The economic impact of this coronavirus pandemic (COVID-19) has affected all companies, but especially small and medium-sized (SMEs). However, it is precisely the latter that have an extraordinary capacity to react and adapt to this context and will surely be the ones that will boost the economic recovery.
The rapid adoption of new technologies by SMEs is one of the fundamental tools of this reaction capacity, something that has been evidenced by implementing different innovation projects in businesses that allow them to be more agile and efficient.
In particular, there are three enabling technologies to achieve those objectives of having flexible, fast and easily adaptable businesses to change: E-commerce, cloud computing and Big Data.
The implementation of electronic sales channels allows SMEs to continue selling by digital means during the current situation, which has great restrictions on the influx of people to physical places. In this way, not only costs are reduced, but the customer is better known through the analysis of their purchase information.
Online sales can be the great bet of businesses that are looking for new alternatives to face current challenges and that are also willing to digitally transform their operation.
Among its benefits are the possibility of reaching a larger base of potential clients, 24/7 accessibility, personalization of offers, optimization of delivery routes, offering multiple means of payment and knowing the behavior of clients.
Through intelligent exploitation of this channel it is possible to make the dream of boosting sales come true, while optimizing costs. Embarking on the adventure of adopting technologies such as electronic commerce or similar, can be a challenge for many companies.
Hence, a second enabling technology is cloud computing, which facilitates the acquisition of platforms and services, while eliminating that access barrier that prevents many small and medium-sized companies from having high-level technological tools.
Through cloud computing, companies access a variety of business solutions without having to set up a complex technological infrastructure for their operation.
This simplifies the implementation of advanced technologies and avoids aspects such as making investments that exceed the capacity of SMEs and the complexity in maintaining more robust infrastructures.
Finally, the explosion in the use of the Internet for the use of business solutions enables businesses to take advantage of all the data they collect from their customers and thus turn it into structured information that can be used to boost the business. This is the third enabling technology: Big Data.
Various solutions allow you to take advantage of all the information that flows in the company (stock, sales, logistics, customer service, finances, etc.). Through data analysis, entrepreneurs have the ability to make better decisions, review internal processes and costs, as well as optimize the efficiency and profitability of the operation.
These three technologies are just one example of the many possibilities that small and medium-sized companies have to adapt their business to today’s times. By implementing them, companies can not only better meet current challenges, but will have begun a transformation of their business.
A transformation that was known to come at some point, but that the COVID-19 pandemic accelerated in an unimaginable way.