As technology continues to extend its reach with innovations such as virtual reality headsets and artificial intelligence, companies too have begun to see the connection between a stronger investment in IT and enhanced business performance. For instance, small and medium businesses (SMBs) have adopted cloud computing in a major way. According to a recent report by Forbes, by 2020, 78% of SMBs will have fully adopted the cloud to keep their systems running 24×7. Cloud makes up the ‘C’ in SMAC technologies. The remaining three alphabets stand for – Social, Mobile and Analytics, which are also acting as potential growth drivers for small enterprises. However, before we explore how, it is necessary to identify the typical business problems SMBs face.
Solutions to Digitize Small Businesses
Each of the challenges listed above can be addressed with the help of a digital solution. According to a SMB Market Study, the 85% of small enterprises who decide to go digital, will most likely see greater revenue.
Here are the three essential digital technology solutions for small businesses that can help address the challenges described above:
Did you know that Facebook is the most visited social website (of all websites)? Or that 120,000 tweets are sent out every second. Consider this – about 50% of shoppers have bought something based on a recommendation through a social media network. In such a scenario, small & medium organizations need to ensure they are continually feeding relevant and timely content across social channels. This will help them not only in customer engagement but also aid in the expansion of their audience base. An automated solution that delivers a unified user experience will surely help firms in building relationships with customers and increase their strategic influence as a ‘social brand’.
Gone are the days when a business would keep its employees chained to their desks. Companies, even small ones, are employing workers who telecommute or are frequently on the move. A situation like this does throw up the challenge of managing employee productivity and a virtual workforce. Fortunately, SMBs believe in the power of the mobile. According to a Mobility Edge Report by CDW, around 94% businesses believe that mobile devices make them more efficient. In such a case, a mobile employee management solution can be a boon for SMBs. Not only does it help enterprises better manage their workforce, but also automates resource-intensive business processes.
Cloud computing applications are becoming increasingly essential for enterprises. According to a study by IDC, in US alone, approximately 81% companies with 100 or more employees are using cloud based applications. Additionally, the same study found that 37% of small businesses in US have adopted cloud solutions and over 28% plan to use cloud. Cloud applications help SMBs enhance business operations especially if the organization has a comparatively smaller IT department.
Incorporating a cloud based solution to facilitate activities such as order and inventory management can help manufacturers concentrate on key revenue generation activities. In addition, it can also help in enhancing collaboration between various departments such as production, finance, IT and marketing. So, an automatic cloud solution can help SMB’s achieve higher productivity and operational efficiency in a limited budget.
Hence, as a small enterprise, it is in your interest to make the most of what the latest technologies in the market have to offer. The solutions discussed above are just one of the many ways SMBs can use IT to build their competitive edge and take better business decisions.
Are you looking to transform your traditional enterprise to a SMAC enabled digital enterprise? Rishabh Software is proficient in digital solution development for SMEs.