Managing a small company comes with its own challenges. While large businesses can cut costs through scaling and leverage over suppliers, SMEs need to be more careful with their costs and spending in order to survive.
These challenges are hard to overcome, since owners or the few employees involved in small business are usually short on both time and money. This is where new technologies can help. While they may seem intimidating at first, especially to businessmen with no technological background, they’re ultimately easy to understand and use. In the end, they save time and money for those who use them.
One example of this is barQode. Its Artificial Intelligence analyzes existing data on a business regarding sales, prices, and consumer profile. Once analyzed, the AI offers suggestions in areas like inventory management and personalized pricing, and it creates a platform for offers and counteroffers between business and customer. Through constant feedback (Machine Learning), the AI learns from the new data, which allows it to make more and more precise suggestions.
This may all sound complicated to someone new to the subject. But it isn’t any different from what a commerce engineer, a data analyst, and a salesman would traditionally do. One of them goes through the data (old and new), the other one makes decisions based on the analysis, and the third one takes the information and sells to clients. In a small business, all these responsibilities usually fall on the owner herself, taking valuable time away from growing her business.
A different option for SME owners is to hire someone to handle all these tasks. This doesn’t completely free her time, since new employees need training (a very time-consuming task). And, if time is the scarcest resource in SMEs, money is the second one. The new employee’s salary, especially in their initial months when productivity is at its lowest, can be more than the SME’s cash flow can handle.
New technologies are without a doubt a great alternative for anyone managing a small or mid-sized business, as they easily and quickly save time and money.
To find out more about barQode and how it can work for you, Contact Us or try out our free Analytics Tool to see what sort of benefit barQode can bring to your business. Don’t forget to follow us on LinkedIn for the latest news and updates!