SME stands for small and medium-sized enterprises. These are businesses with investment, turnover, and workforce below a certain threshold. In India, SMEs comprise both manufacturing and service enterprises. SMEs represent 90 percent of global businesses and more than 50 percent of employment.
Technology can help small and medium-sized enterprises optimise resources and scale.
Adoption of modern technologies like cloud, automation, and digitization will not only raise productivity but will also ensure economic growth while optimising available resources.
Here, how Tech companies help them
1. Reaching out more customers – facilitate new connections and blend online and offline interactions. Also market themselves at various social platforms with high value of customers
2. Cost effective – AI and Robotic Process Automation can help in automating mundane workflows and help in rightsizing the human workforce. Removing traditional physical servers and data centres, and adopting cloud technology can reduce costs significantly.
3. Competing global players – information availability on any device, which can be easily shared among team members, partners, suppliers and customers. Using modern technological advancement in almost all sectors, be it accounting, marketing & sales, inventory management, customer service, and more to maximise efficiency, optimise performance, and drive business growth.
4. Improved data management – Big data and machine learning can help companies to get insights into business trends and forecasts that can help in streamlining their spend on the right areas.
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