Leveraging Technology for SME Success: A Double-Edged Sword

Leveraging Technology for SME Success: A Double-Edged Sword

By Primera Muthoni

In the contemporary digital era, technology has evolved into a global facilitator for small and medium-sized businesses (SMEs). As a result of advancements in several industries, technology has transformed corporate processes, making it easier for SMEs to compete in the market. In this blog post, we'll examine four key areas where technology has significantly benefited SMEs while also taking into account any potential drawbacks.

  1. Easy Business Collections

As mobile money services like MoMo and Airtel have grown in popularity, SMEs now have access to simple and secure means for collecting payments. These services offer banking system connections, enabling companies to simplify their financial processes. Online companies may now run their whole operation in the digital sphere, cutting costs related to physical locations and serving busy start-ups. Despite the enormous advantages of new technology, SMEs must be wary of possible cybersecurity risks and data breaches.

  1. Social Media: Widening Perspectives

The business environment for SMEs has changed as a result of social media platforms. These platforms remove conventional entrance hurdles like high financial needs and offer a cheap option to have an online presence. SMEs may now connect with consumers, reach a wider audience, and develop brand loyalty. Challenges arise from the simplicity of idea theft and the fierce rivalry seen online. Moreover, because of the anonymity that permeates the virtual world, winning over potential clients might be challenging.

  1. Delivery Apps: Tracking and Efficiency

For SMEs, delivery applications like SafeBoda and Minute Man Deliveries have revolutionised the logistics sector. These applications' secure and traceable delivery services enable prompt delivery of goods to clients. By utilising such tools, SMEs may improve customer satisfaction and establish a reputation for prompt and accurate delivery. However, relying significantly on outside delivery services might result in dependence problems, higher expenses, and less control over the delivery procedure.

  1. Smartphone First Culture: A Shift in Perspective

The growing use of smartphones has had a significant impact on the marketing environment for SMEs. SMEs may now reach their target audience through a variety of digital platforms thanks to creativity, which has become a crucial component of marketing campaigns. Since knowledge and information are easily accessible, firms can keep up with market needs, customer preferences, and industry developments. However, because of how quickly technology is developing, SMEs must constantly adapt and improve their abilities in order to remain competitive.

My name is Primera Muthoni, and I enjoy supporting entrepreneurs by helping them navigate and adopt technology to accelerate business growth.

Product Manager & Associate Consultant (Uganda Management Institute)

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