Challenge/Opportunity:
In the emerging global economy it is necessary for businesses to adapt E-business strategies and incorporate new technologies to become and remain competitive. This is an essential business practice in today's world and businesses specifically SMEs need to incorporate E-business and new technologies into their practices. When Small and Medium size Enterprises (SMEs) implement E-business tools and adopt new technologies, they are able to focus their efforts on running the business effectively, alleviating resources and time spent.
Solution/Collaboration:
There is an inherent need for businesses to be competitive in local, regional, national and global markets in order to be successful. The adoption of E-business technologies is an integral part of the efforts to increase competitiveness in the domestic and world marketplace.
The adoption of new technologies for SME's allows them to function at a better capacity, which could result in increased production and lower operating costs. The adoption of new technologies is also essential in remaining competitive. Typically, SMEs lack the knowledge, expertise and resources to implement e-business tools and adoption of new technologies.
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