Technology is progressing at an ever faster rate. Just a hundred years ago, technological advancements moved at a glacial pace and there would be (maybe) one significant advance in a lifetime or so—the telephone took around 70 years to become commonplace. Today, new computers help us develop even faster computers, and this process is accelerating. And now, we have the infrastructure—the Internet—to roll out many of these new technologies immediately.

Tech savvy owners of startups and SMEs have capitalised on these advances to catapult their businesses into new markets and new growth opportunities. The number of enterprises who are digitally engaging their customers, whether through social media, online advertising or email marketing, are the ones finding success.

The Democratization of Data
Technology has given business owners more information about their customers than they've ever had access to. Although a username gives little clue to a customer’s gender, age or location, computer cookies can tell us the important things about our customers: what interests or disinterests them, whether it’s price, size or color that stops them from making that purchase.

Where customer insight used to be the privilege of those with large marketing budgets, customer data mining is just as available to SMEs and startups now as their bigger competitors, allowing for a more level playing field for everyone in the market. It also gives small businesses the ability to tap different territories, customise content, and present offerings to markets home and away.

Also, it’s not just customers that SMEs now have access to. Where the global supply chain was once only available to those who could afford to woo suppliers overseas, technology has opened the trading doors far and wide. SMEs and startups can now virtually pick and choose from China to Chile in order to find the best deal at the click of a button.

Lean, Mean Startup Machine
For many small businesses, the lack of heavy infrastructures, past investments, and management teams with set structures means that they can be quicker and more agile to adapt to new markets and customers.

Without the burden of technological networks, modern enterprises now have streamlined processes, with devices activated on tap and the cloud serving as their virtual hard drive. Gone are large overheads associated with equipment, staffing and office space—younger corporate contenders are now granted equal opportunities to be among the first to share their offerings in emerging or evolving markets. Similarly, not having a management team set in their ways or the red tape that comes with larger corporations means decisions are made faster, speeding up the business cycle.

Take Risks, Tech Rewards
For many SMEs and startups, one of the biggest factors to success is their attitude to taking risks. With less at stake, smaller businesses are less averse to thinking differently and trying out different ways of working, including different tech solutions that help them reach out to new customers.

Let’s face it, technology is all around us and shows no sign of slowing down. Companies who embrace and take advantage of these advances will be the ones whose brands have a better chance to become household names in the next decade and beyond. So for my forthcoming blog posts, I intend to tackle specific tech—whether it’s a new app, platform, software, etc.—that can help SMEs and startups contend with giant multinational conglomerates in the global market. Hopefully, you’ll join me on this little “journey” of discovery.

Aside from being the resident tech geek, Karl also works as the COO at EMAPTA, an offshore services company committed to finding the best and most innovative technology solutions for their clients and their businesses. See how EMAPTA could make the difference for your business here