Not long ago, at the turn of each century, you would often witness rapid changes; however, that has now reduced to a few months.
During and at the end of each year there are innovations, and different trends introduced that surprise and aidedSMEs in doing better business. It is challenging for anyone to predict the future technological innovations and advents accurately. However, SMEs must be on top of their game and ensure that they do not miss out on the technology innovation train or they will lose out on their probable profits.
With social media and the Internet, SMEs are getting up-close and personal with their customer base, but customers are getting savvy too and have first-hand information about what services and products are on offer, and all this is just a click away. According to Gartner’s newest estimate, “IT spends in 2017 will reach $3.5 T, increasing at a rate of 2.9 percent an estimated spend of $3.4 T in 2016.”
Having said that, let us look at some of the latest technological trends that have changed the ways SMEs function.
Big Data: Big Data helps you gain an insight into the business data you collect allows you to take strategic decisions. Many SMEs are now looking at Big Data as more than just a fad or trend. And few of them have identified the utility of Big Data with regards to sales trends, and consumer behavior, using them to improve productivity and thereby enhancing profitability.With digitization and technological advances, you now have a powerful tool and system in place that scours huge volumes of information, correlates it and filters it for you in a matter of seconds.
This story is from the September 2017 edition of Small Enterprise.
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This story is from the September 2017 edition of Small Enterprise.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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