Can the new technology keep small and medium-size businesses growing? Can technology maintain the up and down business demand by affecting productivity, marketing, and customer services? How the digital technology raises the level of collaboration and remote work? Is there any benefit for the financial growth?
It is the era of rapid digital transformation. According to an evaluation, nearly one-third of the small and medium-sized businesses have already done. Some of them are doing the digital formation of the structure in every aspect, including finance and marketing. Marketing is an essential part of any level of the business.
The digitalization of the business is all about technological organization, data process, and change. These days hundreds of digital transformations are taking place.
The COVID era is known for the rapid growth of digital business models that have also effective revenue flow. The employees have started working from home, but those businesses that did not have the digital means face the hindrance in development during the pandemic. Small and medium enterprises are also moving towards artificial intelligence.
According to the digital business development evaluation, technological usages has risen to 60% just after the outbreak. The pandemic has sparked the need for the digitalization of small and medium businesses.
Here is the list of the significant benefits of technology for the growth of the business:
Six Benefits of Using Digital Technology in the Growth of Business
1. Effective Increase in the Small Business Productivity
The business technology for business development has two major assets, which are
- easy to use, so the non-technical person can use, and
- flexible terms.
These flexible terms raise the business value and deduct the complexity and cost of staff and other management. As a result of the telegraph, the new technologies have risen the small offices’ productivity up to 84%, whereas a continued growth is predicted near more to 22% for the coming years.1
Internet of Things(IoT) advantages are available for proven fields like productivity. Benefits are designed according to the business owners’ affordability with early deployments new adoption of the applications. Availability of the open internet platform welcomes every small and medium business owner with numerous business opportunities.
Example of the companies:
2. Finance and Digital Assets
A new report of the Federation of Small Businesses2 says that more than 85% of small and medium businesses are keenly investing in the latest technology. These technologies are reliable for the desired business and financial growth. The fast processing features help reach the consumers in no time further helping growth and revenue.
Around 55% of the new and small business owners are interested in opting for the new technology to target the new customer range.
The finance leaders are predicting the different outlook for 2025 with the usages of available technology today. The finance strategies are majorly dependent on finance talent, blockchain, forecasting as well as ERP solutions.
The best example:
- TD Bank NA.
- Bank of America
- Discover Financial Services Inc.
3. Small Business Marketing with the New Technologies
The small and medium businesses which are taking the assistance of digital marketing are around three times faster and better than the perpetual trend of marketing. A small business without technical marketing faces financial disadvantages and losses to not reaching the vast range of consumers.
What does digital marketing do for small businesses?
- Digital marketing is the means to reach people with mostly searched platforms.
- The process is easier and effective to promote the services.
- The assistance for the related queries is available instantly with satisfactory answers.
- Digital marketing is available with 24/7 marketing assistance and develops even small businesses with a brand3.
- The process is entirely cost-effective.
The best examples:
- American Express
- The Wirecutter
- Dollar Shave Club
All these businesses are getting a good reputation due to digital marketing technologies.
4. Business Collaboration with the Digital Features
Collaboration is the most critical asset of the business, whether small or large. All small and medium enterprises have to work together to fulfil different requirements. A collaboration with the new customer is easy with digital functionality. Digital technologies offer cost-effective means for inbuilt relationships and business growth. The upgraded technology makes a perfect collaboration within the desired budget4.
The best examples:
- Video calls and meetings
- Brainstorming with whiteboards
- Working on tasks and projects
5. Customer Services and Digitalization:
Customer queries are needed to resolve on time. It helps a lot in improving the customer and business relationship. Here is how business digitalization helps in this regard:
Website and email are the best communication means to reach the customers:
Website is the instant means to reach customers. Here the customers can get satisfactory answers from business-related quarries. Though the email is a little time-consuming compared to the website, it is a reliable means that is also utilized as proof of conversation during meetings.
Mail is the perfect means of digital written communication5.
Software communication: these days, several software programs are in the trend for digital communication. This software is known as information management and distribution means. These means allow video and voice communication every day to stay updated with every information. SME with the digital means of communication is very clear and instant.
The best example of the services:
- The store owner remembers and appreciates, and repeats customers.
- Personalized video message
- Online store for proactively addresses shipping issues
6. Easy Remote Working
The term remote work is very popular these days due to the Covid-19, and every small and large business is attached to it not only for safety factors but work efficiency as well. It allows staff to work from different locations and make a digital working environment. Digital Technology for SMEs is also available with remote work6.
The best example of remote working businesses:
- Adobe. Mode
- Amazon. Model: Hybrid
- Cisco and many more
Covid-19 has moved a large number of small and medium businesses towards the use of key technical formation with top marketing advantages. Most of the firms are getting reliable and satisfactory experience with these technologies. These are for the betterment and quick growth of any business. But you need to select according to your business requirement. Consult our digital technology experts to find out which digital technology tools will best suit your business!
- Xperience (online), “How to Leverage Modern Technology to Drive Business Growth”, Dateline unavailable, Link accessed on 2021-11-26.
- Susan C. Hogan, Anton Sher, Deloitte (online), “Finance 2025: Digital transformation in finance—Our eight predictions about digital technology for CFOs” Dateline unavailable, Link accessed on 2021-11-26
- Marketing Evolution (online), “What is a digital marketing platform?” Dateline unavailable, Link accessed on 2021-11-26
- Melody Madhavan, ReferralCandy (online), “Better Together: 9 Examples Of Collaboration In Marketing” Dated November 8, 2016. Link accessed on 2016-11-26
- Inc Staff, Inc. (online), “How to Use Technology to Improve Customer Service”, Updated January 5, 2021 Link accessed on 2021-11-26
- McKinsey Digital (online, multimedia), “How six companies are using technology and data to transform themselves”, Dated August 12, 2020, Link accessed on 2016-11-26