Small and medium enterprises (SMEs) come as the backbone of a country’s economy offering employment across varied regions. With the emergence of COVID-19, a large number of SMEs have recognised the urgency to go digital and drive growth with technology, but they often have no clue where to start.
This article will dive deep on technology trends of the future to facilitate SMEs align their business strategies with digital transformation opportunities.
Mobility and flexible working hours are transforming how modern businesses operate. For small and medium companies aiming expansion of their presence, remote working has emerged as one of the biggest transformation drivers.
With millennials dominating the job market who are known to be independent, growth and technology-oriented, SMEs have to modernize and switch to a more dynamic approach.
2)Value-added product and service delivery
With customers now more informed than ever owing to the internet and smart phone revolution, digital technologies are transforming how they interact with businesses and make buying decisions.
It is important to remember that legacy marketing tactics can’t keep up with this trend and every stage of a buyer’s engagement with a brand influences his perception and future buying decisions. This is why enhancing customer experience should be the key objective of small and medium-sized enterprises to drive growth.
For garnering a sustainable growth, SMEs must place customers at the centre of their products and services. Endorsing digital technologies gives modern businesses the advantage of developing a comprehensive customer experience strategy constituting all consumer touch points.
By harnessing cutting edge technology tools including data analytics, marketing automation, feedback collection etc., and SMEs can garner and analyze crucial customer information for consistent improvement of their products and services.
3) Data-centric decisions
Information comes as one of the most valuable assets in a fast-changing business ecosystem. Strategic use of garnered data enables businesses to improve strategic and business decision-making and embark on a growth journey.
Big data and business analytics play a significant role in the accumulation of precise market and customer intelligence. By banking on this technology, SMEs can assess existing customer insights and customize offerings accordingly.
Until recently big data analytics was primarily leveraged by global enterprises who could afford the investment in powerful IT infrastructure and a pool of proficient data experts. With cloud technology becoming mainstream, business intelligence solutions are now more affordable and accessible to SMEs.
The main business value which big data brings with it is improved customer experience. A holistic analysis of consumer insights offers a detailed understanding of buying decisions. With access to real-time data, SMEs can make better, more informed business decisions and stay ahead in their respective industry segment.
4) Artificial intelligence (AI)
AI is the talk of the town among businesses and rightly so. The technology simplifies and automates tedious processes for customer and tech support, product design, logistics, and many more, cutting down significantly on costs and time consumption.
It also empowers businesses to understand customers and predict their behavior to offer personalized services. Be it chat bots, customer relationship management or sales forecasting, the technology enables SMEs to captivate and measure customer engagements with their businesses.
AI today has unlimited business applications, reaching far beyond chat bots or virtual customer service. The technology acts on data inputs to recognize consumer behaviour patterns, predict their future decisions, and polish client interactions.
Modern enterprises leverage the technology to respond to the requirements of buyers in the omnichannel ecosystem.
AI also enables business owners by offering them the ability to simplify and expedite task execution, ranging from basic to complex processes. Eliminating labour costs and boosting productivity, AI remains as one of the top enablers for dynamic growth for SMEs
Cyber attacks on corporates are ballooning and the strategies of hackers are becoming more sophisticated with each passing day. Despite a surge in the attacks, a large number of SME owners are still skeptical about investing in security, leaving them vulnerable.
Investing in avant-garde security solutions should come as top priority for SMEs. Every modern business requires a cyber security strategy to safeguard their assets, customer data and privacy.