Small and medium-sized businesses (SMBs) that take advantage of mobile technologies do better than those that don’t. This comes from a new report called The Mobile Revolution published by the global management consultancy, Boston Consulting Group (BCG), which comprehensively quantifies the true impact of mobile technology on business.
We’re not surprised that SMBs gain from using mobile technology to its fullest extent and we’re sure you’re not surprised either. But when you see what mobile can do for business, what surprises us is the finding that only one-third of SMBs leverage mobile technology. BCG categorizes these businesses as mobile leaders and contrasts them with the mobile laggards.
These are the early adopters who understand that mobile technology enables them to compete with much larger businesses by helping them to operate more efficiently. They use mobile to connect with new customers and break into new markets. How? Well they don’t stop at the basic productivity tools like email, voice and text.
The real leaders are the SMBs that use mobile to fundamentally transform the way they operate. Tech-savvy SMBs understand the real capabilities of mobile technology. Here’s what it does for them:
The upshot is that these SMBs grow faster even than the economy, and they increase their revenues up to two times faster than the mobile laggards.
These are the SMBs who lag behind the mobile leaders in every significant way, including revenue growth and job creation. [In many economies, SMBs are responsible for up to 65% of all jobs, according to the Organization for Economic Cooperation and Development.] These mobile laggards don’t use mobile apps or data capture and analysis tools in their businesses. This means that their employees are less productive — so they’re losing out on one of the undoubted advantages of mobile technology — plus they’re not reaching the customers or markets that would be receptive to them.
The danger for these SMBs is that they don’t invest in new mobile technologies as they become available, and this means that they risk falling further and further behind. The report tells us that 50% to 70% of the SMBs surveyed were paying for mobile devices and services for their employees. It seems to us that too many of them are not getting their money’s worth, either because they don’t understand how to harness mobile tech or because they don’t understand the need to do so.
As you’re reading this blog, chances are you’re a mobile leader. And if you haven’t reached that stage yet but want to avoid being a mobile laggard, heed our cry to put your mobile phone and tablet to work! Getting to grips with available apps and tools is much, much easier than you would believe — and the rewards far outstrip the investment.