The recent growth in the use of digital technology has brought sweeping changes in the business world. Many businesses born into this era have made it part and parcel of their product offering with much success – but this does not mean that every business that embraces technology is a tech business. On the contrary, technology is a useful tool that can help build and grow any business in the world of today.
SMEs are ideally suited to embrace new technologies. They are nimble and have less admin to contend with – which means they can jump on the innovation bandwagon rapidly. Adopting technology opens more avenues and opportunities for SMEs to reach new target markets, be relevant and stay competitive. SMEs can use technology to streamline and automate processes, like bookkeeping. HR, and cash processing, as a way to watch costs and stretch margins. And contrary to popular belief, implementing technology does not have to be an expensive cash outlay. Even the smallest steps like digitising your marketing, payment solutions or creating an e-commerce site can result in more customer convenience and greater market share for your business.
Digital transformation is an on-going process. Consumers expect it. Efficiency demands it. The advent of Covid-19 has pushed the consumer into a more digital space. Think about consumer behaviour such as buying, working, teaching, home schooling. Covid-19 has made consumers more digitally savvy than ever before. So, how do you gear up for digital transformation?
You have the bird’s eye view of your business goals. Start by finding out what technology will help get you there. The best way to assess what technology is best for your business is to limit yourself to a few technologies that you have seen work for your industry and give it a chance.
The sooner the better. Digital enablement is a path all SMEs must follow in order to keep up with consumers and competitors. With the globe endorsing a digital economy, enterprises in the coming years will integrate digitalisation in every aspect of their business. With cutting-edge emerging technologies including IoT, artificial intelligence, 5G, cloud computing, blockchain, machine learning, reshaping business dynamics, digital investment is not an option but a necessity for all SMEs of today.
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