Infographic: how tech gives SMEs the competitive advantage
MANILA, Philippines – While passion is the ember that sparks the beginnings of a business, technology is what takes it all the way. (READ: What entrepreneurs can learn from the millennial attitude)
Technology is the big game-changer for Small and Medium Enterprises (SMEs). The rise of e-commerce and social media has disrupted traditional brick and mortar businesses and cracked open a whole new world of opportunities for starting entrepreneurs. At this point in time, adapting technology is less an option and more a necessity for those who want to thrive. (READ: Yuri Van Geest on exponential growth and how to disrupt industries)
A study commissioned by Qualcomm and the Boston Consulting Group looked into the significance of mobile technologies for over 4,000 SMEs across 6 countries, namely the United States, Germany, South Korea, Brazil, China, and India. Based on their findings, entrepreneurs who were also early technology adopters significantly outperformed their competitors in terms of growth, revenue, cost reduction, and jobs created.
Compared to their developed market counterparts, SMEs are quicker to embrace new tech tools. The increasing availability of affordable technology and digital solutions have leveled out the playing field for SMEs and multinationals.
Companies like Globe, for example, now offer SME-specific products such as myShopKeeper, Google Apps for Work, and Shopify. Before, only multinational companies could afford digital software solutions like these. But today, SMEs can enjoy the benefits of simple tech tools that can perform complex tasks like manage inventory, help business owners collaborate with employees, clients, or suppliers, create websites, and more.
This infographic delves deeper into the benefits of technology for passion-fueled SMEs. — Rappler.com
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