Sage's Aid Plan provides financial resources and advice to help companies digitalise.
The benefits of a technology-driven strategy are clear, especially for small businesses. Technology creates affordable solutions to problems faced by companies of all sizes, enabling business growth and success. According to a Gartner survey, 56% of CEOs say that implementing digital improvements has increased their company’s revenue.
Adapting to the technological world is crucial for all businesses, but it can be even more important for SMEs. They often don’t have the funding and established brand reputation of larger competitors, making the first few years feel like a fight for survival. Nearly 50% of small businesses don’t survive past five years , so technology can be crucial in helping them grow.
How technology benefits SMEs
Small and medium-sized businesses can reap many benefits from technology. Collaboration is made easier with digital project management tools and business communication platforms, improving efficiency by up to 130%. Additionally, technology can drive positive customer experiences by enabling more open and accessible communication, and it also helps businesses reach more customers through social media marketing.
In addition, SMEs can have better control over canadian healthcare and medical email list their expenses with the use of billing , accounting and reporting software. This list presents some of the main benefits that technology can bring to SMEs.
1. Facilitate collaboration
In every business, collaboration is necessary for long-term success. Digital technologies, such as project management software or business communication platforms, enable companies to collaborate effectively.
These software solutions can enable asynchronous work, where people who are not together can work effectively toward a common goal. They also serve as hubs where files, project updates, and results can be tracked and shared.
2. Improve efficiency
Efficiency is everything for small businesses, where budgets are tighter and entrepreneurs are often stretched thin by time. Using collaborative technology tools can increase operational efficiency by up to 130%.
Technology can streamline key processes as businesses become less segmented. Many tools save time, with software such as a customer relationship management platform automating tasks to reduce manual work .
3. Drive positive customer experiences
Across all industries, customer experience is king. Customer experience dictates whether customers continue to return to your business, and delivering a positive experience is crucial to business growth.
