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We all have been in this “love-hate relationship’ situation. Knowing the fact that you need it but due to certain factors, you tend to not like it as well. In this scenario, similar to what is SME owners are facing these days. Clearly they are aware that innovation drives growth and can help them to stay competitive in the digital age. But adopting in technology is affecting their mindset due to funds, timing and the fear of expected return on investment.
Why Is SMEs Falling Behind On Innovation?
We believe SMEs aren’t investing in technology due to two main factors. First, they don’t have adequate knowledge of the benefits of using technology for their businesses. It’s either they are not familiar with the latest news or trends in technology or they have limited knowledge of the usage of technology. The next main reason is the expenditure on technology. With limited capital and the rapid of news technology, most of the times they can’t afford the investment to keep up with the latest technology. Other factors such as lack of digital manpower, digital leaders and market access are also restricting the adoption of technology by SMEs.
1) The Hand of Automation
Whilst large organisations and conglomerates have used robotic assistance for many years, SMEs can leverage on automation. However, for SMEs complete automation is not necessary. Instead, semi-automation can be utilized to avoid inefficiencies, streamline processes, support workforces, and increase growth. This can help the SMEs to save time and cost and thereby boost productivity and efficiency.
2) Magnifying on Core Activities
Each business comes with its own challenges. But for SMEs, the business owner has to juggle with different tasks not to mention they are the burden with a limited number of employees. Adopting technology not just shifting the SME owners to more important matters, but it also simplified the daily business activities.
3) Customer Loyalty & Sales Growth
With the right technology, SMEs can enhance their communication levels and increase the business revenue. One of the simplest examples is, in today’s digital world customers appreciate the prompt response to their queries. Using CRM tools will help SMEs build long-lasting relationships with their customers.
4) Positioning Brand Through Digital Marketing
Having the business technologically inclined allows SMEs to reach a wider group of customers. Creating a digital presence could help SMEs differentiate their business from the competitors in a cost-effective manner.
Simply saying, investing in technology doesn’t have to be in big at the earlier stage. By taking one step at a time, surely the ROI of adopting technology will definitely help SMEs mark their position in digital world as well as elevate their business to the next level. With the right strategy, mindset and cost planning, we believe SMEs can move with technology without fear.
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