Product development, operations management, marketing, and customer engagement activities are the usual operations of small and medium-sized enterprises across the world and with this development, they are constantly in need of modern technology applications to drive solutions.
The adoption of technology proves to be the best way to drive comparative advantage over your competitors and this can also be leveraged by SMEs and MSEs.
Irrespective of the size of your business provided it is technologically inclined, you need to look out for some evolving technology you might not yet have applied in your business. Let us consider some of these technology-based strategies;
New Technology Adoption
Across the world, private enterprises have adopted new technology to enhance their business. For instance, businesses have applied the use of QuickBooks in their financial system and also streamlining inventory management.
Asides from the ones mentioned above, small businesses can also look into what some major big businesses have put in place. They can be readily adaptable. Small businesses could go into the use of Real-time, on-demand video, for product promotion.
Online customer relationship management, (CRM), process could get redefined, whereby; there is a new customer experience that your users would love to be part of. The usage of SaaS is also a real deal.
‘Cloud’ your Business
For a reduction in capital investment in technology, the cloud provides a cheap storage platform for your database. The cloud provides software and hardware service through a network.
The “cloud”, delivering hardware and software services via a network, represents the most significant technological paradigm shift for private companies.
With a computer tablet, a range of orders gets automated online.
Get a Mobile App
Operating a technology-based business cannot go beyond a certain reach if you are not ready to develop a mobile app. Users access the internet more on mobile, compared to desktops, PCs and tablets.
With mobile apps readily available, you are at a vantage position before your customers. As long as they use their mobile phones, you have them at your grasp.
You need to design apps that send your customers to sales points or services offered. You could also provide them with special offers as part of your strategies.
Leverage the Internet for Finance
A different source of funding exists for small businesses, but have you tried crowdfunding yet? This method of funding affords you leveraging the internet to get fund.
Depending on whether it is a reward or equity crowdfunding, it will, eventually, grow into an acceptance platform for funding companies.
Following these key strategies and integrating them into your business, you tend to generate sales and lower your costs.