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Small Business and the Benefits of Embracing Technology
Time to Read: 5 minutes
SMEs are the growth engines of developing countries. In 2021, according to the Australian Bureau of Statistics (ABS), the majority (2.35 million, or 98 percent) of Australia’s 2.4 million businesses are small businesses.
SMEs are considered the backbone of Australia’s economy. With emerging advancements in technology, as SMEs are continuously embracing these changes, the more chances they will survive and grow.
The Benefits of Embracing Technology for SMEs
With an emerging world of technology that creates a major factor in businesses today, and through the advancement of technology and the internet, SMEs increase their contribution to the economy compared to the past decades.
Technology provides big and small organisations with a faster transaction of business activities and broader client opportunities. Significantly, it contributes to a higher rate of engagement for employees and customers through easy communication brought by the internet and a variety of platforms.
According to a Deloitte study conducted in 2019, more than 90% of all small businesses use digital tools for communication, more than 80% use them for internal management, and more than 40% use them for sales. It is undeniable that technology has an impact on not only small but also large organisations by saving time and labour.
Here are some of the key benefits of technology for SMEs:
- Efficient Communication
With the use of the internet, business owners can now easily communicate with their clients, customers, and employees. Emails, instant messages, video calls, and conferences are commonly used nowadays to interact with customers and potentially produce sales for a business.
- Flexible Work Environment
With advances in technology, employees can work from home or remotely, making it possible for them to balance their work and personal lives more easily. This allows you to hire the best talent without having to worry about their location, as well as helps your company remain competitive in an increasingly global market.
- Improved Productivity
This means that workers will become more productive because there is a better use of time and resources. For example, if you have employees who work from home, then they will be able to work from anywhere at any time. This gives them flexibility, which can result in higher productivity levels because they no longer have to commute long distances every day or wait for public transport before getting started on their daily tasks at work.
- Better Customer Experience
By using technology to better understand your customers, you can create a more personalized experience for them. For example, if you know that one of your customers has a birthday coming up, you may want to send them an email with special offers just in time for their big day. Or if one of your customers is particularly loyal and spends a lot on your products, you could offer them exclusive access to sales or promotions that other customers might not receive.
- Explore New Markets for Growth
Businesses can explore tons of new markets to expand their services and profitability. If you have a product or service that is only available locally, using new media like social media allows you to reach customers who live far away (and vice versa). You can also use these tools to engage with customers who might not otherwise be able to find you through traditional means like advertising or word of mouth.
- More Opportunities for Expansion
Expansions can be challenging and expensive. However, the use of the most advanced technology gives a competitive edge to the company, which makes it a better organization than others. Above all, it will increase the overall value of the organization in the market.
- Improves Efficiency of Business Operations
With the help of technology, small businesses can streamline their operations by reducing waste and reallocating resources toward more productive activities. For example, a company that operates with a paper-based system will spend time and money printing reports, delivering them to employees who have to manually enter the data into their computers and then file them away. With an automated system, employees can access information instantly and enter it directly into their own systems, saving both time and money.
- Reduce Costs with Automation
With the development of new technologies, even small businesses can now enjoy many advantages that were previously reserved only for large corporations. This means that they can reduce their costs significantly by using these technologies instead of having to invest in expensive equipment or hire more people for certain tasks.
Automation is one of the biggest benefits of embracing technology—and it can also save you money! You’ll no longer have employees manually doing tasks like invoicing or emailing customers; instead, automated processes will take care of these tasks for you so that they get done faster and more efficiently than ever before.
- Increase Revenue Opportunities with Data Analytics
Data analytics helps businesses make sense of all their customer data so that they can better understand how customers interact with their products or services and make decisions about pricing strategy and other factors based on this knowledge. This
The Benefits of Using Technology Are Endless
According to a recent report published by the Australian Banking Association (ABA) in 2021, 16% of SMEs are planning to invest in digital software (16%). At present, SMEs are increasingly turning to various technological solutions.
Despite the fact that technology is undoubtedly essential for the success of SMEs, it is crucial to find the optimal system. There are many options available, but not all of them are right for your business. The best way to determine which one will work best for you is to do some research and learn about how other companies have used the same technology.
Technology isn’t just important for day-to-day business processes; when used well, it can also help companies grow and be successful. Successful businesses don’t just use technology to automate processes; they also use it to open up new ways of doing business.
If businesses are smart about their investments in technology and adopt the right solutions for the specific needs and challenges of their business, then growth and success become easier than ever before.
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