Enterprise-level companies heavily leverage technology to grow their business, compelling small-medium-enterprises (SMEs) to contemplate incorporating technology in their strategies. However, while the interest in adopting technology has grown significantly within the SME community, the entry barrier has risen through the years, with more prominent corporations adopting such a trend early on.
Given the circumstances, some SMEs would often opt to focus their efforts elsewhere and suspend their digitalization plans or forego them entirely due to the financial stress the business might incur. While some SMEs may view incorporating technology into their business model and processes as futile, adopting relevant trends can positively impact the business.
Benefits of Applying Technology in SMEs
Some SMEs may not have adequate technological know-how. However, being aware of these advancements is vital to their success and growth. Adopting technology-driven solutions can enable SMEs to be agile in responding to the market’s ever-changing demands.
Aside from improved business agility, incorporating technology allows SME owners to generate new revenue streams for their business. A prime example of this is e-commerce. For many brands, establishing e-commerce stores has enabled sales teams to reach a more extensive customer base.
Fully utilizing technology is not always easy, especially for SMEs. However, taking the time to identify the latest technological trends could empower you to slowly integrate them into your workflows.
Here are the top technological trends and how they can help your SME.
3 Technological Trends SMEs Could Adopt
Remote On-Boarding
The pandemic-induced lock downs forced significant changes for individuals and businesses alike. Remote work has seen a massive surge in the past few years because of the global crisis, with some touting remote work as the “new normal.”
Here, SMEs can leverage remote on-boarding. Remote on-boarding entails utilizing software specifically designed to get new hires up to speed with the company’s goals, roles in the organization, and other relevant information to help them become effective remote workers.
Incorporating remote on-boarding technology can help expedite your hiring and on-boarding process without requiring employees to attend in-person meetings. This approach can also benefit your HR team since they won’t need to plan and coordinate too many on-boarding activities for every new hire.
Adoption of 5G Technology
The fifth generation of cellular capability boasts significantly faster data transfer than the widely supported 4G technology. 5G networks are better suited to support an influx of interconnected smart devices. SMEs should consider transitioning to 5G with its many benefits, as slow SME internet could greatly hinder productivity and internal and external communications.
Online Shopping Platforms
The concept of contactless shopping is not new. However, with the pandemic forcing people to remain indoors, businesses have created or optimized their respective shopping platforms to adapt to current realities.
With many businesses struggling to stay afloat in this pandemic, having a remote touch-point that allows you to reach out to your target market and showcase your products or services can be an excellent business strategy. You can safely conduct your business by incorporating mobile payment options, third-party home delivery services, and other technology-enabled solutions.
The timeline for when the pandemic ends remains unknown, so creating a fully functional online shopping platform is a surefire way to continue operating your business amid unfortunate circumstances.
Investing for the Future
Not all members of the SME community are convinced about the benefits of incorporating technology, as it could prove to be costly upfront. While there are various options, like applying for a business loan to gain financial assistance, some SMEs remain apprehensive.
However, the long-term benefits of employing these technological solutions are undeniable. These advantages could ultimately outweigh the initial risks you have to put forth and support your efforts to stand out in the competitive SME market.
