How MSMEs Can Leverage Smart Techs to Scale Growth

The adoption of Cloud technology has transitioned from being a mere technological initiative to becoming a critical business imperative. In today’s landscape, traditional on-premises infrastructure is no longer sufficient to fit the needs and pace of modern organizations. The rapid proliferation of Smart Techs like generative AI, AR/VR, blockchain, IoT and more has prompted businesses of all sizes, especially MSMEs, to seek a future-ready architecture that enables them to grow and meet their long-term objectives.  

Understanding the Impact of AI and New-age Technologies on Small Businesses 

The integration of Cloud technology and AI into the operational framework offers solutions to complex business problems and addresses the day-to-day operational challenges faced by small businesses. 

This integration enables growth primarily in 3 major ways viz.,

1) automation

2) optimisation and

3) facilitation of data-driven decision-making.

Let’s explore each of these avenues further -  

Automation with AI  

With current technologies, only a small fraction of occupations – less than 5 percent – are suitable for complete automation. However, every occupation possesses the potential for partial automation, as certain tasks within it could be automated to some extent. This is where the scope of AI becomes relevant. Since 60 percent of all jobs have at least 30 percent technically automatable activities, small businesses are now refining job roles considering the capabilities AI can bring in to speed up and maximise their growth. By automating repetitive tasks and streamlining workflows with AI, employees can now focus on high-value activities and focus more on innovation within the organization.   

Optimisation of Cost & Resources  

Cloud technology empowers small businesses to predict and adjust resource needs according to demand, facilitating cost-efficient operations without requiring substantial initial investments in infrastructure. Similarly, AI applications can be scaled up to meet expanding requirements. With subscription models (pay-as-you-go pricing structure) cloud computing eliminates the necessity for huge investments in on-premises deployment and maintenance expenses, saving money for small businesses. Concurrently, AI technologies can streamline processes, trim operational costs, and enhance efficiency across diverse business functions.   

Data-driven Decision Making  

AI-driven analytics provide small businesses with actionable insights from vast amounts of data, enabling informed decision-making and strategic planning. Through predictive analytics, AI algorithms can forecast future trends, customer behaviors, and market dynamics, enabling businesses to anticipate opportunities and mitigate risks proactively. Additionally, AI-powered recommendation engines can personalize customer experiences, optimise marketing campaigns, and drive revenue growth.  

Overcoming Key Challenges 

While new-age technologies offer significant opportunities, their emergence has also overwhelmed small businesses, challenging their ability to effectively manage and utilise them to deliver connected experiences to customers.  

Many small businesses today increasingly rely on fragmented solutions which create information silos, impeding the collaboration & decision-making process. With limited resources, small businesses often struggle to maintain consistent communication with customers across multiple channels. They lack centralized systems to collect and analyze customer data effectively. Dependence on third-party AI platforms further limits businesses' ability to customize and control their own data. Not to mention the interoperability challenges, budgetary constraints, and limited technical expertise, resulting in disjointed customer experiences.   

Concluding Remarks

Despite the challenges, the evolving landscape of technology, particularly the integration of cloud computing and AI as critical business imperatives, presents immense opportunities for small businesses to hyper-accelerate their growth. Automation, optimisations and data-driven decision-making emerge as pivotal avenues through which small businesses can now unlock new opportunities, streamline processes, enhance operational efficiency, deliver exceptional value to their customers, and position themselves for sustained growth and success in the digital age. 

-- By Prashanth Kancherla, Chief Product Officer, Ozonetel

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