How SMEs Can Capitalise on Technology
As innovation keeps disrupting the economy, business, no matter how big or small, must grasp such disruption and be prepared to move into the Fourth Industrial Revolution or the digitalized economy. The technological disturbance is done at an exponential level, establishing another business climate, which even the early adopters battle to understand or to estimate its changes.
Singapore's powerful and progressive business foundation has positioned its small and medium-sized enterprises (SMEs) well to make their move into the Fourth Industrial Revolution. There are 3 different ways in which SMEs can seize their opportunity for innovation for business expansion:
Define your target clients
The exponential rise of digital advertising has showcased to SMEs an affordable marketing alternative compared to traditional marketing. With Facebook and Google Ads, publicizing for SMEs is no longer a hefty expense. SMEs would now be able to tailor promoting efforts as indicated by their accounts. Contrasted with the customary 'shower and-implore' outbound marketing, digital marketing now builds up a client-driven communication that empowers SMEs to spend their advertising budget effectively to accomplish specific advertising and sales goals.
Automate and systemize business processes
Technology has now minimized or even solved issues that affect work productivity. The results are better quality, lesser stress on assets, and deadlines. The Singapore School Transport Association (SSTA) is a perfect example. With the assistance of U SME, SSTA had effectively embraced the School Bus Management System, which digitizes customarily work labor-intensive tasks, for example, attendance taking and route planning.
Build a Tech-Savvy Team
Manpower has consistently been a key obstacle which SMEs find it hard to handle. With labor-intensive business procersses presently being automated, manpower crunch is greatly eased. SME emplotees would now be able to zero in on skillsets that provide value in this new digital age. On account of SSTA, labor-intensive tasks are presently digitized, empowering SSTA's employees to deal with their manpower all the more efficiently in the midst of unexpected circumstances.
It's a very difficult task to be able to transform your entire company into a tech savvy company. For Example, traditional brick and mortar stores face extinction due to the surge of e-commerce platforms. E-commerce platforms solve the need of consumers being physically in stores to purchase their products. This brings consumers the convenience they want and need. Companies that lack the innovation to keep up with the digital will face extinction. Many companies have brought their presence online, everything is just a click of a button away.