The nature of innovations

Innovations are disruptive and can change an entire business environment. Every labour put into developing a product and business can be replaced by a single brilliant idea. Sometimes the idea can be just automating a process in the value chain. However, some innovations not only fix bottlenecks but identify issues beforehand.

Why are SMEs slow in technology adoption?

SMEs often have the competitive mindset to survive in the fast-paced business environment but only few make it to the finish line. Lack of resources and funding gets into their innovation plans. They are hesitant towards adopting technology and digitise their operations. However, failing to innovate on time and not exploring new markets won’t help them stay ahead of big competitors. Another reason, that worsens the acceptance towards change is the cost of implementing the technology and then training the staff. Most SMEs admit this as the sole reason for slow adoption of tech in their business processes.

Value creation with technology adoption

Value creation is possible only with looking for gaps in value proposition and filling out those gaps with innovation. The marketplace is no longer controlled solely by competition and by the introduction of superior products and services. Today, its more about the customer requirements and preferences. It’s how well the customer has been able to use a certain product and what more they expect in the long run. Therefore, in order to stay relevant and improve customer retention, SMEs must invest and adopt technology. Currently, there are several innovations and technologies available for almost every industry. SMEs often find that intimidating and difficult to choose. Therefore, tech companies while proposing the solution must ensure that they provide complete information and future support.

Why is there a need for change?

Established ways of doing business without any influence of technology is becoming obsolete. And, digital transformation has changed customer behaviour and created unexpected opportunities. It’s time for the SMEs to find a niche and build something that constantly adds value to its people and consumers. Otherwise, there is a high risk for the SMEs to get overshadowed by big competitors. Branding is one of the most important tools that helps small business carve a name for themselves and with the use of technology, differentiation from competition becomes easy.

Creation of a culture of innovation within the organisation will motivate the workforce to quickly adapt to any sudden disruptions or challenges. At times, when need arises, expanding the team isn’t the only solution. Instead steps must be taken to utilise the current workforce, automate operations and tasks that will empower them and instill a sense of decisiveness.

History is evident of the biggest disruptions such as Airbnb, Apple, Facebook that has been able to successfully redefine the idea of innovation. Brand such as Nokia, Kodak and Blackberry were left behind when they failed to innovate and only catered to the growing sales.

Take the lead today, experience disruptions and accept challenges. Be the first to innovate.