Business managers and leaders, whether in large firms or small and medium-sized enterprises (SMEs), know better than anyone else the challenges of running and scaling a business. We deal daily with fierce competition, tight budgets, and demanding customers who eat into our already-thin margins. But as we look around us at the widespread adoption of digital tools like smartphones – especially by the youth – we have to admit that technology has permeated every aspect of our lives, at work and home. I would even go so far as to argue that adoption of digital technology is now about “when,” not “if,” especially for SMEs.
To ensure differentiation and success in a highly competitive and fragmented market, let us begin by examining the impact of adopting – or not adopting – technologies and tools. The adoption of any technology offers three kinds of benefits to any organization: productivity, innovation, or risk management. Here is how digital technology offers all three