Horror stories that SMEs live in Mexico

Business

By CAPosts 30 October, 2020 - 07:31pm 26 views

There is the belief that the main source of income in a country like Mexico derives from large transnational and national companies that decide to establish operations throughout the country, however, the reality is very different, this type of companies only represents the 5% of the country's business fabric, so that SMEs continue to be a fundamental engine in the Mexican economy .

© elEconomista.es Photo: Reuters

One of the biggest challenges in Mexico is to automate and digitize the administration of SMEs to that, with just one click, from where they are, their manager can have useful and updated information about it and thus can make the right decisions. For this reason, contributing to its strengthening, growth and stability is key to economic well-being and competitiveness. In the framework of the Fourth Industrial Revolution, it becomes even more important to motivate the adoption of technology and the transition to the 4.0 economy.

According to data from Inegi, around 40% of Mexican companies have a certain degree of administrative automation, for the road ahead is still quite long.

"When the specter of technological obsolescence haunts your company and terrifies you with the threat of taking your customers, do you know who to call? Oracle Professional Advisors Help Execute the digital transformation of SMEs in an orderly manner, improving the customer experience and reducing operating costs, opening the door to data analysis and helping to discover infinite possibilities. Thus, it will be much easier than saying "Candy or Mischief" , says Luis Arias, Chief Transformation Officer at Oracle de México .

Regarding Halloween, Oracle presents five horror stories for an SME and how to p he can use technology to overcome the worst scary scenes:

Nightmare 1. "Whatever you do, don't fall asleep" - Freddy Krueger, Nightmare on Elm Street

Just as in the Freddy Krueger horror story where the worst nightmares are They make it a reality for those who fall asleep, something similar happens with businesses outside the movies.

There is a perception that cutting-edge technology is not for small companies and that it is also very expensive. It is believed that its adoption is an unnecessary expense and even some SMEs seem to be "afraid, very afraid" of it, considering it complicated and reducing their operations to messaging applications. 'Falling asleep' with modernity can become a real headache.

Currently, there are free access solutions that run on cloud infrastructures under the "pay per use" model, and even free platforms such as Oracle Always Free ( Cloud Free Tier) so they can build full applications and experiment on Oracle's autonomous database at no cost

Whatever you do don't fall asleep ...

Nightmare 2. "You know, it's Halloween ... everyone You are entitled to a good scare, huh? " - Halloween

The Halloween movie where Michael Myers stalks his victims with lethal weapons indiscriminately teaches a great lesson: no one is safe. In real life, hackers go out into cyberspace to hunt down their victims and SMEs are easy prey. This goes beyond a 'good scare', because they usually do not have robust security measures, strong passwords, antivirus and rigorous internal processes.

Kaspersky estimates that 6 out of 10 SMEs victims of a cyber attack do not overcome it and end up closing the business months later, even paying large sums of money for data ransom and losing reputation with their customers. Similarly, according to figures from the Inter-American Development Bank (IDB), cybercrime will cost companies $ 6 billion this year.

Systems security is the only way to guarantee success in current businesses as customers do not interest in companies that do not have protection measures

According to Oracle's predictions, by 2025, cybersecurity attacks will become increasingly sophisticated with the incorporation of the Internet of Things and Artificial Intelligence. This also applies to SMEs, although they are not considered important enough or have relevant data to be attacked by cybercriminals.

Against this, there are solutions and tools specifically designed to support and protect businesses, taking care of data according to the highest security and compliance standards in the industry. Oracle has Oracle Data Safe and Oracle Database Vault, platforms that make it possible to proactively predict and alert suspicious behavior and potential attacks on databases, information repositories and all the traffic that is handled in the company's internal networks.

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Don't scare you this Halloween ...

Nightmare 3. "Never say 'I'll be right back', because you won't be back" - Scream

In the Scream thriller one of the protagonists mocks with his friends from the horror series when he says that in the scripts there is always the phrase "I'll be right back": this typical expression then marks the character's fatality.

Any resemblance to reality is pure coincidence . One of the most common fears in SMEs is the relationship with customers and not being able to retain them. Perhaps one of the most terrifying phrases for a business is to hear from your client: "I'll be right back."

