Five Ways Digital Solutions Can Help Small And Medium Businesses Compete More Effectively

As a small to medium-sized business (SMB), you know that agility helps you stay ahead in a competitive environment. But to stay ahead, you need the right business tools. Increasingly, that means looking to the cloud. By 2020, 80% of US small businesses will be using cloud computing. There’s a good reason: Digital technologies, like cloud-based ERP systems with built in analytics and collaboration tools, can help you innovate more quickly, collaborate more effectively, streamline your supply chain, and keep your employees engaged.

1 - Respond more quickly to opportunities

Your SMB has a major advantage over top-heavy behemoths: You can take action quickly. This presupposes that you have the information you need to spot an emerging opportunity and identify its financial benefits. The analytics and reporting tools available to you in an ERP system can tip you off to pop-up opportunities with short ramp-up times and high yield. You can also use predictive analytics to spot trends early and generate insights into whether emerging micro-markets, niche products, or existing gaps in services hold potential for your company. Speed is of the essence. Having the confidence to jump in when the right opportunity presents itself can keep you ahead of the game.