10 Reasons Why SMEs Should Invest In Digital
The last 18 months have bought large-scale changes in our daily lives, and these months could be classified as one of the most disruptive periods in the recent history of mankind. Technology has emerged as a modern-day hero in these turbulent times and has made our lives quite uncomplicated. Modern-day technological advancements have revolutionized the way we learn new concepts, gather information and even make payments. Data collection, record keeping, calculations, and financial analysis have become phenomenally easy with the Midas touch of technology. This is why an increasing number of companies are walking the path of digitalization with the global health crisis further accelerating this shift. One sector which is yet to catch up with the strides made by technology and its advances is the SMEs which has emerged as one of the worst-hit sectors.
Small-medium enterprises are among the last business groups to adopt digitization, which is also why it is losing customers. The current working methodology of Smes is such that it requires a high degree of manual work and is extremely time-consuming. However, the adoption of technology can help them reduce their workload. The Covid-19 crisis has redefined the working styles of organizations, with technology and its advancements being the driving force when it comes to business operations. With that being said, SME owners find it quite difficult to adapt to newer trends either due to lack of resources or unawareness. Hence managing their daily operations in the current times is nothing less than a challenge, which is why SME’s must adopt digitization for their overall growth.
Here are 10 reasons why SMEs need to invest in digital technology
1. Automation of manual tasks
Digitization software offers a one-stop solution that not only allows the SME owner to reduce costs but also provides them with the opportunity to be independent.
2. Business Insights
SME owners are dependent on their accountants to know the financial performance of their business. With the use of technology, they can get complete insights into their business in a fraction of a second!
3. Data Analysis
Digital Platforms provide SME’s an in-depth assessment of their financials, with pie-charts, diagrams and graphs, which makes it easy for the owners to understand the financials of their business.
4. Expense Management
Digital platforms and their advanced features provide SME owners with a detailed record of their business's cash flow with a thorough breakdown of each component, which provides the company's management with a clear picture of the company’s finances.
5. Maintains Records
Maintaining physical records is not only time-consuming but also cumbersome. Whereas digital copies not only save you the hassles of document management, but also provide quick and anytime access!
6. Competitors Leverage
Digitalization offers SME owners a competitive edge via its advanced tools that provide a complete SWOT analysis of their business. Furthermore, it updates them with the latest trends in the industry that provides them with a distinctive edge over other businesses.
7. Customer Insights
Digital platforms provide SME entrepreneurs access to a rich database of potential customers with a thorough understanding of the marketplace. Which further enables them to understand customer behavior and preferences.
8. Increases Productivity
The use of technology and the adoption of digital tools by SMEs can result in enhanced employee productivity, as it redirects the employee focus from non-productive tasks to productive ones, leading to higher productivity.
9. Time-Saving
Digitization is a blessing in disguise for Smes as it reduces the time and costs involved in the completion of a task, with zero or little probability of errors. Secondly, it provides all-time access to any and everything!
10. Easy Access
A significant advantage of digitization is that these features are not restricted only to computers but are also available in a mobile version. That lets the owner have any time and easy access.
Technological investments are a one-time expense, but it is such that it will never go vain and instead offer massive benefits. With customers increasingly leaning towards digital options, SMEs too should prioritize digitization to survive in an increasingly competitive business environment.
