If you are an SME and want to stamp your presence in the digital world, it is important to leverage technology to the maximum. Traditional tactics like those employed in the brick-and-mortar world can no longer drive business efficiently. In the new era of digitalization, fostering innovation, encouraging risk-taking, and embracing new technologies is the key.

Technology is critical for building customer loyalty and improving your digital efficiency.

Here we look at some key strategies which will enable you to use technology to boost your online business:

1. Automating Workflow

In every business, there are repetitive tasks that can be automated. You could utilize tools such as Robotic Process Automation (RPA) for automating processes and thus save valuable time and costs which can be better spent on more creative aspects.

2. Tracking Projects and Maximizing Productivity

Project management software is especially useful for small teams which need to remain synchronized. To keep business projects on track, you need to know the status of each one on a real-time basis.

With technology usage, tasks that used to take a long time before can now be done in minutes. This frees up a lot of time for focusing on more creative things. Technology can also be used to improve the accuracy of tasks such as data entry, reporting, etc., thus increasing efficiency and productivity.

3. Improving Collaboration

Communication and collaboration go hand in hand for ensuring productivity. Technology makes this faster and easier. Tools like video conferencing, MS Teams, etc. enable personnel in different locations to communicate in real-time, share ideas and brainstorm solutions to problems together. This technology enables real-time updates and improvements, boosting efficiency and productivity, increasing transparency, and reducing costs. Yes Bank GlobalLinker is one such platform that has a growing network of like-minded entrepreneurs, with whom you can connect and collaborate to explore new business opportunities. 

4. Enhancing Customer Relationships

Customer-relationship management systems are great examples of how technology enhances and enriches customer experience.

You can, by using technology, deliver personalized marketing campaigns to your customers, which is critical for acquiring new customers and retaining business. By using data-gathering systems like CRMs you can collect and analyse customer purchase history and preferences. Artificial intelligence can also be used for predictive analytics to forecast a customer’s next purchase and recommend the best marketing strategies on a real-time basis.

5. Analysing Business Performance

By analysing key performance indicators (KPIs) based on past data and current business trends, the software gives a precise representation of a company's performance. This type of software provides an accurate picture of how well a company is performing by measuring key performance indicators based on historical data and current trends in business activity and performance.

6. Enhancing Cybersecurity

When using technology, one has to ascertain the risks related to cybersecurity and put in place mitigation plans to effectively tackle the risks related to cybersecurity breaches and attacks from hackers and cybercriminals. Thus, a strong cybersecurity plan would be an effective deterrent to such risks.

If you are looking for business platforms for SMEs that can offer the right mix of technology options, then Yes Bank GlobalLinker is one of them. GlobalLInker's algorithm assists SMEs to explore business opportunities, make new connections and keep growing. 

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