Advantages of technology for SMEs
Today’s growing businesses have a huge advantage of technology that has never been available or accessible before. However, traditional and inefficient business practices, as well as a low rate of technology adoption, are impeding their growth and potential. Only a minor percentage of small and medium-sized enterprises (SMEs) are connected to the internet or digitised. SMEs have yet to realise their full potential and advance to the next level of business growth. Technology has the potential to be extremely useful in this situation. According to a Google-KPMG study, digitally empowered SMEs have twice the revenue growth projections as offline SMEs.
Digitising the SME
Technology-based solutions are available in many aspects of business operations, from procurement to the sales cycle and beyond. Adopting the right technology and solutions can eliminate manual and repetitive tasks, allowing businesses to reach their full potential. It is critical that SMEs consider rapid digitisation to avoid losing productivity or competitive advantage.
Cloud – bridging the technology divide
Till recently, only large corporates could benefit out of technology, as it required huge investment, be it a mobile platform, AI-based computing, Analytics, Compliance and integration with government departments, banks, backups and disaster, all of these were out of reach for the SME.
With the advent of cloud enterprise solutions like Vision ERP and CRM solutions, all these and many more sophisticated tools are available to a small enterprise without any investments or the expertise to run and maintain them.
Remote working – the way businesses will run
As we enter the WFH era, the first step is to understand and invest in a business continuity solution rather than something that simply allows remote connectivity. Adopting an effective business continuity solution is no longer an option; it is a requirement. A secure digital workspace, combined with automation and some training, can assist SMEs in continuing to do their work without significant loss of productivity or efficiency. Technology also ensures the safety and security of your data. Software solutions play an important role in ensuring better and faster results across the board.
Connecting your ecosystem
Your ecosystem now requires you to be connected to your partners and to have information readily available. They could be your vendors, customers, banks, statutory and compliance authorities or anyone else in your system.
Your solution can work in tandem with the software provided by your vendor. You generate a purchase order, mail it to the vendor, and the software captures and converts it to a sales order. This saves time and narrows the scope of errors.
Your payments are directly uploaded to the bank. The money is transferred to your system.
Directly submit all your GST statutory requirements to the authority as you do your business.
Connect your machines, access control and monitoring systems and other sensors in your organisation. Directly capture data and feed it to the enterprise software solution, providing real-time and accurate data without the need for manual intervention.
Small businesses should take advantage of such solutions that can help them grow their businesses. It’s not always clear to the senior management that a small business’s software solutions and technology infrastructure are one of the key reasons for its lack of growth and profitability, and it might be necessary to hire a good consultant to bring it all together.