Growing our SMEs – Emerge Stronger and Better,” the event provided a wealth of information for the crowdfunding and Sme Industry as a whole.
There is no question that technology has been a major pillar in the advancements of the crowdfunding and SME Industry. There are a lot of processes, software, applications and even hardware that have proven useful in making these industries a little easier to manage and one of them is Big Data Analytics and this is where Mr Ronan Byrne took the stage to share how SMEs can benefit from the technology.
Mr Ronan Byrne is the Inecom Director for Business Development and Engineering services and they have regional offices in India, UAE and Australia with main headquarters in Singapore. He describes their business model as a one stop shop for companies especially with their IT needs. This allows their clients to do away with repetitive administrative tasks and be able to focus on more important core business areas such strategy formation to reach goals.
Big Data Analytics
Simply put, Big Data Analytics for SMEs can help to cover market trends, hidden patterns and even customer preferences. This is critical as Mr Byrne took notice of how the SME industry is a strong mover of the country’s economy. He pointed out that it accounts for well over 70% of the workforce in Singapore and about 50% of the country’s GDP.
Mr Ronan Byrne did mention that despite the influence of SMEs in the country, they have some challenges with regards to their productivity and this is where they can learn from how big companies are using enterprise resource planning together with big data analytics. Small companies can take notice of principles and ideas used and apply it to their own need.
There are a lot of misconceptions when small and medium-sized enterprises look at ERP systems. One is that they seem to all look like the same but Mr Ronan Byrne highlighted how research and development for the industry is a big deal. Another thing is that ERP systems and Big Data Analytics only work for big companies and that SMEs do not have any need for them.
For one thing, he mentioned that in all his years in the IT industry, he has yet to come across a company that does not have any use for an ERP system. It is just a matter of either looking for the right software or the right partner that can deliver the benefits of the software. But there is always an area in the business that can be addressed by ERP.
The second thing he pointed out is that SMEs can take advantage of Big Data Analytics despite not having a huge chunk of data to analyze. But the ideas and principles behind it can help SMEs to look at their past data. Through that, Mr Ronan Byrne said “it can help companies to obtain competitive advantage by predicting trends, by analysing historic data or algorithms to give advice to the user or company on how to align their strategy.”
CoAssets will be holding another Expo for Property, Investing & Crowdfunding or EPIC series on 8 July 2016. If you want to know more about the exciting world of crowdfunding and how it is changing the financial landscape for various industries, you can visit www.coassets.com/epic.
This article is written by the Crowdfunders Editorial Team. In Asia, Crowdfunders.Asia is a leading portal on providing news related to crowdfunding, start-up, property and business. It is operated by CoAssets.com. CoAssets is South East Asia’s first listed and largest real estate crowdfunding platform. If you have any Crowdfunding news or stories to share, please email [email protected]