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Posted: July 24, 2013

Top five tech trends for business

What capital expenditures have you been putting off?

Brad Bayless

With the dog days of summer in full swing, it’s the perfect time to take inventory of your business needs for the remainder of the year. We know many companies have been getting by the past few years with their existing IT systems and equipment to avoid overleveraging themselves as the economy faltered.

Many business owners have put off making important capital expenditures, but the tide may be changing. Even communications giant, Verizon, recently announced that it expects to increase its capital expenditures this year from its previous estimate of $16.2 billion to something between $16.4 billion and $16.6 billion.

With the business climate in Colorado on the upswing and rates still relatively low, now may be the time to look at refinancing your current technology investment and upgrading to a next generation platform that could truly enhance your company’s productivity, efficiency and security.

According to the 2013 Equipment Leasing & Finance Association Software Guide, the following are the top tech acquisitions, upgrades or trends for this year.
1. Software
Software companies report business is on the rise. Companies who have put off updating their IT platforms and making critical software enhancements may find that this the ideal time to invest in overdue upgrades.

2. New Business Intelligence Tools & CRM Solutions
Implementing automated workflow systems and more streamlined processes through new technology will allow for more accurate reporting, data collection and improved customer tracking.

3. Self-service Platforms
Some companies today are looking at how investing in new self-service technology can help reduce staff and other overhead costs and put certain businesses processes in the hands of customers, vendors and partners.

4. Cloud Computing
Cloud computing is certainly the new model for many companies who want solutions that are cost-effective, flexible and easy to expand. With cloud computing, users can access data from anywhere without the hassle of maintaining, hosting or supporting servers and software in house.

5. Lease Accounting Changes
The Financial Accounting Standards Board and the International Accounting Standards Board rule changes are expected to take effect in 2017 and this may affect current and future equipment leases.  Now is a good time to evaluate your current IT system, especially old platforms that are difficult to change, and discuss your options with a commercial finance partner.
Let us know where you plan to invest your IT and equipment dollars this year.
 

Brad Bayless is Vice President of Dynamic Funding, Inc.  He has more than 20 years of experience in the commercial finance industry and is a former small business owner.  Contact Brad at 303.754.2007 or bayless@dynamicfundinginc.com.

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