Firms are collecting massive quantities of data that requires analysis, protection, and storage. This data brings significant business opportunities along with it. SMEs, in particular, can utilize this information to achieve a competitive advantage.
As suggested by IDC data, smaller enterprises are increasing their investments in IT products and services, indicating that digital transformation spending worldwide will grow steadily throughout the 2019-2023 forecast period, achieving a five-year compound annual growth rate of 17.1%. However, many of these types of businesses still lack the dedicated internal IT support teams required to pursue their business objectives.
Lacking the resources available to large enterprises, smaller companies generally struggle to gain a competitive edge, even as they continue to pursue innovation. However, as researchers note, social media can be a relatively cost-effective way for these companies to create brand awareness and pursue innovation, increasing their website traffic and sales. That depends, of course, on whether these businesses can overcome the potential technological challenges facing IT teams, like providing employees with the mobile devices and cloud applications necessary to facilitate collaboration.
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