The Small And Medium Scale Enterprises

The world as we know it has changed drastically in the past three decades, we are slowly but surely morphing into a worldwide community dependent upon computer technology. More specifically we rely on the Internet heavily for everything in our day to day lives. The benefits of expediency and the convenience afforded to those who utilize information systems their business dynamics is undeniable.

According to Yigitcanlar, Velibeyoglu and Martinez-Fernandez (2008), there are a set of digital technologies which employers are seeking in order to improve on their outcomes and thereby maximize the stakeholders’ value. Among these technologies are those that are concerned with communication. Goode (2010) revealed that Australian employers have shifted from the traditional means of communication to the digital ones. Take an instance of electronic mails. Rather than writing letters to all employees to inform them about a given issue, Australian employers are now adopting the use of electronic mails, and this has increased the level of efficiency in the workplace tremendously. This is especially due to the fact that different types of resources including time and energy are saved. Another digital technology that has been applied within the Australian workplace is wireless network. A growing number of Australian corporate especially those that have a huge branch network are now communicating over long distances using wireless networks such as Wi-Fi. The same can be said about teleconferencing. Rather than holding the traditional meetings, Australian organizations are holding meetings and core sittings using what is called video conferencing. In general, managers and corporate stakeholders, regardless of their location, are using telecommunication technologies to communicate through simultaneous two-way

The logical conclusion of technological innovations is the digital age we are experiencing today. The rapid developments in the field of information systems and telecommunications have led to the prevalence of the Internet. The development and upgrading of commercial activity is influenced by the internet, which is now an integral part of the communication activity of businesses and individual users.

In order to succeed today, organizations that are competing in global markets are increasing rapidly. The increased use of technologies such as the Internet, intranets, and extranets will definitely revolutionize how businesses will operate and how they will use computers to compete. The Internet and related technologies and applications have changed the ways companies operate their businesses processes and activities. For example, companies can network their offices and share data to be more effective and efficient. However, excessive use of the Internet, intranets, and extranets also create intense

Small to medium businesses (SMB) currently represent a significant portion of the United States economy. In 2016 over one-third of the US population is employed by companies with less than 100 employees. Unfortunately, as reported by the Bureau of Labor Statistics, nearly half of these entities fail within the first four years of operation. As a result, many SMBs are in search of a successful model to guide them beyond sustainability toward profitability. Concerning success for SMBs, in research involving 3,800 SMB leaders, Vala Afshar highlights 6 key benchmarks indicating high-performing organizations:

Ministry of Enterprise Development, Industrial Policy, and Investment Promotion 2002,National strategy For small and Medium Enterprise Sector Development In Sri Lanka

In the Academy Marketing Studies Journal, it states,“Since 2008 the number of small businesses using social media has doubles as their leader seek to create visibility and awareness, to identify and attract new customers, and to reinforce or change their companies respective perceived brand images.” Since marketing trends follow social media so closely, financial crisis can occur if businesses are unable to adapt to their target audience’s needs. If the business wishes to thrive and continue to evolve with modern trends, then an awareness of ever changing strategies is critical to success. Small business owners start off with a concept and a goal of meeting a need in their community to the best of their ability, however, recently large corporations have become more prevalent in meeting those same needs at a larger scale. Therefore, small businesses have encountered a higher number of crisis because they could not compete with the larger corporations. The Journal of Entrepreneurship Development states, “A system is considered to be strong when its smallest individual components are strong, self organized and controllable… a well organized small scale industry in the strong quantum for large scale production.” This article highlights a concept that the nations likelihood for experiencing financial crisis is attributed to the strength of its small scale industry. Small size enterprises have been especially hit hard by global crisis due to their size and limited resources, and

Since classical times technology has been associated to development. The more the use of technology, higher the degree of development. This technological change has had an impact on all organizations and sectors which includes manufacturing, designs, entertainment and healthcare. By 1991, U.S. companies spent more on information technology than any other form of investment; total spending on computers and related services doubled from approximately $80 billion in 1984 to over $160 billion in 1998 (Taylor, 1998). These numbers have at least multiplied by 4 if not more from 1998 to 2017. These include a broad array of communication media and devices which link information systems and people including voice mail, e-mail, voice conferencing, video conferencing, the internet, groupware and corporate intranets, smart phones, personal digital assistants, and innumerable others.(e.g., Andolsen, 1999; Campbell, 1999; Edwards, 1999; Gramm, 1999; Schober, 1999; Spiegelman, 1999; Tarabour, 1999; Wildstrom, 1999).

Steve 's first foray into the world of small business came when he was an Invisible Fencing dealer. He operated this business on a part-time basis while remaining employed by a Fortune 500 company called Digital Equipment Corporation (DEC). While the Invisible Fencing business was not very successful, it was a valuable opportunity for him to learn important lessons about business in a relatively low-risk environment.

There can also be a fourth V (Vossen, 2014) which adds veracity to volume, variety and velocity to give 4V’s. Veracity can be viewed to be the messiness of the data (thinking of things such as Tweets with hash tags, abbreviations, typos, and

In the period of the 1950s and 1960s the prominence given to the role of small business enterprise in the UK economy has been rewarded (Stanworth and Purdy, 2003). IN the economy of the UK 99.9 per

The course, Management Information Systems is about the major impacts of modern technology on business management. It allows us to look at our history and future of computer hardware and information systems in regards to the way we conduct business. This paper will touch on topics such as technology management, technology innovations, telecommunications and internet technology, voice recognition, internet tracking, artificial intelligence, and organizational change. These topics impact the way our economy deals with business and how the advancements in technology have affected those outcomes, as well as, how we deal with implementing all the changes.

Technology has created new revenue streams via the Internet and e-commerce, new connections with clients and consumers at work, home, and by mobile applications, and enables business to conduct commerce across the US and on a global scale (Munson, 2011). Office technologies have advanced and have allowed business to advance to a point of doing business with global customers, not just their own areas. It has created a communication standard that is faster and enables businesses to conduct business at faster levels than ever before. But with new technologies problems also arise that need to be addressed.

It’s the technology which drives the organisational communications, processes and the organisational development efforts, for example e-mails, Website, online surveys, virtual meetings, departmental and management processes, online ticketing systems, total quality management systems, career management tools and interactive and need based trainings and development plans. (Church, A; Gilbert, M; Oliver, D; Paquet, K; Surface, C. 2002)

If efforts are put towards promoting SMEs, particularly, the likes that are concerned with the informal sector, achievement of development that is sustainable is inevitable. Most developing as well as developed countries depend on the small and micro enterprises in the provision of employment. Even though a number of small and medium-sized enterprises are not part of the formal sector that is