Computers and the Internet are now a daily part of our lives. The Internet has gone through many changes since its evolution. Protocols, changes in design, and changes in our reasons for using the Internet for business are the dramatic changes taken place. SMEs have played a very important part in economic development of a country. Companies started out as SMEs, and have become a forerunner in the internationalization of SMEs.
There is a rapid development in information and communication technologies (ICT), improved transport facilities, behind the border regulatory reform, and tariff reductions- affect SMEs and large multinational enterprises differently. There can be stability to SMEs and allow them to increase productivity and to expand their business if there is a participation in global value chains. This can be accomplished by the upgrading the technology and human capital. This results in greater access to information, new business practices and more advanced technologies.
Internet technology has the potential to alter every aspect of business operations. Usage of these technologies revolutionizes the rules of business which transforms the structure of enterprises and lead to more rapid internationalization of SMEs. IT is essential for the survival and growth of economies of SMEs and in today’s global market, modern businesses are not possible without IT. Commercialization of the internet has created great opportunities for SMEs, this way access can be as large companies. Engagement in international market that previously was unaffordable due to the huge amount of resources required.
Internet provides applications that help to build a network relationship. It enables firms to interact more widely including customers, suppliers and collaborators. The Internet potentially lowers the cost of accessing it efficiently.
Internet today comprises of many components right from online surfing to the extreme use of technology. The use of internet has become a need for business to create a competitive edge with the competitors in the field. Under and over utilization of internet can slide the business in which privacy is the main concern. The use of internet to generate business leads is also emerging as one of the fastest growing avenues for SME advertisements.
Internet is a cost-effective medium when compared to traditional advertising mediums like print and television and has a greater reach. SMEs are key agents of social and economic growth and the most vital part of the economy since they play a key role in fostering growth, creating jobs and reducing poverty in today’s society.
Today, using the internet for business has become as important as food. It evolved from being WWW or World Wide Web to so much more. Many changes have taken place over the internet and many new opportunities have opened up for business. But one would need to update their computers or laptops and find skilled people to make complete use of it. One can use the internet change to gain knowledge that’s for research purpose, for advertising, to sell your products online to the global audience, etc. So use the opportunity to grow bigger and better.