Small businesses turn to tech to tackle costs

Small business owners on computer. | Newsreel
Small business owners will increasingly turn to technology to battle rising costs in 2025. | Photo: Bartek Szewczyk (iStock)

Small business owners plan to turn to tech in 2025 to combat rising costs.

This year’s NAB Economics Business Insights survey found three quarters (76 percent) of Small and Medium Enterprises (SMEs) expected their cost of doing business to increase this year with many planning to invest more in new technology to meet these challenges.

NAB Group Executive Business and Private Banking Rachel Slade said 41 percent of business owners were planning to increase the adoption of new technology, while a third were planning to embed more artificial intelligence (AI) in their operations and strengthen cybersecurity protections.

“The pace of technology adoption is transforming the business landscape and business owners are keenly aware of its potential to help them grow, thrive and adapt,” Ms Slade said.

“Business owners clearly recognise the need to stay ahead of tech advancements, but they also realise that greater tech investment can help them better manage whatever challenges 2025 throws at them.”

Ms Slade said as the risk of cybersecurity threats and scams rose, businesses were recognising the investment needed to bolster protection, safeguard assets and maintain the trust of customers and suppliers.

She said artificial intelligence had the potential to be a game changer for businesses looking to eliminate time consuming manual processes, automate repetitive tasks and better manage inventory.