In the digital economy, companies need to join the race of digital transformation for the growth. Of late, accepting the digital trends is the key mantra for the success and development. Digitalization of the process will not only enhance your productivity but also gives you a huge customer base.
Most of the SMEs in the world today have been following the path of digital transformation and achieving the success and revenue.
According to a survey conducted by IDC, around 64 percent SMEs have registered growth by adopting advanced technology, 50 percent of the small business owners believed that the implementation of advanced technology has helped them in enhancing partner, customer and supplier relationships. Whereas 50 percent of SMEs believed that the adoption of new technology helped them to give tough competition to big players in the field. It’s the latest technology, which helped more than 65 percent of the SMEs to expand their businesses geographically in the digital economy.
The automation function and optimized processes helped the companies to achieve high growth rates in their business. Most of the companies and SMEs have engaged in the digital transformation. They used collaboration software like e-commerce, and other resources in order to gain from their operations. On the contrary, the smaller organization failed in making the cut in the digital transformation ignoring the impact of the software on their business.
Midsize and large size companies have used the digital technology to register impressive growth rate. More than 40 percent of the midsize companies worldwide have used at least one digital technology component to streamline and enhance their productivity. The digital technology has transformed the IT solutions in the digital economy, giving a direct benefit to customers through the service providers.
The growth rate in the SMEs indicated that the active participation in the digital economy is the key mantra for development and success. Not only that, the acceptance of the digital transformation has changed the field of business intelligence enhancing its scope further.
Of late, business intelligence is the core, when it comes to planning and execution. It reflected in the decision of the companies in the field of CRM and ERP processes. Companies have been analyzing the business intelligence widely to prepare strategies in the process like customer relationship management. Even, most of the companies have been benefited by using the Social Media analytics to reach their targeted customers.
In this digital arena, companies have been using the big data and Internet of Things (IoTs) to gather information about the customers and to study their behavior by applying analytics in the data filtering.
As per the report, 48 percent of small companies used Collaborative software for employees. Where are the number increased using such software to 57 percent in midsize companies and 59 percent of large companies have implemented collaborative software.
In the field of Customer Relationship Management Software, 40 percent of the SMEs has used the software and gain from their operations. Whereas 53 percent of midsize companies used the CRM solutions and 57 percent of incorporation and big companies have used such CRM software.
Around 30 percent of the SMEs, 49percent of Midsize firms and 53 percent of the large companies have used the Business Analytics, Business Intelligence Software for data analysis.
In the e-commerce segment, 32 percent of SMEs, 39 percent Midsize firms and 45 percent of major business houses have used the digital technology for online order taking and billing.
The survey report suggested that 25 percent of SMEs, 41 percent of medium size companies and 47 percent of large size companies have used Enterprise Resources Planning software or ERP Software and achieved higher growth.
Most of the companies implemented the digital technologies, software in order to streamline their business processes. The companies also using these technologies for the long-term growth and success.
The innovation in the field of digital space has brought many opportunities for the enterprises. SMEs, startups, companies and corporate houses can thrive in this digital economy through active participation.