Role of technology in the growth of SMEs

Technology has played a significant role in the advancement of society. With over 460 million internet users in India (Source: Statista), SMEs in the country have a convenient and effective medium to reach out to people. Evolving markets and changing consumer behaviour and recent demonetization were also a few reasons that forced the Small and Medium Enterprises to embrace digitization over the past few years. Besides, right from a needle to unsecured business loans, everything is easily available online.

Here are a few ways how SMEs could make the best use of technology to expand their business.

1. Reach out to more people with ease.

Social media pages, business websites and online stores are a great way to reach out to customers from all over the world. It’s the best way to showcase your inventory or services to your customers, and a cost-effective medium for effective communication. Being online can help your business cut down on the unnecessary expenses of infrastructure, travelling and sometimes even workforce.

2. Increase the efficiency of your business operations.

Automating your day-to-day business tasks makes your business more productive. It helps you manage your time better, simplify your life and optimize your resources while reducing human error.

3. Add value to your business.

Great discounts and convenience attract many customers to online stores and service providers. Make sure you enhance their experience by integrating great features and services like online payment platforms, virtual trials, instant chat, etc.

4. Reinvent your business with research and development.

Industries today are dynamic, and one needs to stay updated with the ever-evolving trends happening in and around your industry, so that you can adapt to the emerging trends. With digital tools and the internet at hand, it’s easy to come up with innovative ideas to boost your business by understanding your customers’ changing needs.

5. Make your business grow faster, and with ease. 

With the help of technology, running important work tasks has become easier. All business transactions like placing an order, selling a product, marketing, monetary transactions and even getting SME Finance can be done on the internet in real time. Now you don’t have to run around and stand in queues to avail small business loan in India. The online and speedy processes help you improve your cash flow by with ease.

As we are already aware by now, technology has become an integral part of every business and going digital is the best way to go forward.

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