Your SME can achieve its full potential with minimal means using frugal solutions. Technology augments the frugal mindset. Budgeting for large capital investments into technology is an obvious burden to SMEs. ITwire brought to light that, “Many of Australia’s small businesses have not fully realised their potential because they lack the skills, time or resources to invest in digital technology – or because they lack knowledge of the opportunities that technologies provide.”
With an average IT spend of $5000 per year, adopting Frugal Technology Solutions is a must-have for every SME that is shifting its growth trajectory to operational excellence. The Commonwealth bank representative speaks up for SMEs confirming that, “For small businesses innovation is particularly important as customers are increasingly going digital. Local businesses are finding themselves competing against larger businesses with bigger budgets.”
SMEs lack inherent deep pockets. And, this makes ‘frugal innovation’ a core necessity for your business. In retrospection, you would agree that your success is often influenced and driven by marginal changes to cost structures, innovative design hacks to processes, automation, and adoption of new technologies. However, you need tested data, experienced advice, swift capability to experiment, and most of all a team that supports your moves across these interventions.
Here are few immediate areas that you need to focus that will help you achieve frugality across the business:
Purpose-driven Strategic Focus
Your business thrives with your internal strategies that are designed to succeed. That requires you to implement technology that fulfills your goals. You need strategy-driven implementation. This helps you make strategic choices and affordable plans combined with purpose-driven implementation. Simply put, use only such technology that you need.
Customized tech stack and architectures
You need innovative tech stack recommendations and solution architectures that help you realise your business objectives. Cookie-cutter solutions that are drawn from a generic approach will not help you cut the unnecessary costs that remain hidden in the service blueprints adopted by large enterprises.
Upgraded Knowledge and Teams
Employees come and go. With this, the team’s composition changes with every hire and exit. Partnering with trainers who can monitor, train and upgrade the knowledge and skill sets of your team to achieve industry-specific technology problems is a lever to your lean business model.
Gaps between the trained and the real-time problem grow with a sprinkler approach. You can equip your human resource tank with upgraded knowledge levels and tech training modules specific to your project, product, or client, another frugal approach.
A Technology Partner
Hiring a technology partner who can solve problems specific and exclusive to your business and industry is another agile way to stay afloat. A tech partner such as ASAT Consulting can help you with resource training models, automation models, innovation models, implementation methodologies, and choice of technology. We empower your team with the necessary knowledge and equip them with the skills to use different platforms, technologies, and tools that keep you on the growth trajectory.
Partnering for Frugal Technology Solutions
At ASAT, choosing problem-specific technology is a core part of our philosophy. It drives our problem-solving approach. This further determines how we recommend and apply technology. We give every problem the necessary attention it deserves and work out a solution design that not just solves the problem at hand but also lays a strong foundation for developing more advanced future solutions.