Entrepreneurs are always in a ceaseless search – for new markets, for competitive advantage and more importantly for knowledge. To know is very important and considered the most crucial factor for any entrepreneurial endeavor. It is very essential to be informed vastly about your business environment, customers, market, finances and your products/services. Without good information you are basically just on a blind date and mind you – not everyone is lucky! Information Technology, on the other hand helps an entrepreneur to know. It helps you to realize whom you are dating so that you plan better and eventually get the prize!
It is vital for an entrepreneur to know and utilize all the tools of marketing and finance in order to benefit from business, thus IT plays an important role in regards to SME (Small Medium Enterprise) marketing and finance for any entrepreneurial venture. If finance is the blood of any business, customer (market) is the soul of the business; so these aspects need to be understood precisely. For this, Information Technology has helped SMEs to come up with marketing techniques that are rather cheaper and more cost effective, as most online marketing methods are inexpensive compared to other marketing approaches. Social media like Facebook and twitter are the leading social-platforms that have revolutionized the ways of marketing. Since customer satisfaction is the key to business success, IT has helped to serve this purpose by effectively recording and organizing customer information via the use of various database management systems like ‘SAP’, into valuable knowledge that is imperative for the business. In addition to this, all marketing techniques offered through IT best targets the actual market segment compared to any other methods.
Furthermore, IT has also facilitated the entrepreneur in relations to finance and accounts. Small businesses in Nepal are budding and along with it, use of IT for interpreting financial information has grown tremendously. More and more SMEs in Nepal have been using accounting packages such as ‘Swastik’ and ‘Tally’ and there are even more impresarios who use free PC and MAC applications to keep track of their finances. ‘Gnu Cash’ and ‘Accounter’ are some of the popular free accounting software packages today that are used by entrepreneurs. In addition to this, the recent development of location services like ‘Geo-Tagging/Check-in’ in social media has greatly helped entrepreneurs to advertise their businesses on their social and professional circle – now customers know where to find you! Likewise, global networking with professionals and entrepreneurs had never been easier, kudos to IT advancements in the field of online-social-media. ‘Linkedin.com’, for example, is the top grossing professional networking site that simply offers networks of professionals from all around the globe to expend for entrepreneurs. Information Technology is no more an augmented need for the organization; it is an essential element for any business.
It need not be said that Information Technology in today’s world, is the competitive edge that all businesses require in order to grow. Even in the context of Nepal, the use of IT in the fields of business has proliferated greatly. It is being used in the fields of marketing, logistics, security, inventory and many more. People have started using online marketing websites for buying and selling – e-sewa.com, harilo.com, muncha.com are the few pioneers of online marketing in the country. More and more use of ERP (Enterprise Resource Planning) systems like ‘SAP’ has enabled growing businesses to integrate and manage business information more efficiently. Keeping track of the inventory and logistics have never been more easier with the use of RFID (Radio Frequency Identification) – a wireless non-contact system that uses radio-frequency electromagnetic fields to transfer data from a tag attached to an object, for the purposes of automatic identification and tracking. Also, many security issues have been resolved through IT, as most businesses in Nepal have started to use electronic means for surveillance and monitoring. All things considered, IT has simplified the ways of doing business and made it possible for anybody to start their own venture.
Conclusively, it can be agreed that knowledge is a must for creating an entrepreneur-driven economy in Nepal, which is gained through the sensible use of Information Technology as it simplifies business and its processes. Overall development of Nepalese economy is only possible from the prosperous fusion of the pair – Information Technology and Entrepreneurship; hence it is high time for the governmental and non-governmental sectors to foster good IT infrastructure in the country for the development of a better SME environment that creates wealth for the whole nation.– Sandeep Khanal email@example.com