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Techaisle Blog

Insightful research, flexible data, and deep analysis by a global SMB IT Market Research and Industry Analyst organization dedicated to tracking the Future of SMBs and Channels.

Techaisle study reveals that the Cloud is closing the gap between strategy and execution for SMBs and Midmarket firms

In a genuine sense, the discussion of “the cloud” is similar in scope to the discussion of “IT.” In both cases, use is a given, but the scope and impact of that use are critical to the operational effectiveness and competitiveness.

In today’s world, there is little distinction between “business infrastructure” and “digital business infrastructure;” in recent SMB survey research, Techaisle found that executives from nearly all upper midmarket firms (1000-4999 employees) agree that we have reached a “post-digital” state where all business strategy discussions include digital considerations.

Cloud is the linchpin for these strategies. A Techaisle survey of more than 2,000 firms, segmented into small business (1-99 employees), core midmarket (100-999), and upper midmarket (1000-4999), found that across this broad spectrum, SMBs universally see cloud as a way to reduce IT and operational costs, increase operational agility, and support improved business processes that drive increased efficiency and profitability.

Cloud in an SMB Business Context

For more than a decade, the cloud has been touted as a means of enabling SMBs to capture IT benefits that were previously the sole province of large enterprises: the ability to achieve both IT cost-efficiency and the competitive edge arising from ubiquitous automation that accelerates processes and unlocks the potential of new relationships, offerings, and markets. Today, SMBs and midmarket firms are seeking a zero-friction future: a state in which businesses can seamlessly deploy and integrate capabilities across multiple business areas, creating fluid systems linking core functions to new approaches to engagement, insight, and innovation.

Since 2014, the path forward has proved to be more fractious than the vision. In most SMBs, the cloud itself advanced in fits and starts, with early attempts at hosted private cloud and use of public cloud to support business-critical workloads snagging on unclear platform standards, a lack of experienced talent, economic worries, and a delivery horizon which remained stubbornly beyond practical experience. But in time, knowledge and improved technologies have addressed the rough edges.

Cloud is increasingly able to deliver real benefits to SMBs: it is both a priority and a current reality, providing business infrastructure that connects strategy and execution, responding to changing business requirements, changing customer and supplier expectations, volatile competitive pressures, and new opportunities for automation of both systems and system-dependent processes and workflows.

Six truths about cloud in the SMB

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Zoho Books: Comprehensive Cloud Accounting Solution for Small and Midmarket Businesses

Spreadsheets and ledgers are essential tools for managing finances during the early stages of a business. However, as businesses grow and the number of customers and vendors they interact with increases, even basic tasks like tracking money coming in and going out can become tedious and time-consuming. Recording and analyzing financial data becomes more complex, requiring more than just sorting through spreadsheets and paperwork. This is where accounting software comes in handy. Instead of relying on manual processes, businesses can automate many tasks and streamline their operations.

One such cloud accounting platform is Zoho Books, which offers comprehensive features designed to simplify accounting processes and improve financial management. Zoho Books makes managing finances easy with intuitive invoicing, expense tracking, and bank reconciliation interfaces. It also automates tasks like creating recurring invoices, sending payment reminders, categorizing expenses, reducing errors, and ensuring timely transactions.

Since its launch in 2011, Zoho Books has become one of the top five products in the Zoho suite and has established itself as a significant player in the accounting software market.

zoho books logo

Zoho Books’ Competitive Edge

Zoho Books is known for its user-friendly design, featuring an intuitive interface that is accessible to both accounting professionals and business owners with limited financial knowledge. This allows users of all backgrounds and experience levels to manage their finances efficiently.

In addition to its user-friendly design, Zoho Books has a global focus, offering over 14 customized versions for different countries and an international edition. This enables businesses to effectively manage their financial operations while adapting to the unique characteristics of their local market.

Customization is another critical benefit of Zoho Books. Recognizing that every business has unique needs, the platform allows users to tailor their workflows, reports, and templates to fit their specific requirements. This enhances the user experience, improves efficiency, and streamlines business processes.

Zoho Books also offers value through its cost-effectiveness, with free plans for businesses with annual revenue of less than US$50,000 and six competitive pricing plans, making it an attractive solution for businesses of all sizes.

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Techaisle survey shows The Rise of Generative-AI in SMBs and Midmarket Firms

According to recent survey data from Techaisle, the use of Generative-AI is rapidly increasing within SMBs and midmarket firms. The survey found that AI has become a priority for 53% of small businesses, up from 41% in April 2023. Among core-midmarket firms, 87% prioritize AI, up from 75% in April 2023. Similarly, 89% of upper-midmarket firms prioritize AI, compared to 87% in April 2023. Overall, 60% of SMBs and 84% of midmarket firms are either using or planning to use Generative-AI within the next six months.

The survey also found that between 40% and 45% of midmarket firms have developers and architects specializing in AI/ML, DevOps, hybrid cloud, and app modernization. Additionally, between 35% and 45% of these firms plan to increase their investments in Edge computing, Containers, Open-source technologies, app development, and analytics. Most notably, 72% of midmarket firms are increasing their in-house hiring for Generative-AI.

techaisle generative ai

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The Cost of Cybersecurity Breaches for SMBs and Midmarket Firms is huge

A global research study of 6,240 SMBs and midmarket firms found that IT security is a top priority for these organizations. 85% of SMBs and 100% of midmarket firms ranked IT security as a top priority, and 61% of these firms are increasing their IT security spending by more than 8%, a higher percentage than overall IT spending. The study also revealed that 56% of SMBs and 88% of upper midmarket firms experienced at least one cyberattack in the past year. As a result, preventing cyberattacks is a priority for 64% of firms.

According to the Techaisle survey, cybersecurity breaches can be costly for SMBs (1-999 employees), with an average loss of US$1.2 million in data, productivity, compliance and regulatory expenses, and staffing costs. Upper-midmarket firms (1000-4999 employees) suffer even more significant losses, with an average cost of US$28.6 million per breach.

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