SMEs or SMBs (Small-Medium Enterprise/Business) is one of the key actors in the world business. They account for more than 65% global GDP and account for nearly 90% world's workforce. In other words, SMEs is vital for our world in general, which nearly 90% of people lives are depending on it. If SMEs or SMBs fails (which sometimes happens with disastrous effects), then their life could be in danger too. Which is why the government and other stakeholders are now trying to support the growth and business cycle of SMEs. However, some problems still exist and unfortunately hard to solve by traditional means.
On the other hand, the power of Unification, the blockchain agnostic protocol for data standardization, democratization and decentralization could help SMEs and government in general to improve the quality and growth of SMEs.
SMEs and Data
Data is the fuel of modern business, someone said. And it is true. Business in this modern era, or probably every business that ever existed and continued until today, won't achieve their success without adequate data that guides them to decide what they should do. This is why many companies try to obtain as many data as possible, with any means if necessary (with some consequences of course). You probably realize it by yourself, that whatever website that you browse, there will always be some kind of advertisement and GDPR stuff that in its simplest sense a request for them to record your activity on the website. We've talked about this problem in the previous article so we won't discuss it again.
Data is very crucial for business. They need data to decide which kind of product that they can sell, what's the current trend and how customer perceive their product design, what their competitor is looking to do, what is lacking from them and how can they improve it and so on. Sure, SMEs might not have the mission to make other business fails (big companies and crazy rich people are the ones who mostly does that, IMO). But they still need data in order to stay competitive and able to sell their product. If they don't understand what kind of product that their customer needs, a bankruptcy is just a matter of time.
An infographic about small and medium business importance in the market. Source: Click and Be Free
Acquiring or selling data is very hard in the status quo. Even big business is having a hard time to find or sell data. The market is too fragmented, unconnected, with a costly and time-consuming process in order to find buyers or sellers. To put it simply, it requires times, dedication and a lot of money to acquire or sell data. This is of course, not very ideal for small-medium business which most of the time have a very limited time and capital to do that.
A solution is to find a connector to other parties, or more like a 'mafia' in the industry. You tell them what you need to find or sell, they'll find the appropriate parties, but with high fees and unverifiable data when the deals happen. Another option is to trade with partners, but the problem is, not everybody has a great partner and even if they did, it is still hard to transfer the data because the format might be different. All of those problems above also happens to SMEs, which makes it even harder for them to expand their business and stay competitive. We need a new initiative, which is where Unification comes in.
Bringing Data Closer to the SMEs with Unification
We've talked about what is Unification and how it works in general in my previous article. If you haven't read it yet, don't forget to check it out. In this post, I'll go directly with how Unification can help SMEs, so if you wanted to read other parts of Unification such as the tokenomics, you can read my previous article.
So, how does Unification help SMEs? Here's how:
Connecting SMEs directly to the data market: Unification, with its Babel, Haiku and so on, will help SMEs to get in touch with the data industry anytime they wanted to be. There is no need for them to survey in a traditional way and trying to find 'mafia' to connect them to other parties. They just have to connect to the network and after that, they can find anything that they wanted. This will greatly reduce the cost and time for SMEs to get more data to expand their business, and they can use it for other purposes such as product development.
Help to organize datasets efficiently: In terms of data organizing, SMEs can use Unification with its Capsule to record data from users with their consent (depends on the business too). Unification will organize them automatically so that SMEs won't have to spend the time to manually organize and create data sets and match it with the industry standard. Unification is, in fact, the standard itself. Because of this, they can focus on product development, customer acquisition and so on.
Additional source of revenue stream: SMEs data itself is very important for big business. Most SMEs are interacting with their local customer or regular customer who can be a source of data for other business to generate their product. For example, their daily routine to eat on the SMEs place, or what kind of food that they usually eat and so on. Other business can use SMEs generated data for their own purpose by buying them from the SMEs while keeping the user control of their data in check. This will generate a continuous data sharing or trading cycle and revenue stream for every party being involved, especially SMEs.
Conclusion
Unification is essentially important for #SMEs growth. It provides them with the opportunity to connect with other business or parties who wish to buy or sell their data, with very low transaction fees. Compared to the traditional steps to acquire or sell data, Unification provides a new, blazingly fast and efficient data trade platform which gives benefits to individuals and business.
If Unification is successfully adopted and implemented, it's highly guaranteed that they will become a key player to improve the quality of SMEs across the globe. In other words, contributing to the world economic development.
Disclaimer
This article is created for potential rewards from Unification bounty program. The writer of this article username in Telegram is 