Techblog
Why SMEs will lead the charge in a world without digital limits - i.luminate 2012 Special
In the last 25 years, we’ve seen numerous technological advancements that have changed economies and cultures. Just a few years ago, technologies only thought of as applicable to enterprises are now being used by SMEs. What has caused this huge paradigm shift? Read on to find out more.
By the myBusiness techblog team
In the last 25 years, we’ve seen numerous technological advancements that have changed economies and cultures. Computers, for example, do much more than word processing. Cloud computing has also transformed businesses, providing them with applications that boost productivity, workflows, access, and ultimately profits.
The way SMEs adopted such technologies has also changed over the years. Back then, applications such as customer relationship management (CRM), content management (CMS) and unified communications would be implemented and made popular by large corporations first, before slowly becoming more widespread among smaller companies. But now, this is no longer so. Today, we can pick from customer relationship management (CRM) solutions such as Salesforce.com, Second CRM and Zoho CRM, unified communication tools such as Skype, and mobility and telecommuting solutions such as dropbox and Google docs, and even get most of them for free.
But such technological advancements have also changed our expectations. We are now in an age of instant response, Internet anywhere, and 24-hour operations. Consumers are also more demanding. As a result, our interactions with consumers now need to be much more engaging, convenient and most of all, simple.
Such expectations would not have been existent before, but we now take it for granted, a phenomena that Peter Hinssen - one of Europe's leading thought leaders on the impact of technology on our society - called "the new normal".
SMEs are the trailblazers of the new millennium
With technology and information more widespread, the tables have turned for large corporations and SMEs. Together with its rapidly expanding adoption and the breaking down of physical boundaries through the internet, smaller businesses are now proving to be the ones who are creating revolutionary technology that are shaping and changing the world.
Why is this so? Reasons include:
- The advancement of cloud technology - With cloud technology, physical infrastructure became less of a concern for businesses. This levelled the playing field - providing SMEs with the means to compete with the "big boys" and evolve into potential movers and shakers in the industry.
- Readily available resources - Information is now freely available in the form of "how-to"s and lessons - most of it online, and most of the time for free. Examples such as Wikipedia and tech forums have made it easier for smaller businesses to learn and implement new technology.
- Access to alternative funding - It used to be that capital investment was a great hurdle to overcome in the formation of a company. Startups had to convince venture capitalists or take a loan from a financial institution in order to begin. This is no longer that much of an issue, with governmental initiatives concentrating on providing entrepreneurs with ready cash. With an exciting enough idea, SMEs or entrepreneurs can also go viral and get funding through public means such as Kickstarter.
Let's look at Rdio and the Pebble e-paper watch as examples of SMEs that use today's technology to great effect.
Rdio is an online music service that gives subscribers access to roughly 18 million songs. By renting their computing infrastructure from the cloud, they were able to grow and build their business without worrying about scale.
The Pebble e-paper watch is a customisable watch designed to connect to smartphones via Bluetooth, alerting you to incoming calls and messages with a silent vibration. To get this device made, SMEs would historically have to secure funding from large corporations or banks. But through online services like kickstarter, it managed to raise over $10.2 million in funds from the public. This overwhelming response would have been virtually impossible before.
The next new normal
It's an exciting time to be an SME. With easier access to infrastructure, technology and funding, we are only limited by our vision. Who knows what the next twenty-five years will bring? What will become the next "new normal", and how will this affect your business? Visit Singtel i.luminate 2012 on 6 November and find out.
Meet the man who coined the term "new normal" in person as he delivers a keynote entitled: The New Normal, Where Markets Become Network Of Intelligence at Singtel i.luminate 2012. Gain valuable insights on current trends, as well as a peek into the future of digital technology. You can also listen to customers from SISTIC and 2359 Media share their experiences on SaaS solutions from the myBusiness portal.
Click here to sign up for Singtel i.luminate 2012 today! Seats for the SME presentations and workshops are filling up fast! Register now to avoid disappointment.