Refers to the integration of advanced software and tools in business processes to streamline operations, reduce manual intervention, and improve efficiency.
Adoption of new technologies like cloud computing, AI and ML, SaaS solutions, digital automation tools, e-Commerce platforms etc. is crucial for growth in small businesses.
#1 Enhancing customer interaction
AI chatbots, mobile applications, etc. foster real-time communications, connecting businesses with customers for feedback and service delivery.
#2 Improving market reach
E-commerce and online stores open up new markets and customer segments, and revenue streams through online sales channels.
#3 Streamlining operations
Automation tools reduce time spent on manual tasks, minimises errors, and opens up time to focus on strategic activities and decision making.
#4 Boosts productivity
Tools enhance task management, team collaboration and coordination, and workflow management, ensuring teams are aligned to goals and project timelines.
#5 Better financial management
Automate accounting, budget tracking, and financial reporting; provide real-time insights into the business’s financial health for better cash flow management.
SaaS tools (e.g., CRM) to manage customer data, interactions, automate sales and marketing; personalise marketing efforts, targeted communications, for sales growth.
#6 Increase sales
Challenges in adoption:
-Initial setup costs-Training and learning centres-Slow learning curve-Lack of awareness of benefits
Way ahead:
-Stay informed and updated-Avail government initiatives for credit, tech training, etc.-Network and learn from peers