There is a rapid development in information and communication technologies (ICT), improved transportation facilities, regulatory reforms, and tariff reductions – all of which have affected 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 participation in global value chains. This can be accomplished by upgrading the technology and human resources. This results in greater access to information, new business practices and involvement into more advanced technologies.
Internet technology has the potential to alter every aspect of business operations. Use of these technologies has revolutionized these businesses which have transformed the structure of enterprises and led to the rapid internationalization of SMEs. Information Technology is essential for the survival and growth of economies and SMEs, and in today’s global market modern businesses are not possible without IT. Commercialization of the internet has created great opportunities for SMEs to develop and turn into large companies.
The internet provides applications that help to build a network relationship and enables firms to interact more widely with customers, suppliers and collaborators. Internet today comprises of many components right from online surfing to the extreme use of technology. The use of internet has become an essential need for businesses to create a competitive edge with competitors in the field. The use of internet to generate business leads is also emerging as one of the fastest growing avenues for SME advertisements and development.
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 extremely widespread and important. It evolved from being WWW or World Wide Web to become so much more. Many changes have taken place in internet technology and many new opportunities have opened up for businesses. But sophisticated computer systems together with human expertise is required to make use of the internet efficiently not only for furthering knowledge, but also use the opportunity to grow your business.
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