What’s driving innovation in small and mid-sized businesses today?
By: Venkat Nanduri
In my recent interaction with business owners of small and mid-sized businesses, one thing has come out quite clearly: They are resilient than ever and innovation is high on their minds.
When businesses talk about innovation, they predominantly mean upgrading their technical capability or adding technology into their existing business processes. To a large extent, this might be true. But my take is slightly different.
Innovation need not always be technology driven. It can stem from simplifying the existing process to building additional revenue streams that drive growth even in the challenging times.
Taking the leap
Covid-19 has put business systems and processes to the acid test. However, digital companies could diversify – almost overnight – to other products and services. We hear auto makers building healthcare equipment and luxury goods makers producing hand sanitizer.
How could they do it? It boils down to cloudifying business processes and adopting scalability in logistics and supply chain as well. Fortunately, all these solutions come with the ability to be tailored to the needs of small and mid-sized businesses. This is where innovation comes in.
SAP Business ByDesign is one such cloud-based ERP software that can help you take the leap in this crisis situation.
In his research paper on SAP Business ByDesign Delivers Extensibility, analyst Seth Lippincott analyzes how Business ByDesign can deliver flexibility allowing customers to tailor it to their needs, increasing back office productivity 75 percent on average.
Seth adds, “Although cloud-based, SAP Business ByDesign, SAP’s mid-market enterprise resource planning solution, is built with extensibility at the forefront of its value proposition. Users can configure the solution in a myriad ways that ensure it is fit for purpose, helping customers overcome issues that plague mid-sized enterprises such as data quality, inventory management, and local compliance and reporting.”
There is much more to SAP Business ByDesign’s innovation that small and mid-sized businesses can leverage to stay ahead of the competition and in fact grow at a rapid pace even in the crisis-ridden times like Covid-19 now.
Are you ready to take the leap?