Today’s small and medium-sized businesses (SMBs) need more than just determination to succeed in a cutthroat environment. They also need strategic tech adoption. Remember: not all technological advancements are worth the investment, and many businesses have fallen victim to impulsive tech decisions, leading to minimal returns or even significant losses.
As 2024 comes to an end, it’s a perfect opportunity to reflect on the technology investments that made waves this year and brought tangible returns to businesses.
Top-performing 2024 technology investments that delivered real results
This year, we’ve seen clear-cut examples of technologies that lived up to the hype, making 2024 a standout year for impactful IT investments.
Generative artificial intelligence (AI)
Once a novelty, generative AI has now become an indispensable component of contemporary business operations. Tools such as ChatGPT and DALL-E 2 have empowered businesses to rethink their processes and unlock new creative possibilities.
SMBs now use AI to automate repetitive tasks, from generating marketing copy to creating product prototypes. Creative industries, in particular, leverage these tools to revise designs and prototypes, while customer service departments deploy AI chatbots to provide instant, human-like support. The result? Faster time-to-market for products, reduced workload on teams, and significant cost savings.
Zero trust security frameworks
In a year characterized by increasingly complex cyberthreats, businesses that embraced a zero trust security model reaped substantial benefits. By implementing strict access controls and continuously validating users, devices, and applications before granting access, businesses significantly enhanced their security posture while meeting regulatory compliance requirements.
In general, organizations that adopt zero trust frameworks significantly reduce their chances of being victims of costly breaches, making the investment highly worthwhile, especially considering a breach in 2024 costs CAD 6.91 million (USD 4.88 million) on average. For industries handling sensitive data, such as healthcare, finance, and legal services, this investment also paid dividends in protecting reputations and bottom lines.
Unified communication and collaboration tools
Hybrid work continues to be the new normal in 2024, and businesses that invested in unified communications and collaboration tools for their hybrid teams reaped the rewards of improved teamwork and efficiency. Platforms such as Microsoft Teams, Zoom, and Slack continued to serve as the foundation for seamless communication, whether teams were in the office, at home, or on the go.
The best tools went beyond video conferencing and messaging; they integrated with other business software to streamline workflows. For instance, project management tools are integrated directly into communication platforms, enabling teams to collaborate without switching between apps. Businesses that invested in these technologies were able to maintain high employee engagement and productivity despite working in a dynamic environment.
Hybrid cloud solutions
In 2024, businesses that leveraged hybrid cloud solutions benefited in multiple ways. They were able to host mission-critical applications on private infrastructure while offloading less critical, high-resource-consumption workloads to the public cloud. This approach ensured data security and optimized performance while keeping operational costs in check.
Additionally, the hybrid cloud’s ability to support remote and hybrid work environments made it a go-to solution for businesses striving to maintain continuity and productivity amidst changing workplace demands.
Read also: 7 Must-have cloud services to take your SMB to new heights
Investing wisely: Lessons from 2024’s success stories
If there’s one takeaway from 2024, it’s that strategic tech investments deliver long-term value when they align with business goals. The key isn’t to chase the latest trends or jump on every hyped technology, but to focus on solutions that address real-world challenges and offer measurable returns specific to your business.
At XBASE Technologies, we help businesses identify and implement the right technologies to drive growth, improve security, and enhance efficiency. Whether it’s adopting the latest in AI, building a secure hybrid cloud environment, or improving your IT operations, our team of experts ensures your investments are strategic and impactful.
Ready to make technology work for you? Sign up with XBASE Technologies today and position your business for future success.