Data management to help SMEs reap Islamic economy gains: Expert
Small and medium-sized enterprises (SMEs) can grab a share of the fast-growing Islamic economy by better managing their data, says an expert.
Savitha Bhaskar, COO of UAE-based consultancy Condo Protego, says that the SMEs based in the UAE have already benefited from the Islamic economy, which is set to grow from $4 trillion in 2014 to $7trn in 2020.
“UAE SMEs are the cradle of innovation for the Islamic economy and are at the forefront of adopting Cloud applications to drive new business models,” says Bhaskar.
“Facing tight margins, SMEs, which account for the vast majority of the country’s businesses and jobs, are increasingly using Cloud-based business applications, Bring Your Own Device (BYOD) strategies and social media to remain competitive and cut IT costs,” she states.
“However, compared to large enterprises, SMEs cannot afford to go down for any amount of time – a single slip up could wipe out their business,” adds Bhaskar.
She says that SMEs can deliver Islamic economy innovation in many ways, such as slaughterhouses using apps to better integrate the supply chain with farmers and distributors, smaller banks having real-time customer dashboards, and Muslim fashion and cosmetic start-ups identifying consumer trends on social media, which would help scale up in new markets.
The UAE has been ranked as the top Islamic Economy country in Europe, the Middle East and Africa (EMEA), in a recent report by Dinar Standard and Thomson Reuters.