Digital Revolution and the SMEs-
15th Nov, 2019
The digital revolution in the production improves standard procedures and develops new business models.
- Artificial Intelligence and Machine Learning: AI based technologies can reduce operational inefficiencies and SMEs can optimally use these solutions for productivity enhancement. AI and ML can transform the sales mechanism, data mining, data analytics and sales forecasts.
- Virtual Reality and Augmented Reality: VR is an artificial, computer-generated simulation of a real life environment or situation. AR technology creates interactive layers, virtual enhancements on an existing reality and is used on mobile devices to blend digital components.
- Blockchain Technology: It records and stores every transaction that occurs in the network, providing greater transparency. Blockchain can effectively prevent delay for delivered goods. Inventory management and management warehouses become streamlined using Blockchain technologies.
- Financial Technologies (Fintech): Fintech is rewriting the rules for access to finance for SMEs. It evaluates the credit worthiness of SMEs using decision sciences and predictive modelling for making accurate assessment.