While we all are aware about the benefits of embracing technology in business, there is still a large segment of business lagging behind the tech-era.
Over one-third of business leaders divulge their organizations are laggards when it comes to adopting new technologies. As per the study conducted by ‘TomTom Telematics’ in 2017, for senior managers and above who handle team of five or more employees. They said their businesses were ‘not quick’ to adapt the technological innovations. Especially small and medium sized enterprises (SMEs) – they don’t engage with tech at all. Thus, continues the long tail of late tech adopters.
There are a lot of SME entrepreneurs who don’t know tech and are unaware of its enormous potential. Most of these traders, merchants and small businesses don’t even have a website. A reluctance to change and unwillingness to blend in the tech wave is one of the major reasons. They believe that what has worked in the past will continue to reap the same rewards in the present; however it’s not the same.
Also the cost of up gradation is higher and includes factors like, implementation of technology and training the staff. Especially for SMEs entrepreneurs who cannot afford it. Additionally, the cost of nascent technology is comparatively higher to make any return-on-investment. There can also be compatibility issues of the tech. But the trick lies in not being left far behind as technology can unlock enormous potential to boost the business.
Thus, investing in technologies that evolve and upgrade business play a vital role as it can instantly boost staff motivation as the company’s appeal to both employees and customers.
Bnext is wholesale distribution software for small business. It enables seamless trade across the network at almost zero investment cost of the technology. Thousands of SME manufacturers and distributors are already leveraging its benefits. It’s your turn now