“Running live means speed, accuracy, proximity, and real-time business. SMEs need these elements to run well.”
Running Live: What Does It Really Mean for SMEs?
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Digital transformation is profoundly changing the society, culture, human relationships, and partnerships around the world. We now have digital technologies that allow new ways to collaborate, connect, transact, and engage with consumers and corporations. Many business leaders around the globe have also gone full throttle on their digital transformation to expand their market presence.
This is true not only for large corporations, but also for SMEs striving to have a level playing field, seeking growth through better reach of the global markets.
SMEs are the backbone of economic development, especially in Asia, and they are in the middle of this threat and opportunity era where they either wither or prosper. SMEs, which were previously limited by their local presence, are now becoming increasingly borderless. Using a wide range of technological innovations, they now have a greater ability to gain competitive advantage with higher productivity, penetrate international markets, and even be on par with large and established companies.
Furthermore, SMEs do not have too many legacy systems to manage, making them more ready to “Run Live” instantly.
Running live means speed, accuracy, proximity, and real-time business. SMEs need these elements to run well. Through the right way of digital transformation, SMEs can now interact better with their customers by giving them a more personalised experience. They can also anticipate and analyse their customer demands, make decisions on the go with more accurate and ready data, and realise business outcomes rather than worrying about managing complexities from heterogenous environments to disintegrated systems and processes.
The adoption of cloud is an obvious way for SMEs to get their operations up and running. Using prebuilt solutions that integrate best practices, SMEs do not need to worry about customisations, localisations, and integrations. More importantly, they can grow business without the need to increase their Total Cost of Ownership for IT and resources. Instead, SMEs can spend more time understanding their customers, competition, suppliers, and their own team better. Such live business improves productivity and allows more time for innovations.
When SMEs start running live, this is the time when they can truly grow beyond their boundaries and be a game changer in the global industry.
Learn more about how small and midsize businesses can Run Live in the digital economy from this report.