Prashant Ranade, Co-founder, IndusSME
Key takeaways
- Technology is here to stay and is changing the landscape of how we work-live-play
- Many of the best innovations are the result of combinations of technologies
- Why small and midsized enterprises have missed out on technology innovation
- The 6As quiz to guide SME in their technology revolution
There are six important aspects that a SME must examine before undertaking a technology project. The answers will pave the path to an elegant technology solution, ensure its successful application and deliver lasting value to the organization.
Adaptability assesses the ability ofan organization to pivot time and again
- What is the cost of change management?
- What is the cost of education and training and how will it be delivered?
- Does the solution use standard off-the-shelf products or customized applications?
- Are there advantages to customizing an application over changing current business processes?
Appropriateness examines whether the solution matches the organization needs
- Is the solution right-sized to meet the needs of our current and potential clients?
- How easy is it to use?
- Does it integrate with existing applications?
Availability looks at the dependability of the proposed solution
- Will the new solution scale to service current and future client base?
- What are the required training and competencies for the new tools and processes?
- What is the system uptime and support available from technology providers?
Accessibility reviews the required resources, implementation and tech support
- What are the challenges or limitations of current infrastructure, tools and systems?
- Do we have the necessary expertise internally or do we need partners?
Augmentation evaluates the opportunities created by freed capital and talent
- What technology will be used to automate standardized processes?
- Will there be a loss of flexibility and will it be justified by the savings?
- Will it require retraining and reskilling of our associates?
Affordability weighs the project’s impact on cash flow and profitability
- What is the optimal price point for the value delivered?
- How are savings or payback calculated?
- What is the duration of price validity and escalations?
- Are there any hidden switching costs?
Today’s focus has already shifted from standalone technologies to creative solutions that combine multiple technologies. The future belongs to innovative, mass customized, on-point solutions that match the unique requirements of customers. And, there is no reason that it should be limited to large corporations. Most importantly, there are expert SME partners that can deliver solutions to reduce costs with minimal risk.
So, SME, are you ready for your technology transformation?
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