An article for Entrepreneur Philippines examines one study by Boston Consulting group that finds small and medium sized businesses (the SMBs) are now adequately equipped to compete with their larger rivals. For the Philippines, this news is highly encouraging, since 90% of its businesses are comprised of SMBs. What is supplying the sudden tech boost for these companies? Surprise, surprise, it all comes down to the cloud:
Tech-savvy SMBs grew revenue 15 percentage points faster and created jobs two times faster than SMBs using little technology over the past three years. The study also found that adoption of mobile technology among small businesses is going up. While only 20% of SMBs were using smartphones for business in 2010, today that number has jumped to 45%. And the numbers are even more dramatic for tablets — 34% today compared to just 8% in 2010.
The key to this new found success lies in the ability of cloud to cut cost down to size across the entire spectrum of technology use for SMBs. It gives vendors like Microsoft the opportunity to take over technology requirements that would otherwise detract from customer care. Storage and file sharing are both major concern for most SMBs, who find older systems clumsy and difficult to run. But with an integrated cloud solution at their disposal, these underdogs of industry are ready for a new level of play.