The SME sector plays as a very critical aspect in the economic development of the country. It contributes to 40%, exports that happen in India, 45% in the manufacturing output and close to 20% GDP of India. It is backed by the digital India, and surveys show that the SME you have adopted technology from the beginning of their journey has had more success as in comparison with their competitors. Now let us look at the five ways by which technology can help in the growth of SME:-
1) Hiring the correct person
The right set of talent should be employed who apart from having technical skills should also know how to manage a team and cope up with the different requirement of the customer which keeps on changing from time to time. The management should, in turn, change their prospective and hire the right set of a person for an SME that can lead to a faster growth of an SME.
2) Doing a business that is digitized
Many things lead to the success of SME. One of them being getting the business digitized so that you could bring in the changes in your business that will help you differentiate from your customers. Various strategies need to be reformed and remodeled so that you could master the new way to the more potential client. This could be possible if you could explore new technologies such as IOT to make out new business offerings, to plant output by using robotics, use of analytics for an understanding of external and internal business. Apart from all this, you must have a splendid knowledge of the existing business model, Research how the ecosystem looks and understand the requirement of the customer.
3) Using the cloud for lower capex
We can have a significant growth in SME if SME can use cloud being owned by some external provider. This ensures that there is faster, reach for the enterprise goals and thus helping in the growth of SME.
4) Understand the concept of customer outreach
According to various surveys, it has been seen that companies who are rich in social care experience a growth of 6.5 % hike in agent productivity, a 5.6% increase in agent productivity and perhaps 17.5% hike in SLA attainment. With a great analysis of sentiment and social aspect we can better understand the need of the customer as well as help in generating leads and assist in delivering better customer service.
5) Increase of productivity by information management
A paperless office is created which has fully automated business processes so that each user has the right information to execute a process. They don’t have to look at different places to collect information and thus by a mere click of the fingertip they can easily finish the automation of workflows as well as the integration of back-end applications and ERP.Thus, it can indeed help in the increase of productivity of SME.
Verdict:
We can see from that technology plays very vital role in the socio-economic development of the country and thus help in driving business growth to SME. Try taking the help of technology early on in your business to drive more profit from your firm in comparison with your competitors.