THE LOVE-HATE RELATIONSHIP WITH TECHNOLOGY
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.