# The Growing Impact of Technology on SMBs in 2019
In today’s business landscape, the availability and affordability of advanced technology are empowering small- and medium-sized businesses (SMBs) to make significant strides in competing against their larger counterparts. With the cloud revolutionizing the accessibility and cost-effectiveness of enterprise planning tools, SMBs can now automate their business processes and save valuable time on tasks like invoice management. As we look ahead to 2019, we will explore three major technology trends that will shape the future of SMBs.
## 1. Incorporating AI and ML for Enhanced Services and Solutions
One of the most significant advantages of SMBs is their size and flexibility, allowing them to adapt and implement cutting-edge technology, such as artificial intelligence (AI) and machine learning (ML), at a faster pace than larger companies. By embracing AI and ML, SMBs can effortlessly scale without the need for extensive resources or additional headcount.
Conversational interfaces powered by AI and ML are becoming increasingly popular among SMBs. By leveraging chatbots, small businesses can provide round-the-clock customer assistance while keeping costs down. For example, chatbots can be trained to read and analyze documents, such as Soda PDF files, to answer common questions and improve overall efficiency. Additionally, AI and ML can help SMBs detect anomalies in financial data, such as fraudulent or duplicate payments, ensuring accurate and efficient cash flow management.
## 2. Harnessing the Power of Professional Networks for Growth
In today’s interconnected world, technology allows SMBs from various industries and geographies to connect and collaborate more effectively. In 2019, we anticipate SMBs taking this a step further by creating communities that harness the collective knowledge and insights previously exclusive to larger corporations.
Through these newfound business relationships, SMBs will have access to best practices for common business needs, including marketing, customer lifecycle management, manufacturing, and finance. Furthermore, SMBs can pool their resources to purchase and share physical equipment like vehicles, specialty printers, and presentation tools, effectively reducing capital expenditures and sharing maintenance costs.
By pooling industry-specific data and closely collaborating, innovation will flourish within SMBs. This combination of technical solutions and practical applications will set them on a path for unparalleled growth and success. Small businesses will also use their close-knit networks to give back to their surrounding communities and organizations.
## 3. Embracing Diversity in Business Ownership
As our society becomes increasingly diverse, the American workplace is also experiencing a shift. In 2019, we anticipate a rise in women, minority, and millennial business ownership within the SMB sector. With technology acting as an equalizer, SMBs can tap into the power of their diverse communities, promoting inclusivity and innovation.
Through bourgeoning community networks, SMBs will bring together individuals from different backgrounds, fostering diverse viewpoints, open discussions, and constructive debates. As a result, SMBs will break barriers and create greater opportunities for underrepresented groups.
### Conclusion
As we embark on a new year, SMBs are poised to make significant strides with the help of technological advancements. AI and ML will enable SMBs to create more efficient business processes, while the power of professional networks will provide access to valuable knowledge and resources. Additionally, the rising diversity in business ownership will contribute to the overall growth and success of SMBs.
By embracing these technology trends and leveraging their inherent agility, SMBs will continue to flourish and surpass their larger counterparts. With a focus on innovation, creativity, and inclusivity, 2019 is undoubtedly set to be a marquee year for SMBs.
*Authored by: Christal Bemont, SVP & GM of the Small, Midsize and Nationals business unit at SAP Concur. Visit her [LinkedIn profile](https://nam05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fchristalbemont%2F&data=02%7C01%7CCaroline.McMeekin%40edelman.com%7Cc2b18d54a7b4410b1bdb08d6a73b7fb4%7Cb824bfb3918e43c2bb1cdcc1ba40a82b%7C0%7C0%7C636880271320574545&sdata=AOzbf8Ctjb%2FBhB3KYL9J%2FhDl8mebVTnoUgeGz4cm8yE%3D&reserved=0) for more information.*
—
