Tech-smart on a budget: how family businesses can keep pace without falling behind

SMEs can integrate AI without overspending on fashionable tools, while strong cybersecurity does not have to be expensive

Neglecting cybersecurity basics – around multifactor authentication and access permissions, for example – can be extremely costly. Photograph: iStock

Digitalisation, AI adoption and strong cybersecurity are essential for almost every modern business, but they are expensive. How can small to medium sized family businesses keep pace with technology advances without breaking the bank?

For the traditional Irish family business, the “digital revolution” often feels like a storm gathering on the horizon, impressive to look at but potentially devastating if you aren’t prepared, says David Broderick, director of the Small Firms Association. “However, the narrative is shifting away from the turbulent tides of fear to the tranquil climate of opportunity.