Small and Medium Enterprises (SMEs) are the main pillars of Development of India, the offering of 45% of manufacturing output, 40% of overall exports and aimed to contribute to 20% of GDP of our country by 2020. Supported by the Government through the popular initiative Digital India, This zone is likely to embrace technology in a huge method to induce development. Irrespective of sector, there are several research reports that offer statistics on the connection amid technology embracing and the SME sector expansion with some stating that SME’s who were untimely adopters of technology could boost their yearly income 15% speedier than their competitors.
There are many leading ways that technologies could promote the SME sector
1.Choosing the Right talent:
Senior management of SME’s requires to replace the lens with which they observe enterprise talent. Digital talent is not only about technical abilities but goes much behind permeating business methods, to deal with the new necessities, carried about by evolving customer expectations. Remodeling business by leveraging digital is an immense opportunity presented that the SME equips itself with the right talent that is capable to stimulate the pace of development.
2.Information Management to increase productivity:
With fully automated business processes, the SME creates a paperless office, where the right information to execute a business process seamlessly is available to the right user when they need it. No longer do they need to clamor for information – everything that they need to deliver process cycle time is available to them on their fingertips, including complete automation of workflows and integration to the ERP or back end applications. What this really leads to is a significant increase in productivity and doing more with less.
3.Creating a digital business:
SME success depends upon creating early differentiators. Thinking through and executing a digital business model could mean getting that ticket to differentiation. This requires a fundamental shift in strategy in favor of leveraging digital, to either fetch out a new offering or practice the existing offering to market in distinct steps. This signifies being ready to investigate technologies such as IoT for say generating new business offerings, leveraging robotics for responding faster plant output, analytics for a profound understanding into the inner and outer business environment to leveraging social for client outreach or cloud for compliance and cheaper capex. The choice is diverse. It only needs very solid business understanding to be capable to examine the existing models of Business, evaluate what the ecosystem seems like, have a very substantial understanding of the client and their unstated expectations to then be ready to devise a suitable strategy to produce the digital business model.
4.Knowing customer outreach:
What utilized to be the last channel of opportunity for customers is now turning out to be the natural and most immediate touch point for growing brands. According to some studies, companies with social care experience see a 5.6% rise in the first contact resolutions, a 6.5% improvement in agent productivity and a 17.5% increase in SLA achievement. Social is being leveraged by SME’s like never before to obtain a good knowledge of the customer. With social and attitude analysis, SME’s in the B2C space is not only ready to better know customer’s knowledge of a brand and their expectations but also leverage it for producing advances, leading engagement with landscapes to presenting customer service in distinct ways.
5.A cheaper capex with a cloud:
Preferably than admitting assets, SME’s can leverage the cloud to be operators of those resources occupied by an outside provider. This allows active willingness and faster ‘reach to their business objectives’, through making it an important operator for SME growth.
6. Data management to enhance productivity:
With completely automated business methods, the SME generates a paperless office, where the precise data to implement a process of business flawlessly is accessible to the correct user when they require it. No longer do they require to clamor for data – everything that they require to convey process cycle time is accessible to them on their fingertips comprising whole automation of workflows and alliance to the ERP or back end apps. What this actually requires to be an important growth in productivity and performing more with taking away.
The SME sector performs a very important role in the socioeconomic development story of the nation, and technology is expected to drive business growth. Taking a role early on in this respect will produce a big distinction amid the also-rans to those who are especially going to encourage a new wave of development empowered by technology.