Techblog
4 ways SMEs can make the shift from offline to online
It’s not just for tech startups or big-budget enterprises. Almost every small business stands to gain by shifting online today – whether to innovative, improve operations or unlock growth.
Across the world, the advent of the internet brought big opportunities for small to medium-sized enterprises (SMEs). For any company, it has made it easier to expand into new markets, create new products and boost efficiency of production. But as OECD research found, smaller firms were best placed to gain, as they were typically "less locked in to legacy technology" and "unencumbered by existing relationships with traditional retail channels".
Perhaps surprisingly, SMEs have been slower to capitalise on online opportunities than large enterprises. Barriers holding back SMEs from moving online include perceptions of technology being complicated and lack of awareness about the benefits.
Yet market conditions in Singapore and wider Asia-Pacific present some of the world’s best opportunities for small businesses to supercharge growth online. In a 2014 report, McKinsey concluded that the region has proven highly receptive to new technology. Mobile phones are ubiquitous, new high-tech fields like online gaming and e-commerce are taking off, and vibrant startup scenes are taking root.
Now new 'disruptive' digital technologies like mobile internet and cloud are predicted to trigger substantial growth in ASEAN – potentially up to $625 billion in economic impact by 2030. SMEs are in line to gain, as these technologies can lower barriers to entry. While slow movers risk being left behind, companies that are quick to capitalise on online opportunities are expected to have the best chance to capture the "large value at stake".
For small business owners, making the move online can seem daunting. How can you avoid risk and unlock benefits that drive real results? These four steps can help you switch and realise full potential online.
1. Move from desktop software to cloud tools
The days of Word documents cluttering your desktop computer are gone. Now you can move documents online using cloud-based tools like Google Docs. Cloud tools enable you to access company documents online, so instead of needing to obtain a USB drive to correct reports, you can edit and share them with your team in real-time, whether they're at their desk or working from home.
2. Adopt integrated videoconferencing platforms
To communicate with employees, you previously needed to schedule a meeting and locate a free room in the office. Today, you can shift communication online using videoconferencing platforms integrated with email and text chat – giving you the freedom to provide feedback to employees wherever they're located, or even make presentations to potential clients overseas.
3. Change from paper to cloud storage
Previously, offices relied on paper and USBs to record data, which were at risk of being lost or corrupted. Nowadays, companies can keep important documents online using cloud storage tools and apps. With these solutions, your data is kept secure on third-party servers while you access it online. Your key data is therefore accessible on your smartphone anywhere, anytime – so if you're on your way to meet new clients, you don't have to worry about forgetting files in the taxi.
4. Switch to sites to manage projects and tasks
Managing projects used to mean planning on whiteboards and recording strategies on desktop files. These days, you can take projects online by creating sites that simplify and centralise the project management process. You can share knowledge, track progress, delegate tasks and make company announcements in real-time, without your team ever having to meet in person.
To get the biggest gains online, you need to move early. But finding time to change old systems can be challenging when you’re a business owner juggling responsibilities. To make the process quicker and easier, you can use technology solutions that assist SMEs in moving online, like Singtel’s ONEOffice. Its features equip companies with all the necessary online tools – making it easy to manage projects with Sites, store and share documents via Drive, and schedule videoconference meetings on Talk.
The biggest winners online will be those who shift early. You can make this shift easily by:
- Moving desktop documents to cloud platforms.
- Adopting integrated videoconferencing tools.
- Shifting from USBs to cloud storage.
- Taking project management to sites.