By Andrew Grill, below, author of ‘Digitally Curious’
In today’s rapidly evolving digital landscape, small and medium-sized enterprises face a unique set of challenges and opportunities. While large corporations have vast resources to explore emerging technologies, SMEs need to adopt smarter strategies to stay competitive without overstretching their budgets. Fortunately, digital tools like AI, automation, and cloud services are now accessible to businesses of all sizes. The key is knowing how to harness them effectively.
This article explores how SMEs can leverage emerging technologies to foster growth, enhance efficiency, and build a curious, innovative culture, all without breaking the bank.
- Start with a Digitally Curious Mindset
The first step to adopting emerging technologies is fostering a culture of curiosity within your organisation. A digitally curious business is constantly on the lookout for new tools and techniques to improve operations, boost customer engagement, or enhance products and services. In my book Digitally Curious, I emphasise the importance of actively experimenting with new digital tools. I firmly believe that leaders who encourage curiosity tend to drive innovation and position their businesses to respond more effectively to technological changes.
Practical Tip: Set aside time each week to explore new tools. Whether it’s testing a new AI platform or attending a webinar on self-sovereign identity, make digital curiosity a regular part of your company culture.
- AI-Powered Efficiency: Affordable Solutions for SMEs
Artificial intelligence is no longer just for big businesses. There are numerous AI-powered platforms that SMEs can use to improve efficiency. From automating customer service through AI chatbots to optimising inventory management, the possibilities are endless. Tools like ChatGPT, for instance, allow you to generate content, analyse data, or automate repetitive tasks with minimal input.
Implementing AI doesn’t require a team of data scientists. Many cloud-based platforms offer AI-as-a-service, which can be integrated into your operations with little upfront investment. For example, customer relationship management (CRM) systems powered by AI can analyse customer interactions and suggest personalised marketing strategies.
Practical Tip: Start small by integrating AI into one or two areas, such as customer service or sales forecasting. Platforms like ChatGPT and Jasper AI offer user-friendly interfaces, allowing non-technical teams to take advantage of their capabilities.
- Cloud Computing: Scale as You Grow
Cloud computing is another essential technology for SMEs looking to scale without huge infrastructure costs. Instead of investing in expensive hardware, cloud platforms allow businesses to access computing power, storage, and software on-demand. This flexibility is especially beneficial for SMEs, as you can scale up or down based on your needs without overcommitting to resources.
Services like Amazon Web Services (AWS) or Microsoft Azure offer affordable entry points, allowing SMEs to deploy applications, store data securely, and collaborate seamlessly across geographies.
Practical Tip: If you haven’t already, migrate critical operations like data storage, email, and collaboration tools to the cloud. Not only does this save costs, but it also enhances security and flexibility.
- Automation: Freeing Up Your Team to Innovate
Automation can be a game-changer for SMEs, helping to reduce the time spent on repetitive tasks like data entry, invoicing, and email marketing. By automating these functions, your team can focus on more value-adding activities, such as product development or customer engagement.
Platforms like Zapier or Integromat allow businesses to automate workflows across different apps and services, even if you lack technical expertise. Similarly, marketing automation tools like HubSpot or Mailchimp can help you run targeted campaigns without the need for constant manual input. I’ve run my entire business on Hubspot for years now – it has much of the functionality of Salesforce, and is tailored to SMEs.
Practical Tip: Identify the most time-consuming tasks in your business and explore automation options. Even small automations can free up significant time, allowing your team to focus on strategic goals.
- Embrace Data-Driven Decision Making
Data is the lifeblood of modern businesses. SMEs that make data-driven decisions tend to outperform their peers, as they can better understand customer needs, optimise operations, and react quickly to market changes.
Today’s tools make it easier than ever for SMEs to leverage data. For example, Google Analytics can provide insights into website traffic and customer behaviour, while platforms like Power BI or Tableau help visualise and interpret complex data sets. The key is to move from gut-based decisions to data-driven strategies.
Practical Tip: Start by centralising your data. Use cloud-based platforms to gather information from different parts of your business (sales, marketing, customer service) and create dashboards to track performance in real-time.
- Creating a Culture of Innovation without Spending a Fortune
Technological innovation does not always require a massive budget. One of the most valuable things you can do is create an environment that encourages experimentation and learning. Allow employees to test new tools or run small-scale projects. By doing so, you not only uncover new opportunities for efficiency and growth but also build a team that is adaptable and forward-thinking.
Cross-company hackathons, for instance, are a low-cost way to encourage creative problem-solving. Even if you don’t have a technical team, a hackathon can generate fresh ideas for improving customer experience or optimising internal processes.
Practical Tip: Organise internal hackathons or innovation challenges to foster a spirit of experimentation. Allow employees to suggest and pilot their own ideas for using technology in the business.
- Collaboration and Connectivity with Digital Tools
The remote and hybrid work models that gained popularity during the pandemic are here to stay. Digital collaboration tools like Slack, Microsoft Teams, or Zoom are essential for keeping teams connected, regardless of location. More than just communication platforms, these tools can integrate with project management software like Monday.com or Trello to ensure everyone is aligned and productive.
Practical Tip: Adopt collaboration platforms that work for your team’s specific needs. Ensure they integrate with other tools you’re using, such as CRM or project management systems, to create a seamless workflow.
- Future-Proof Your Business with Continuous Learning
Finally, the key to staying competitive in a rapidly changing technological landscape is continuous learning. Whether it’s AI, blockchain, or quantum computing, new technologies are emerging that will redefine how we do business. SME leaders must ensure that their teams are not only aware of these changes but also equipped to leverage them.
Encourage your employees to take part in online courses, listen to podcasts, or subscribe to industry newsletters. By fostering a learning culture, you ensure that your business remains adaptable and prepared for future technological shifts.
Practical Tip: Invest in training and development programmes focused on digital skills. Platforms like Coursera, LinkedIn Learning, or even internal knowledge-sharing sessions can keep your team up-to-date on the latest trends.
By staying digitally curious and embracing emerging technologies like AI, automation, and cloud computing, SMEs can drive growth, streamline operations, and remain competitive on a global scale. The key is to start small, experiment, and continuously learn—without the need for a massive budget. The future is digital, and SMEs that leverage these tools effectively will be the ones leading the charge.
Andrew Grill is a former IBM Global Managing Partner, an Actionable Futurist, and Author of Digitally Curious: Your Guide to Navigating the Future of AI and All Things Tech (out now, published by Wiley).
