Rapid innovations and advancements in technology had brought massive change in lifestyle of mankind. The adoption of internet in everyday life has brought revolutionary change in the marketing and way of advertising.
A decade ago, the means of advertising are print media, radio, electronic media, campaigns etc. It was considered as “AdAge” where most of them promoted their businesses on air.
After a decade, that was transformed into a “Digital Era” where people are coming online to promote their businesses. It is considered as the efficient way to reach the audience quickly. A term Digital Marketing has brought revolution in the advertising industry. Many companies are having separate departments for digital marketing to make it big in the competition. Some of them are joining with the digital marketing agencies.
Here digitization is not just limited to digital marketing or creation of a new business, it implies taking the advantage of technology and making it in a new way. Technological transformation made to optimize the business models, enhanced the growth of the business and improved customer engagement.
Technology is considered as innovative change in the business world, it is dynamic. Adoption of these technologies grows business at faster rates. Companies compete to stay top against competitors and to increase customer experience positively. Providing best customer experience starts with updating to latest technologies.
The rapid evolution of technology made marketers to adopt new technologies for the faster approach. It is easy for small and medium sized business to transform their business with new technologies, as those companies are limited in size. This transformation helps the business to achieve desired results. Although there is significant growth in digitization, the adoption of technology is insignificant in SME’s. Only 1/3rd of the SME’s has adopted the path of digital platforms.
With the increasing internet penetration and tech savvy consumers, it was observed that there will be huge growth with online presence.
It has changed the SME’s potential with integration of technological innovations like data analytics, ERP systems, CRM software etc. These innovations enabled SME’s to plan strategies efficiently. It made other companies to revamp their business models.
When conducting or managing a business, you will come across many facets which are done manually. For example let us consider financial management, there will be many operations such as tracking the financial reports, ensuring data integration and security, balancing multiple bank accounts, payrolls, payments etc. It is one of the important tasks that must be done flawlessly. Earlier these are done manually and repetitively in order to avoid errors. This will ultimately affect the performance of the company.
Integration of ERP financial management software will ensure financial operations to run smoothly and efficiently. This will eliminate errors, saves time, reduces man power and improves productivity of the organization.
Like ERP there are many other platforms which makes easier for the organization as well as the customers. However, these platforms need to be updated with the latest technology and take customer feedbacks in order to stand relevant with the customer expectations.
When it comes to customers, it is must to raise the voice on internet or social media. Here we need to create awareness about the organization or product to convert them to customers. SME’s should concentrate on building social relationships and stay ahead of competitors.
Increase in revenues: Physical presence of organization is limited to target narrow segment of audience. Adopting technology and having online presence will improve revenues significantly. Engaging customers through website increases sales and it allows to access new customers locally and nationally.
Wider accessibility: Exploring new markets and customers by adapting to latest innovations. It is also cost effective to reach wider audience internationally. Advertising cost, languages are the barriers which limited companies to market locally. With the impact of digitization, approach became simpler and customer database increased with negligible operations cost.
Increased operational efficiencies: Overall expenditure was reduced with the enablement of digital path. Operational and market costs like trade shows, advertising, campaigns etc are optimized.
SME’s digital engagement increased revenue growth. However, it is important to notice that it is difficult for SME’s to adopt new technologies. As they are small sized companies there will be operational and investment issues. But to withstand in the competition it is mandatory to get on online.
At this point they can outsource their work to agencies who can build your business online.