20 Nov 2022| ONPASSIVE
Trend Watch: 5 Trends Changing the Future of SMEs’ through Digitalization
Micro, Small, and Medium Enterprises (MSME) are the most innovative parts of any industry. They are looking to drive growth with technology, but they usually don’t know where to start. To facilitate the SME business digitalization better, wehave gathered insights and advice from successful business leaders worldwide. We have also highlighted the key trends of the future to help MSME and SMEs align their business strategy with digital transformation opportunities.
Trends Driving SMEs’ Digital Transformation
#1: Flexible Working
Flexible working is transforming how SMEs and MSME operates. For SME business digitalization, work from home has matured one of the biggest transformative drivers. It majorly applies to millennials who are beginning to dominate the job market. Millennials are known to value their own time, be independent, and explore challenges at work.To appeal to that workforce, organizations have to modernize and embrace a more dynamic approach.
Flexible working provides businesses access to a diverse talent pool, presents greater flexibility, enhances data analysis, and reduces labor costs across all divisions. SME business digitalization also helps MSME owners seize lucrative opportunities. Besides, it brings employees together by facilitating communication while holding teams connected and involved.
#2: Personalized Customer Experience
Today, consumers are more informed than ever. Digital technologies are reshaping how buyers engage with the company and make purchase choices. Therefore, traditional marketing efforts can no longer help businesses in keeping up with this shift.
The fact is that each stage of a buyer’s engagement with business influences their perception of the company and later purchases. That is why directing on customer experience is imperative for SME business digitalization and growth.
Embracing digital technologies presents MSME owners with the advantage of developing a holistic customer experience plan encompassing all consumer touchpoints. With modern automation tools, SMEs can also improve data analysis and analyze critical customer information to enhance their offerings continuously.
#3: Data-Driven Decisions
Data is one of the most worthy assets in today’s fast-changing marketplace. Expert data analysis and usage enable organizations to enhance strategic and business decision-making while positioning them for growth.
However, artificial intelligence primarily benefited global enterprises who could afford the investment. As the modern cloud has become commonplace and affordable, automation and business intelligence solutions are now easily accessible to SMEs and MSME.
The primary value that artificial intelligence and automation solutions bring to the table is enhanced customer experience. Close analysis of consumer insights presents a thorough understanding of buying behaviors. With that depth of real-time knowledge, MSME owners can make better, more informed business decisions and swiftly adjust their product offerings.
#4: Artificial Intelligence
AI simplifies mundane business tasks for companies operating across different market segments, saving significant time and costs. It also helps businesses understand customers and predict their behavior to present personalized services. From Chatbots, customer relationship management to sales forecasting, AI allows leaders to enhance SME business digitalization and data analysis.
You may have certainly heard of AI’s application in Chatbots, personalized shopping, or virtual agents. But, AI has extensive business applications and reaches well beyond them.
The technology acts on data input to distinguish consumer behavior patterns, predict the next steps, and improve future client communications.
Smart businesses use it to respond to the demands of customers in the Omnichannel world adequately. AI also helps business owners by giving them the power to simplify task execution, from fundamental flows to complex processes. As it helps reduce labor costs and boost productivity, and AI is one of the top enablers of SME business digitalization.
#5: Empowered Frontline Workers
With digital solutions, we always think of office settings. However, in a small or medium-sized company, office workers are very less, and the rest are usually frontline workers. As such, empowering frontline employees is vital to enhance SME business digitalization and success. It is where the power of modern technologies comes into play.
Modern technologies keep employees motivated and enable them to deliver a consistent brand experience with detailed data analysis. Frontline workers are considered the chief representatives of any brand, who are well-versed in handling customer expectations. Their positive approach towards your business may translate into increased customer outcomes.
SME business digitalization is radically transforming customer expectations. As such, organizations are in need to evolve their strategies to accommodate the shift to digital-specific initiatives. The first step is to distinguish critical trends and tools, empowering companies to enhance their data analysis and digital engagement. With the right solutions, organizations can improve customer insights, scale their services, and enable teams to build prosperous SMEs. Connect with us to know how ONPASSIVE can help you throughout your business transformation journey.
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Tags: Technology Artificial Intelligence