4 actions to reinvent SMEs in the face of digital acceleration

 

The measures implemented by the authorities to contain the COVID-19 pandemic have had important effects on different economic sectors in the country. In September 2020, according to INEGI data, there was a decrease of -8.06%, compared to the 4.9 million micro, small and medium-sized enterprises ( SMEs ) in May 2019 .


During recent years, the market was already moving towards digital transformation, however, the pandemic forced companies to accelerate their digitization and turn around their operations. From one day to the next, which represented new growth opportunities, has become a challenge: transform to continue being relevant to your customers.


In his study "The digital business at its maximum speed" Chubb, a property and liability insurance company, identified four actions for the reinvention of SMEs in digital acceleration.


By implementing these actions, small and medium-sized businesses can gain a greater understanding of the trends driving digital acceleration, and will be better prepared to take advantage of the opportunities in today's market, to grow and remain competitive.


To find out more: They launch a platform to promote the digital transformation of MSMEs

1. Build digital experiences: Direct digital communication with the customer provides the opportunity to offer personalized experiences. To reach their consumers, in the right place and time, companies must implement easily accessible digital solutions and processes.



According to 45% of the companies surveyed by Chubb, their priority in the next three years is to deliver products and services flawlessly and at the customer's request; 46% seek to adapt their products, services and communications to multiple generations; while 24% do not believe that using direct forms of digital communication will impact their performance.


2. Value the power of data and protect it: Three out of four study participants said that embracing artificial intelligence is their top priority in the next three years. Using this technology offers companies different market perspectives to adapt or modify their products and services, as well as optimize processes to improve the experience of their customers.


As companies evaluate the development of mechanisms to collect and use their customers' data, they must also invest in technology and adapt processes to protect the information collected and reduce the different cyber risks that the digitization of the business entails.


Learn more: 57% of micro and small businesses are committed to combining online and physical sales, reveals GoDaddy study

3. Implement a flexible work model: 32% of companies consider that offering flexible work solutions to their employees is one of their greatest challenges. Optimizing remote work and achieving more collaborative processes through the use of new technologies will allow them to adapt and be more competitive in the current environment. Implementing a flexible work model can help increase productivity and lower operating overhead.


4. Expand their products and services to commercial platforms: 44% of the SMEs surveyed recognized that collaboration with the major players on commercial and social platforms is their greatest challenge today. Small and medium-sized companies seek to sustain and expand their business with a partnership that promotes their e-commerce model, and allows them to survive in today's market.



Adapting your business models and work processes is a matter of survival, so having adequate and timely advice, which allows understanding and helps mitigate the possible risks that digital acceleration has brought, becomes essential.

Popular posts from this blog

How AI is Forcing Marketers to Reinvent the Industry

  From customer support bots to social media bots that respond to comments and questions automatically, the age of artificial intelligence in marketing is already here. However, because of how ingrained AI has become in our everyday lives, marketers now have to think about things slightly differently. Instead of looking at customer journeys, the focus has shifted into how to teach AI about customers. AI came about as a means of developing a way to give consumers a streamlined experience in their dealing with a company. As the February 2021 CMO Survey notes, this goal has become one of the  top priorities   for the world's largest marketing firms. Because of AI's introduction into the mix, marketers now have to rethink and reinvent the industry from the ground up. Tech and the customer life cycle Most businesses started adopting AI in the form of chatbots. The intent was to deliver a personalized experience while limiting the number of human resources taken up in answering rote
Read more

TranZact Raises $7 Million To Digitally Transform SMEs

Image
  TranZact, a SME tech startup offering a SaaS-based digital transformation tool for SMEs, has raised $7 million in Series A funding. The funding was led by SF-based Tribe Capital with participation from Prime Venture Partners, Gemba Capital and existing investor Kae Capital.   Pexels The funds will be used to innovate products, leverage evolving technology and harness the power of data. TranZact also plans to invest in new talent and expand its team across all functions. TranZact helps SMEs make data driven decisions for key business operations and focus on growth by streamlining inventory, purchase, sales and quotation management processes in a hassle-free and user-friendly manner.  The company’s USP lies in its schemes. It provides Forever Freemium Plan, a free plan that helps digitize basic processes; Fast Onboarding in Five Days, a self-serve product that reduces onboarding time significantly and Excel Like User Interface, a plan that ensures adoption from users across all the dep
Read more

China bans children and teens from playing video games for more than three hours a week

Image
Even the most innocent of beginning gamers knows that three hours is nothing when it comes to video games . Well, now, children and adolescents in China will have to learn to optimize that time and distribute it throughout the week . Authorities in the Asian country have prohibited minors from spending more than three hours a week with their video games . The Chinese government announced new regulatory measures with the intention of combating addiction to video games , which they describe as "spiritual opium" , in the population under 18 years of age . It may interest you: 4 essential skills to start a career in the video game industry As of September 1 , Chinese children and teenagers will only be able to play for one hour a day , and only on Fridays, Saturdays and Sundays , from 8 to 9 at night . The measure will be applied to all devices from which a video game can be accessed: console , smartphone , tablet and PC , among others. On holidays, an extra hour can be played at
Read more