In the absence of tools and solutions, many SMEs feel adrift in the face of knowing their clients' tastes, how to find them or how to handle the application, complaint and claim processes. According to a Zendesk survey of 104 countries, 7 out of 10 consumers say they are harsher with small and medium-sized businesses.

Another study estimates that 73% of consumers expect a level of personalization in all forms of interaction. This is why knowing the user is what can make the difference for a business, especially when it comes to online shopping. Customers rarely shop in one sitting, and most check their phones more than 150 times a day. These sessions are micro-moments or small critical points within the consumer journey where a business can win or lose

As consumers create myriad combinations and trajectories in their purchases, organizations should consider merging their commerce and service platforms and strategies to deliver a trauma-free, consumer-defined experience. That is why Zendesk agrees that these companies must adopt omnichannel strategies (rather than multichannel) and respond satisfactorily to user demands, regardless of the communication channel. Contact and follow-up with customers can be the product of a relationship based on the information and data that Customer Experience applications and platforms can gather to make each experience more personalized.

Trust is one of the pillars on which the relationship is founded between businesses and customers. Losing it is not only one of the worst nightmares, but one of the most serious mistakes that SMEs make. Don't let it happen to your clients, a "I'll be right back" is synonymous with no return.

Nightmare 4. "Today is a good day for an exorcism" - El Exorcista

In Latin America, SMEs contribute to the generation of 67% of jobs in the region. In the case of Mexico, these constitute almost 70% of formal employment and contribute 52% of the national Gross Domestic Product (GDP). In this sense, for these companies the proper management of human capital becomes a challenge.

One of their worst nightmares is experiencing problems with their collaborators, either because they do not have the right staff, hiring people who do not fit the position, not having control over the performance of employees or constant rotations, not adequately training people, being clear about performance evaluations and issues such as payroll and vacations, or facing legal action

Any of these episodes of the Real life can resemble a scene from the movie The Exorcist in which the employer must go to extreme lengths to offer well-being to his employees. Getting used to the fact that every day is "a good day for an exorcism" both for employees and for those who handle the payroll is not advisable, neither for the work environment nor for business productivity.

To leave behind those practices similar to those of an exorcism, there are technological solutions such as Oracle's Fusion Cloud Human Capital Management (HCM) that make Human Resources management an optimal and fluid experience, especially at times like the current one, in which the pandemic has modified the Work habits

According to a study conducted by Oracle and Workplace of more than 12,000 C-level employees, managers, HR leaders, and executives in 11 countries, the COVID-19 pandemic has increased stress, anxiety, and burnout for people across the world. the world. That is why 75% say that Artificial Intelligence has helped their mental health at work

The main perceived benefits were providing the information needed to do their work more effectively (31%), automating tasks and reducing burden to prevent burnout (27%) and reduce stress by helping to prioritize tasks (27%).

Nightmare 5. "The pain won't go away. We just make room for it" - The Walking Dead

lives in terror in an organization are financial closures. Every end of the fiscal year is a time of stress, of anguish to meet the legal deadlines and of exhausting hours invested in the evaluation of each number. Those who have the responsibility of carrying out this task know that they are most likely to enter an unknown dimension: that of the zombie apocalypse.

As this moment approaches, most accept with resignation the expression of The Walking Dead series " the pain does not go away. We only make space for it "and it limits itself to surviving those hours that often seem like an eternity. This is because the truth is that SMEs prepare their

accounting reports using spreadsheets that are fed manually, with very long processes and with a high probability of generating errors along the chain.

To avoid financial managers SMEs become zombies do have a solution. Using platforms such as NetSuite that include applications such as ERP and EPM, they can have intelligent, organized, transparent and adaptable financial closings for their businesses. These help finance teams improve decision-making with real-time information, simplify business processes, and drive the efficiencies necessary for growth. Also to improve decision making with predictive planning, user productivity and collaboration with digital assistants.

All these solutions will allow SMEs to leave the zombie dimension to the intelligent world and as they would say in the series "we will not weaken. we are not like that. We will make it work. "

Fictional horror stories in movies are not so far removed from the reality that many companies experience, so it is always better to be prepared with the best technology to deal with all the "villains".