Digitization for SME's - A Necessity not an Option

In the year 2000 we all waited with bated breath to see if the digitized world would come to an end, small business would crash and the world as we knew it would be no more. What was happening back then in 2000 that brought such apprehension to people all over the world?.

Prior to this year programmers had entered computer dates (particularly the year ) with 2 digits to save space ; not identifying possible implications. As the year 2000 approached , signaling a new century, they realized that computers could possibly read input dates wrongly as 1900 instead of 2000 , as the dates were set in a format such as 01/01/00 ; instead of 01/01/2000. More frightening was that timers were in everything electrical, mechanical and technical that humans used; in computers, in cars, in radios, in televisions, in refrigerators , in airplanes and so much more. At the end of the century the world was racing against time to address calendar data and fix the dreaded Y2K problem.

So much research was done, much money spent, and while there were glitches and crashes and resulting bugs, the worst did not happen. Today in 2021, digitization has proceeded at a much faster pace enhanced by the COVID pandemic which has created the need for new ways to address a changing physical environment.

So how are Small Businesses impacted? Here are five (5) ways.

1. Digitization reduces operational costs thus increasing revenue growth and profit margins.

2. Digitization improves efficiencies and enables SME's to serve their customers better.

3. Digitization offers several contact-less payment options, which are convenient, fast and secure.

4. Digitization enhances marketing potential in a global market. Certainly e-commerce is on the rise!

5. Digitization enhances the ability of SME’s to connect wi

th suppliers and markets both locally and internationally and to quickly improve on product offerings.

There is really no turning back in this technologically driven economy. Digitization is no longer an option but a necessity. Then 2000. Now 2021. What are the changes we are likely to see in the next 20 years? Do share your thoughts, leave a comment.