Digitalization and SME’s: Are You Keeping Up?

Due to progression in technology, small businesses today now have an even playing field with larger corporations. That is of course, provided they keep up.

In the most recent G20 Digital Minister’s meeting in early April 19 of the world’s economic leaders joined together to discuss digitalisation and its importance in the international economy.

International solutions required for global developments

The meeting held in Düsseldorf, largely focused on international digitalisation. The leaders suggested an international framework is required in order to ensure everyone, rather than just a select group, can benefit from global digitalisation.

They focused on three key goals they are working towards, which include:

• Continuous digital education
• Faster internet
• Harmonised technical standards

Small businesses need to continually develop their digital education if they stand any chance of keeping up. In terms of faster internet, the UK is lucky enough to already boast impressive speeds, though further work needs to be done to bring it to all areas of the country. The leaders at the G20 meeting propose setting up faster connections by the year 2025.

How can your business keep up?

One of the biggest challenges small businesses face in terms of digitalisation is many lack the skill set required. A recent report showed that while most small businesses are aware of digital functions, only 26% have produced opportunities to develop these functions.

All types of businesses can benefit from keeping up with digital developments, but for some it’s definitely more important than others. Take traders for example. It would be pretty much impossible to keep up with the markets without technology. To be successful, you need to act fast, especially with Forex trading. So, if you’re unsure how to use the latest tech, you could be missing out on a lot of potential profits.

To keep up with digitalisation, it’s important to not only know about the latest developments, but also how to use them and incorporate them into your company. So, along with a fast internet connection, you are going to need to keep your digital skills topped up.

It’s a good idea to bring the team together and see what digital skills you already have in your organisation. You may just be surprised by the skills already available. Once you have a good idea of the skills your employees do possess, you can then work out which skills are lacking and where improvements could be made.

Automation is another important thing to focus on. There are a lot of day-to-day tasks which can now be fully automated thanks to technology. This not only speeds up production, but it boosts effectiveness and helps you to keep up with your competitors. Look at how many tasks you still do manually and see whether they could be replaced by automated processes.

Overall, while digitalisation is important, many businesses aren’t taking full advantage of what it has to offer. If you want your business to be truly successful, it’s vital you ensure you’re keeping up with the latest digital trends.

 

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