10 Essential Digital Solutions that can take SME's to a different level

The challenge for most SMEs today is growing their business and increasing their customer base and providing customer service which is on par with large enterprises.
With the advent of digital solutions driven by social media, analytics, mobility and cloud (SMAC), there are a number of cost effective solutions for SMEs which can be harnessed for competitive advantage in business.

As an SME, it is important to leverage solutions in the existing ecosystem to compete effectively with the best in the business.

Some of the key solutions available for SMEs in the digital ecosystem according to their business needs are described below:

#1 Communication and Collaboration

Communication and Collaboration tools become important for SME businesses to keep connected with their team and also customers. Some of the leaders in this space are Google Applications, Microsoft Office 365 and Yahoo Business solutions. These tools can be used to communicate and collaborate at an affordable cost with reliability and availability through devices that support internet connectivity and are available on a pay as you use subscription.

#2 Using Mobility as the Enabler

Mobile devices like smart phones, tablets and net books allow connectivity anytime anywhere and allow businesses to increase productivity, sales force management, logistics, banking, social media interaction and communication. Mobility has transformed the way we remain connected and the way we consume solutions that are offered through the Internet

#3 SAAS Applications.
SAAS is an acronym for Software as a Service where there are number of enterprise grade business applications available on a pay and use mode, thus you get the best of breed software solutions which you as a SME can use. Some of the more popular SAAS solutions include Salesforce.com, Google applications, Microsoft small business solutions and many more. There are also a number of automation tools which can be easily customized for your business.

#4 E-commerce Solutions
E-commerce solutions help you to digitally sell and distribute your products and services. Based on the needs of your end customer, there are Business to Business or Business to Consumer solutions. There are also many solutions tailored for specific segments of business.

Signing into a E-commerce portal helps SMEs to get enterprise grade visibility of their products and solutions on a global level and also support of the whole sales cycle from discovery, payment and logistics and delivery of their products and solutions. There are a number of E-commerce solutions available both global and Indian which can be used by any SME to grow their business.

#5 Social Media

Social Media has changed the way we work and some of the leading social media sites which you can use based on your business and market segment are:

a. LinkedIn - It is the premier social media site for Business to Business connectivity.
b. Facebook- Facebook is the numero uno social site and is useful to reach consumers and also the younger generation of the population.
c. Twitter - Twitter has changed the way we broadcast to the world. In just140 characters along with pictures or videos, we can tell the world about our products, thoughts and demonstrate the leadership of our organization in a given sector.
d. Pinterest - If the business you are in is creatively inclined, then you must be on Pinterest. If you are a fashion designer, artist, create handicrafts, caterer, event organizer or a creative architect, you just cannot afford not to be on Pinterest.

Advertising on Social Media can give you an opportunity to reach your target audience at a low cost; you can advertise on most social media sites and reach the whole world at an affordable cost.

#6 Email
Though considered an old communication solution, it still retains its ability to connect in the world of business and is still the preferred engine for business communication. Having a reliable and spam free email for your business is essential, with your own company's domain name.

#7 Websites
Websites can be an interactive version of your online brochure of your company's products and solutions. Websites can be your digital catalogue. You can also link your website to E-commerce solutions and social media and many more digital solutions.

#8 Video
Nothing conveys your company's message like a video does. Hosting videos on the digital space is easy and you can use websites like YouTube and Facebook to get your products and service offerings to a large audience.

#9 Digital Payment gateways
As payments go digital and real time, it is important you provide the solutions needed to realize payment digitally. Digital payments are faster and more efficient than the old fashioned cheque and demand drafts.

#10 Analytics
Analyse your customers, sales and other trends by using analytical solutions which were earlier available only to large corporate firms. You can use analytical solutions to get a better understanding of their environment and business dynamics. They are easy to use and most of them are on a pay as you use agreement.

Conclusion

If you are keen to expand your business, do not waste any more time to use the digital tools available; many of them are free to try but make sure you read the fine print on the contractual agreement.

With the penetration of mobile devices, internet and a vast number of business applications, it has never been a better time for SMEs to leverage Digital solutions.
Go ahead and start riding the digital highway you will soon wonder how you managed your business without these solutions.
If you need some help, find a digital coach who can help you with your digital journey; this may save you time, money and help you in realizing the benefits faster.

This article was published in the handbook released today titled
"E-Commerce ... The Way Forward for SMEs" published by MVIRDC/World Trade Center, Mumbai, and All India Association of Industries.