You may be asking yourself this very question as we enter into this Digital Age and whilst bigger firms with large teams may easily ingest the costs of innovation, where does a small business jump on the digital band wagon? Many digitisation and digital services developments efforts in the past have been based solely on larger corporations and business entities where they are easier to implement and costs can be absorbed into the company easily, but a time is fast approaching when companies will need to start considering the impact and effects of digitisation on Small to Medium Businesses and how these can be taken forward into smaller business entities with ease and cost efficiency.
Some of the challenges of having a smaller business is that costs can often be silo’d into many different areas which means that accounting, financial, banking costs, tax advice and implementation can become almost crippling for a small business – and all this is required before they can even open their doors. However, as technology becomes more geared towards adoption in smaller businesses, many of these costs will become converged into technology-based platforms, processes and systems, and businesses are likely to become more comfortable with these factors as they become more educated on what they are, and realise they can save money in the process.
In summary, the costly and complicated technology that was once only available to bigger companies with the resources to use them will become more widely available, and as services and solutions for small businesses become commoditised and more common-place, it will become easier and more cost-effective to tap into these benefits. This, in turn, will encourage growth in the smaller entrepreneurial space as well as in emerging industries.
We should, therefore, expect a change in the way these technologies are rolled out in businesses. In the small to medium business context, there is a higher level of personalisation required and we have given careful thought to this when developing GoDigital – specifically, how can the entrepreneur of today get easy and cost-effective access to appropriate tailored technologies for smaller businesses. As the share of businesses devolves downwards from the big corporates to the entrepreneurs, there will be definite advantages for the small and medium enterprises that have embraced digitisation and accessed the technologies that are now within their reach.