Main Street Success Depends on Tailor-Made Tech

Small businesses are always looking for ways to work faster, smarter and scale their business — all while contending with countless headwinds. Aside from what you might expect, such as operating in a competitive market and ensuring customer preferences are met, small businesses today are facing confusing tariff changes, supply chain disruptions, and rising costs that are minimizing margins and forcing owners to rethink operations. Many small business owners are finding a clear answer in using technology that’s built for their needs, not just adopting what the big players use.

Once restricted to enterprise-level businesses, small and medium-sized businesses (SMBs) from retail to manufacturing have rapidly adopted new cloud-based technologies to help them connect their business end-to-end and streamline operations. In fact, according to the U.S. Chamber of Commerce’s Technology Engagement Center, 81 percent of small businesses plan to increase their use of technology platforms in the coming years. These solutions have also allowed businesses to adopt next-generation technologies, such as artificial intelligence (AI) and machine learning (ML), in ways that are most suitable for their needs. From ML-driven inventory planning to AI-powered coding, SMBs are using these tools to drive innovation, efficiency and agility.

Choosing the Right Technology for You

A digital transformation isn't a one-size-fits-all approach. For SMBs, the best tools are those that are tailor made for smaller operations. And for those with physical inventory at the heart of their business, inventory management is critical. Tracking stock by hand can lead to mistakes, stockouts and lost sales. Frustrated customers and cash tied up in excess inventory are the last things that retailers need when they’re operating in a complex macroenvironment.

Modern inventory management solutions, especially those that allow you to integrate other applications — from your storefront to accounting — create a central source of truth for the business. Business owners can access real-time data across every sales channel and business function, giving them holistic insights that power overall efficiency and growth. AI-powered demand forecasting is as close as many business owners will get to having a crystal ball in their office, allowing them to better understand future demand for their products so that they can plan supply and produce to meet customer needs. By utilizing this technology, businesses reap a competitive advantage, practice better risk management, and often see more customer satisfaction and loyalty. Tech adoption for the win.

Preparing for Peak Holiday Sales Season and Beyond

While smarter, tech-powered inventory management is a necessity year-round, it’s crucial that businesses have the right tools in place to navigate peak seasonal sales. Take the holiday rush for example. A recent holiday insights report from Experian highlights the impact that shifting consumer behavior will have on businesses this year. Nearly half of consumers plan to start their holiday shopping before November, making the buying season more akin to a marathon than a sprint. Consumers are also tightening their purse strings, with only 22 percent saying that they’ll spend more on the holidays than in years past. So what does this mean for SMBs? The right amount of inventory is critical.

Main Street’s future depends on using the right technology. With inventory management solutions, SMBs can do more with less, stay flexible and hold their own against even the largest competitors, which can drop prices on a dime without taking a massive hit to their bottom line. As more small businesses turn to connected, cloud-based solutions that are enhanced by AI/ML, they’re better equipped to handle any market volatility today and in the future. Whatever lies ahead, SMBs can rely on smarter technology to help them maintain a profitable business and grow and scale when they’re ready.

Ben Hussey is the co-CEO of Katana Cloud Inventory, an inventory management platform that helps companies manage over $3 billion in sales annually.