Improved Business For SMEs Through a Connected Communication

Today, in our 4th part of the “SME Week Series”, we highlight the significance of a Connected SME World. It will be extremely useful for all those working in the space of SME, Retail, Manufacturing Unit, Association and other relative sectors to learn innovations and new approaches in running a successful SME.

Some 95% of enterprises across the world are SMEs, accounting for 60-70% of private sector employment. In developing economies, SMEs are strongly linked to employment, poverty reduction, women’s economic empowerment, and income distribution. Improving the business environment emerges as the top priority for SMEs and connecting them digitally to the outer world serves the best purpose.

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According to a report by Google: “Connected Small Business: Unlocking India’s Digital Potential”, SMEs moving from being offline to an advanced digital engagement program could generate a revenue growth of up to 27%. Around two-third of Indian SMEs that are not digitally engaged are facing a revenue decline of around 8%. SMBs with high digital engagement excel in terms of higher revenue growth, better job creators, diversified customer segments, both domestic & international and have better levels of employee job satisfaction as compared to their offline counterparts.

According to the report, Indian users are increasingly looking for information about businesses online and there is a massive information gap for local businesses on the Internet. Out of the 51 million SMEs in India, less than 5% to 6% have an online presence. In an effort to reduce this gap, Google India aims to get 20 million SMEs online by 2017 by using a simple mobile-based app called Google My Business.

Accessibility to wider customer base

Increased digital engagements allow SMEs to explore new markets, enabling them to compete with the bigger giants in the industry. E-commerce has provided cost-effective solutions for the companies in large cities and rural areas alike to connect and trade with customers around the world. SMEs can often lack the skills to enter international markets due to limited knowledge, language barriers, and unfamiliarity with cultural differences and narrow business outlook. E-commerce platforms outspread geographical boundaries, engage in improving customer experience and provide support for better supply chain solutions. This allows companies to sell 24X7 and increase their customer base rapidly with limited or negligible increase in operational cost.

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Recommendations for SMEs who want to implement Tech Inclusion programmes

Talk to your peers in other SMEs, and collaborate with someone who can transfer and share with you both the particular technology and the digital skills you need to apply to the technology to your business.

Exploit the collaboration with IT specialized SMEs in your community. Acquire skills and customized services through companies that are near to you. Build a strong network of business partners to exchange skills and resources.

Take one step at the time! Focus either on technology that will help you upscale your business or on what technology that will give your product new value to your customer.

Train all staff in your organization to use the particular technology they are going to use in their daily job.

 The rise of Hosted Business Systems

Modern hosted business systems can help solve the major challenges that face businesses today. For instance, a hosted cloud solution will help improve operational performance by:

Providing scalability to cope with growth Providing maximum return on investment Boosting availability and customer satisfaction Providing reporting capabilities to make further

improvements for the future

The future is connected

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SMEs are optimistic about putting the survival mentality of the last few years behind them, winning new business and creating new jobs. As they get ready for tomorrow’s new opportunities, they recognize the value of technology, mobility in particular, and its potential to support customer service, workforce productivity and operational agility. Most see it as fundamental to their businesses and future success. When it comes to today’s emerging technologies, such as cloud and tablets, some SMEs are more enthusiastic and pioneering in their adoption of technology than others — that is only to be expected. But almost all expect their adoption of these technologies to increase significantly in the next 1–2 years. Technology is also reducing the barriers to creating a new small business, reducing the capital investment required and allowing SMEs to compete with larger, more established, companies. SMEs will invest in new technology anyway, but governments and technology suppliers have a role to play in accelerating the pace of adoption and the benefits it brings.

Conclusion

By supplying a comprehensive range of digitally connected solutions, SMEs give customers the ability to simplify and consolidate their business services through lower operating costs, increase productivity and spending less time managing multiple service providers.

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