In general terms, Small and medium-sized enterprises (SMEs) are independent firms that operate with very few employees. According to European Union, SME/B is defined to be a company having no more than 500 employees. The number might vary from one country to another. But the contribution they make to the society by driving innovation and delivering competitive advantage is the work to be appreciated. These businesses are considered to be the pillar of strength to the US economy, which have the ability to create two of every three new occupations and churn out 39 percent of gross national product. With the temporary people managing their data and IT infrastructure, these employees perform multi-tasking that include managing backups, networks, databases, new technology purchases and more.
Previously, enterprises were classified by their number of staffs and the volume of data or storage they managed. Today, however, as the businesses grow—and the amount of data they manage increases exponentially—the ways in which we categorize companies has changed as well.
In a SME, permanent employees that manage data and IT infrastructure are comparatively more in number. The major role of these employees is—system administrator, network administrator or IT manager. On the other hand, large organizations have permanent IT employees, since the business model is comprehensive, and these staffs are tenured enough to manage specific applications of IT infrastructure. It is a mandatory trait to have in the large enterprises.
In the technology-driven world, it is important to understand where the firm stands, larger the firm, the larger is the client-service department and powerful back end team support.
Today, most of the SME follow a collaborative approach. Previously, enterprises were inclined towards email, phone systems and sticky notes for communications. However, today, the advancements in technology have enabled us to work anytime, from anywhere, regardless of the workplace.
A majority of SME are embracing various advanced tools such as stream-based messaging and collaboration tools, cloud file sharing, conferencing, and laptops that help staffs and contractors to collaborate and get the work done more quickly and effortlessly. Cloud based solution is another trend that is alluring most of the SMBs, which is increasingly providing viable solutions to their requirements.
Although, SMB/Es are implementing BYOD, they are encountering with several challenges especially in securing and managing mobile devices and apps. It is essential for SMBs to update mobile strategy, services and policies to build a productive yet secure and manageable mobile work environment.
Apart from that, huge number of software solutions is being developed to support small business needs. This advancement in the technology especially cloud-based software is enabling the business employees to work flexibly and revolutionizing the way that SMBs do business.
With the help of SME/Bs, sustainable growth can be achieved as a centralized theme. As discussed before, SMEs play a key role in the country’s overall production networks and they are very essential to the economic growth of developing countries. Further, in small and medium-sized companies, the owner knows and recognizes every employee and values their existence, this might not be the case in large enterprises. Knowledge transfer will take place if one employee is being replaced with another in case of vacation, illness.
The establishment of SMB is considered to be very important in the present days, as it creates of plenty of job opportunities in the modern day economy. The proliferation of SMBs has changed the face of world’s economy by reducing the number of unemployment across the globe. In addition, they also provide a better quality business at lower rates to their client, which gives them the edge in the thwarting competition. By offering more employment and boosting country’s economy, in the near future SMEs are going to evolve with unprecedented revolution.
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