1. The customer is (still) always right
Customers expect businesses to adapt to their needs and provide seamless, on-demand experiences. 86% of business owners reported that their success is likely to be affected by:
- Meeting customer demands for customized products and services
- Fulfilling customer expectations at any time, from any location
- Ensuring their offerings are suitable for multiple generations of customers
2. There’s a data knowledge gap
It’s no secret that smart use of data holds the key to unlocking new business opportunities. But even though business owners know this, and they’ve implemented the technology into their operations, they’re not all aware of the risks.
- 80% of business owners see the cloud as critical to success, and 70% say it has the greatest implementation in their companies compared to other data-focused technology.
- 76% feel AI is crucial technology. However, full implementation is only at 21%, which leaves ample room for opportunity.
This knowledge gap presents a significant risk, as businesses try to keep up with technologies they don’t fully understand. If this leads to problems such as vulnerable data storage, businesses may find themselves exposed to cyber attacks and more.
3. Skilled employees demand flexibility
84% of business owners recognize a workforce with new technological capabilities and skills as essential to future success, making it the highest priority in terms of staffing. However, attracting these employees and catering to different generational groups within a varied workforce can present significant challenges.
While the workforce has already shifted expectations to demand a new level of flexibility, including remote work options, businesses revealed that providing flexible work solutions is one of their greatest challenges (32%) — but also one of their top-two priorities.
However, there are risks that come with this approach, particularly since businesses end up with less control over when, where and how their workforces are operating.
4. Fewer barriers means more collaboration
Not every small or mid-sized business has its sights set on conquering the world, but all of them can benefit from collaboration.
No matter whether that’s with a partner from a neighboring city or the other side of the world, 72% of business owners consider collaboration with large commercial and social platforms a key driver of future success, particularly in relation to data and technology.
At the same time, it’s one of their greatest challenges (44%). And introducing data and technology into existing relationships can lead to vulnerabilities and digital security risks, creating a need for comprehensive coverage.
How to help your clients
With the right strategies and resources, you're in the perfect position to help your small and mid-sized business clients navigate the challenges of growing and protecting their digital business. With Chubb on your side, you can:
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