Leaders of companies across industries read every day about the importance and benefits of digital transformation, managing technical debt and keeping up with the latest technology tools and trends (especially those focused on cybersecurity). While that’s undoubtedly sound advice, leaders of smaller companies may believe they don’t have the budget for a large-scale overhaul of their tech systems and that piecemeal updates and upgrades will make no real difference.
However, there are focused technology projects that can achieve significant “bang for the buck,” as well as compelling reasons for leaders to make room in the budget to pay for technology investments that provide a real, near-term ROI and more secure systems. Below, 20 members of Forbes Technology Council share affordable technology upgrades that can lead to a big boost in productivity and/or security—and ultimately pay for themselves to boot.
1. Upgrade Hardware And Software Independently
Modernizing legacy technology can drive substantial ROI in under a year, and there are several ways to reduce costs in the process. For example, when facing a combination of both legacy hardware and software, businesses can prioritize upgrading the hardware independently while emulating the software in the new system (for example, migrating to a Linux-based OS from proprietary systems). – Naveen Zutshi, Databricks
2. Integrate An API Management Platform
Integrating an API management platform can significantly boost productivity for small businesses by connecting old and new applications seamlessly, facilitating data exchange and automation without the need for a complete system overhaul. It enables efficient workflows, reduces manual data entry and can provide a cost-effective way to modernize operations and enhance overall business agility. – Sunil Sankaramanchi, Wenable Inc.
Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?
3. Convert To SaaS Applications
The easiest opportunity for small businesses to cost-effectively upgrade their tech systems is to replace legacy technical systems with software as a service applications. Converting to new applications is never easy, but these services offer a reduction in investment with easier switching costs. – Michael Adler, N-able
4. Leverage No-Code Tools
For small businesses with limited budgets, the most impactful upgrade is adopting no-code tools, which enable teams to customize technology to fit existing workflows with limited budgets. Teams can automate processes and streamline operations, ultimately supporting productivity and growth. However, before implementing any changes, it’s crucial to keep an open mind about adopting new technology. – Samson Aligba, Deposits Inc.
5. Ensure Existing Systems Are Optimally Configured
The simplest option is ensuring the legacy system is optimally configured for every function providing inputs, utilizing the system and consuming the outputs. We’ve had a number of clients who were absolutely convinced their only path forward was an upgrade, only to learn that their existing system was more than capable of handling their requirements in the near-term with optimized configuration. – Jacques Jean, TechFides LLC
6. Pay Attention To IT Maintenance
Organizations often overlook IT maintenance, risking unsupported systems and endangering business continuity. Timely action is crucial for smaller organizations to manage budget constraints and security risks and adapt to changing needs. Thorough risk analysis, building expertise and the establishment of an efficient maintenance roadmap within budget are key to avoiding costly breakdowns and ensuring long-term success. – Geetha Kommepalli, Skillsoft
7. Adopt Cloud-Based Collaboration And Productivity Tools
One affordable change that can significantly boost productivity for small businesses is the adoption of cloud-based SaaS collaboration and productivity tools. Tools such as Slack, Jira and Google Drive enable small businesses to leverage the scalability, flexibility and cost-effectiveness of the cloud to enhance productivity without the need for substantial upfront investment in hardware or software overhauls. – Rich Vibert, Metomic
8. Utilize Low-Code And AI-Assisted Development Tools
Utilizing low-code platforms and AI-assisted software development tools can be a highly cost-effective method for automating time-consuming, repetitive tasks. This approach offers reduced development effort, a faster time to market and no upfront costs. For any SMB, it could serve as an excellent alternative to expensive off-the-shelf solutions. – Dimitar Dimitrov, Accedia
9. Guard The Option Of Moving Between Vendors
Look for modular service providers. Technology is advancing at an incredible speed, and it is important to retain the option of moving between vendors. This is particularly true in the age of artificial intelligence; the definition of SaaS models will quickly change, driven by generative AI’s ability to create bespoke and adaptive workflows. – Francisco (Tony) Navarro, Red Ventures
