My Local Foodie’s Sailsbury said APIs and the connectivity they provide helps pull hundreds of data sources together to provide his clients with the right information at the right time – the “secret sauce” to success, he says.
“Be it stock management, invoicing, timesheets – it enables them to continue to modify and optimise their businesses,” he said.
“Hospitality is a tough game to be in with lots of moving parts and we see every day that businesses adopting tech platforms with API links in their business have a definite ‘unfair’ advantage.”
Research suggests SMEs which embrace digital technologies will thrive in Australia’s digital future.
The latest Deloitte-Google Connected Small Businesses report showed digital engagement levels of SMEs continued to rise, with ‘basic-level engagement’ (businesses with only a single business email address) falling from 23 to 11 per cent in in 2017 - a sign of improved digital readiness.
“We’re seeing a dramatic uplift in the use of digital tools by SMEs,” Deloitte Access Economics partner John O’Mahony said.
“Yes it’s websites and social media strategies but it’s also ecommerce, search marketing and the use of data analytics for small businesses to better understand their customers,” he said. “The number of businesses who are offline – do not use digital tools – has fallen a lot, from around 25 per cent of business to 10 per cent in the last 12 months.”
The report showed SMEs with ‘advanced levels of digital engagement’ are 50 per cent more likely to be growing revenue and earn 60 per cent more revenue per employee compared to Australian SMBs with basic levels of digital engagement.
SMEs which augment their digital ecosystems and modernise their use of technology like data analytics as they seek growth and innovation opportunities will be the ones which succeed.
Guy Mendelson is General Manager, Small Business Banking at ANZ.