What is digital technology, pat asked the President of an entrepreneurs association in Delhi-NCR, India. Obviously he was referring to what digital technology means to Small and Medium enterprises (SMEs) in Indian context.
I wondered how digital content managers would define it for SMEs.
Digital Technology per se means a base two process where digitized information is recorded in binary code of combinations of the digits 0 and 1, also called bits representing words and images.
For SMEs digital technology means the following:
1. Faster Communication
Digital Technology enables large amounts of information to be compressed on small storage devices that can be easily preserved and transported at faster speeds. Services like banking and communication with business stakeholders are now available with merely a few strokes on your cell phones.
Digital technology has transformed how people communicate, learn, and work. For example, with the help of these technologies a manufacturer can take advantage of fluctuations in the price of raw materials or spikes in the demand for specific products or services—and then respond in real time to take maximum advantage of the situation.
3. Cost Reduction
SMEs adopting digital technologies no longer require labour-intensive and expensive methods to test their products. For example, auto part manufacturers, test their products through computer-based simulations of crashes and other stress conditions at fraction of the traditional cost and with more well documented data.
4. Less paperwork, more storage and no space requirement
With cloud computing, it is now possible to keep all your reports, billing materials, project summaries and milestones, etc at one place without any worry of theft or loss in fire. Mind it you don’t need to buy expensive hardware and licenses. Just you need to pay a monthly subscription!
5. Easier Business Networking
SMEs often need to do all business networking themselves going from places to places. With digital technologies it is now possible to network all across the globe in real time and showcase their products and services to new buyers and potential customers.