Cloud confluence.

The cloud isn’t just a data haven, it’s the crucible where modern business strategies are forged. As trust in cloud technology grows, SMEs can leap towards streamlined operations and data-driven decisions. Gartner sees industry cloud platforms addressing industryrelevant outcomes by combining software, platform and infrastructureas-a-service with composable capabilities. This composability will give businesses the adaptability and agility to respond to disruption.
 

3. The pulse of precision.

Collecting data is easy, but storing, sorting and processing it remains challenging. Precision is needed for data to be useful, with real-time analytics and insightful data processing. Cloud-based solutions are ideal for businesses to manage it – providing
data privacy compliance, higher security, and centralising information so it’s accessible and can be used to generate insights.
 

4. Capital clarity.

Clarity over costs and financial forecasting remains a major headache. Managing cashflow is a top priority for business owners.
But to reach the next stage of growth, they need certainty and complete transparency in their operations. 2024 will see a surge in SMEs adopting ERP software that takes a much more holistic approach than a basic accounting package. Having real-time clarity around their financial position with accurate future projections will make it much easier to undergo digital transformation, plan expansion and access external investment.
 

5. Mobile momentum in warehousing.

Mobility is the lifeblood of modern warehousing and inventory operations. Warehouses play a critical role in a supply chain, bridging the gap between production and distribution. They’re essential to providing a good customer service. To ensure a seamless supply chain, warehouses need to be as efficient and agile as possible while also keeping a cap on costs. The way
to do this is with mobile tools, where key operational tasks can be executed with a tap, swipe, and scroll.
 

6. GenAI: the creative catalyst.

As GenAI’s potential unfolds, it’s poised to become the creative catalyst in the business arena. For SMEs, this means a universe where data doesn’t just inform but inspires, leading to innovative product designs, optimised operational models and personalised customer experiences. A capability previously only accessible to the big end of town is now in the hands of the smallest startup. As Gartner observes: “business users will have ubiquitous access to knowledge and technical skills that
wasn’t possible before, heralding a new wave of productivity.”