Being a business over is something that presents you with a lot of challenges. As experienced business owners know, you will come across numerous problems and you will need to find a way to overcome them as soon as possible. Naturally, this is not always easy, and it requires a lot of effort on your behalf.
One of the biggest challenges out there is the fact that the markets are pretty competitive. As a result, you need to do a lot of things before you can establish yourself as a trustworthy brand that attracts customers. In this day and age, it is possible to attract much more of them than ever before, mainly because of all the technological advancements that have occurred in the last two decades.
By doing so, you can make a lot of processes in your small and medium enterprises much smoother and simpler. Today, we want to discuss how SMEs are transformed through implementing modern technology in Singapore. We want to present you with what has occurred as a result of this occurrence.
Revenue and Productivity
At some point, every SME is about to experience some growth. It needs to be said that this is the turning point on whether the organization will continue to grow and prosper or cease to exist. If you take a look at certain studies on this topic, you will see that roughly half of all SMEs fail within the first three years of their existence.
What does this have to do with modern technologies being implemented in such organizations? Well, it does since this implementation can help with increasing this percentage. The way this can be achieved is by increasing the productivity and revenue of the SME.
Once again, taking a look at some studies, you will learn that around 60% of all the SMEs out here who have implemented modern technologies have managed to increase their profits. Since modern technologies produce certain things as automation, it is obvious why productivity is significantly increased.
Adaptability and Agility
Adapting to certain occurrences in the market is a key method to ensure the conditions for your SME to have as long a lifespan as possible. Adapting to new circumstances and needs is not possible without having modern technologies at your side to help you with this sort of procedure.
By using these, it becomes possible for the business to recognize even the least visible opportunities and convert them into benefits. Naturally, we should keep in mind that SMEs don’t have as many capacities and resources as bigger corporations. Therefore, you need to be extremely careful when choosing which ones you should implement.
Therefore, you can see that agility and adaptability are definitely among the most significant aspects to understand. These offer you a chance to be able to adapt to all the technologies that will eventually come and go. When you make the initial step, then you can spot all the opportunities down the road.
No matter how big or small a certain business is, it needs to be said that cost reduction is always part of the agenda for the organization. When you think about your budget, you need to make sure a certain percentage is committed to adopting and even developing new technologies whenever possible. Of course, not every SME is capable of that.
For instance, using cloud technologies make it possible to altogether avoid the need to use servers. It’s not only about using them; it is also about spending additional money to maintain them. Therefore, you can see that cost reduction is a possibility, but only if you choose the technologies you will implement carefully. Making a mistake in this regard can be quite a costly mistake.
Reaching as many customers as possible is an absolute must for every SME. Without that, it is not possible to expect any expansions in the future. Online presence makes it possible to reach out to as many people out there as possible. Once again, using these tools ensures you will have a higher customer base.
Not only that it can help you reach out to new people out there, but it can also be quite helpful with discovering some new markets you weren’t aware of before. Since the online aspect ensures there will be no physical boundaries between you and anyone, you can understand how important this is.
Besides reaching more people, the online aspect ensures you have a chance to conduct business with these people 24/7. Naturally, it doesn’t mean that you should over-expand if you are on limited sources, but it is without a doubt that, if you play your cards right, you can reap some serious benefits.
Lastly, we want to address something that has become particularly important in the last couple of years. We are talking about modern technologies being able to help when it comes to making sure customer experience is on the top-notch level. By using these technologies, you can gather all the customer data and analyze it.
As a result, it offers you a chance to have an understanding of what your customers are expecting to get from your business, what services, and under which conditions. There are numerous tools you can use to make this work. Of course, you should be aware of the fact that not all out there will be helpful to you.
SMEs can benefit from gathering this data significantly. As we’ve already said, they usually don’t have enough resources to spread and fill all the gaps that can potentially open for various reasons. Therefore, customer experience and its improvement through digital transformation are the major factors to understand.
The Bottom Line
SMEs are the foundation of every country’s industry, including Singapore. Therefore, making them strong and resilient to challenges should be a priority. Today, the best way for you to do that is to implement modern technologies and ensure a long lifespan for your organization. We’re sure you will find this insight of ours to be of much help.