10. Integrate Generative AI Into Your Operations
Small businesses can significantly boost productivity by integrating generative AI into their operations. AI-driven automation, especially when focused on customer service and data analysis, frees up valuable time for strategic work, enhancing efficiency and scalability. This affordable upgrade offers a competitive edge by optimizing resources and preparing for future growth. – Umashankar Shivanand, SleepScore Labs
11. Explore Automation Options
Implementing automation tools is an affordable upgrade that can significantly boost productivity for smaller businesses with budget constraints. Automation streamlines tasks, saving time and reducing errors. From email to workflow automation, these tools optimize processes without extensive financial investment, allowing businesses to focus on growth efficiently. – Ashok Manoharan, FocusLabs
12. Start With A Thorough Review Of Business Processes
The best way to support productivity is to first truly understand your business processes. Once you have a clear understanding of your processes, it should be quite easy to identify which of them are the most costly and ineffective. With this knowledge, you can then look at specific point solutions to optimize a given business process. – Henry Patishman, Regula
13. Switch To More Affordable Devices
Gone are the days when you needed computers with a lot of local disk space. SSD drives are more popular nowadays because of their speed, but they can also be expensive. With all apps being on the cloud, you only need a ChromeOS device to get online and do your job. These devices are more secure, cost a lot less than regular PCs, and get the job done efficiently. – Prasad Ramakrishnan, Freshworks
14. Move To SharePoint
We find the biggest bang for the buck for small businesses is to get rid of file servers and move to SharePoint. In most cases, businesses are already paying for the cost of SharePoint as part of their Microsoft365 licenses, but they are not using it. Moving to SharePoint creates a big boost in productivity through concurrent collaboration, better search, faster access and more. – Brendan Howe, Techify
15. Focus On Regular Software Updates And Cloud Migration
To affordably upgrade legacy systems, smaller businesses should focus on regular software updates and cloud migration. This strategy prevents security risks from outdated technologies and reduces costs. By adapting existing code to newer versions and leveraging cloud efficiency, businesses can enhance productivity without starting over, ensuring a smoother, more cost-effective improvement process. – Sebastian Avila, Novatech
16. Implement Robust Endpoint Protection
In situations where smaller businesses may not have the budget for a complete overhaul of their legacy tech systems, focusing on implementing robust endpoint protection can make a significant difference in supporting productivity and enhancing security. Investing in endpoint protection solutions, such as endpoint detection and response tools, can provide essential defense against cyberthreats. – Michelle Drolet, Towerwall, Inc.
17. Outsource Needed Tech Expertise
The war for the tech talent needed to drive digital transformation is difficult for smaller businesses to navigate due to the high costs and competition from larger companies. Therefore, outsourcing expertise via specialized managed service providers is an essential—and cost-effective—outlet for smaller businesses wishing to access local support and navigate skills gaps in their organizations. – Sander Barens, Expereo
18. Plug In Best-In-Breed Microservices
Companies of all sizes gain agility and productivity by incorporating best-in-breed microservices that plug into legacy technologies. It allows them to add new capabilities without added IT costs and maintenance. It also offers them greater flexibility in the future, because microservices can be easily scaled up or down or even switched out as needs change. – Alfred Kahn, OvationCXM
19. Find Areas For Consolidation
The simplest answer is to find areas for consolidation. While you might not be able to overhaul an entire legacy system, perhaps reevaluating supporting technologies will allow you to consolidate other previously scattered systems. Having fewer systems yields better, more accurate data and allows for faster decision-making. – Jonathan Cardella, Ventive, LLC
20. Implement MFA
With the current state of security, I recommend adopting multifactor authentication. Legacy technology is a target for ransomware and other security threats, so if you cannot afford to change those systems, spend some money on protecting them. Implementing MFA is an affordable way to do so. – Caroline McCaffery, ClearOPS
