Driving SMEs’ Digital Transformation

Midhun Menon

9 January, 2021

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The most innovative and important part of any industry is the Small and Medium enterprises; some experts even call them the backbone of a country’s economy. Often, we come across many SME companies taking urgency to execute digital adoption as a way to remain competitive in the market. But unfortunately, many struggles to succeed as they don’t know what all areas they should focus on and more importantly where, to begin with.

If you are part of an SME fraternity, you would always have wanted to understand and structure the potentials of digital and data-driven innovation. Some might have even started their digital transformation journey already. The biggest driving force for this change will come from your customers, as they are raising their bar of expectations all the time. Today’s customer wants all the information regarding your services or products at their fingertip.

So what exactly is Digital Transformation (sometimes referred to as DT or DX)? Digital Transformations starts with digital workplace adoptions. Your teams can remotely collaborate easily with the help of technology from any nook and corner of the world. The investment in such digital workplaces is encouraged even more due to the current situation the world is going through. In simple words, by using the right technology, you can empower your modern workforce, get crucial business insights, effectively engage your customers and maximize your operational performances.

There are particularly three major areas where Digital transformations can help SME’s;

Enhance Customer Engagements:- Make your customer’s buying journey an enriching one by delivering a personalized and connected experience.

Increase Employee Productivity:- Effective collaboration & management tools help in meeting customer demands and thereby increasing both employee and company productivity.

Streamline Your Operations:- Synchronize your business processes across departments, manage your resources better, and enhance the information flow across your business operations.

Studies from Microsoft shows there has been a 22% increase in employee productivity, a 50% decrease in employee turnover and nearly $20k savings average in an SME through digital adoptions. Innovative and leveraging technologies like Artificial Intelligence, Robotic Process Automation, Internet of Things, etc. enable SMEs to understand their real-time business performances and measure customer interactions.

The movement from on-premise legacy solutions to cloud-based ones has brought in mobility in operations. Now you can access your business, anywhere, anytime. Moreover, business data analytics tools like Microsoft Power BI will give great insights into your company’s performance and also provide you with an eye to the future.

Digital Transformations have opened new prospects of operations for SMEs. Traditional off-line businesses are moving online and enhancing their reachability. The world is moving fast, so adaptability is the key here, never let your company stagnate and strangle in legacy technologies. Improvise, adapt, overcome.

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