Technology evolution in SMEs can catalyse global economic growth

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Indian gaming company FX Labs is busy developing games for Xbox and PS3 consoles to elevate its quality standards and match international norms. Similar technology enhancements are being made by several other Small and Medium Enterprises (SMEs) who are relying on innovations in technology and their applications to escape the current economic crisis. This mantra seems to be the right strategy given the economic downturn and analysts expect more such Indian companies as FX Labs, to follow suit.

Sashi Reddy who works with FX Labs says that the best way to make a mark internationally is to develop one’s own technology. The company has identified the production of indigenous games as a perfect rejoinder to the economic problems and is developing games for consoles like Xbox and PS3.
Not totally unaffected by the recession, SMEs are getting acclimatised to the increasing need of technology and its applications for steady and speedy improvement in their economic conditions.

Outsourcing companies have also resorted to innovating software applications to improve their business processing.� iYogi, an outsourcing company, has developed an indigenous application named iMantra which when downloaded onto the customer’s PC helps iYogi’s officials to remotely access and personalise his computer for better performance. It is evident from the rapid growth of SMEs that technologies like these need to be evolved in order to increase outputs.

Meetings and deals in SMEs are routine procedures which need to be conducted in person among the concerned individuals. The technologies being used in these meetings have also developed to cut crucial expenses incurred upon the firms. Sony India has launched a new video conferencing unit which is much cheaper than its earlier products. With the use of Internet, which has become a very affordable service, the small and medium businesses can share data and information with each other and expand their business knowledge. Reduction in theses communication and computing costs are essential to fight the economic slowdown in the international market.

A recent Access Markets International (AMI) study depicts that the SME IT spend is set to continue at a hefty 24 percent. SMEs all around the globe are essential for economic growth and the adoption of IT applications is necessary to catalyse the growth of these enterprises. Although technology is not the only factor which defines the success of SMEs, it is the field with maximum scope for expansion and evolution of resources. Upinder Zutshi, CEO of Computer Solutions, says that apart from the inclusion of new technologies, appropriate usage is also necessary to derive required results of these companies.
In spite of the expansive technological awareness, especially in India, some SMEs are finding it hard to cope with costs of using the required resources. Dell and several other big companies are coming up with cheaper applications to fulfil the basic needs of these low budget companies. Vostro, a low priced laptop range by Dell, has made it easier for these SMEs to get connected with the world at minimal expenses.

Although the SMEs are growing at a fast rate, only a little more than a third of all Indian SMEs actually own and use a PC. As the role of SMEs evolves to provide effective growth to world economy it is important for them to establish efficient technologies and applications which maximise the quality and quantity of their outputs.