- Blog
- Jun 07
What is the relationship between digitization and SMEs in Mexico?
Before the pandemic, only a low percentage of SMEs in Mexico had digitization plans. However, by 2022, the significant growth of e-commerce and the strong increase in remote work have promoted the use of digital tools that allow greater efficiency for businesses of all sizes and sectors.
In this context, large, medium and small companies have found it necessary to make this transition to streamline their operations, improve their customers’ experience, increase their profits, mitigate market risks and protect their investments. Hence the importance of this process for SMEs in Mexico.
But what makes a digital SME?
As we all know, a digital company’s or SME’s transformation entails more than just using technology. It refers to the use of 4.0 technology to develop strategies that produce profits through digitalization in a larger sense.
Systems that allow for real-time corporate control, artificial intelligence as a predictive tool (for customer behavior and the organization itself), and the optimization of operational, accounting, and administrative procedures stand out among them.
New requirements have evolved as a result of this tremendous jump, such as more transparency in procedures, the use of instruments that allow distant connection between company members, and the acceleration of work rhythms.
The role of digitalization in the administration of SMEs
A notable innovation is the development of application programming interfaces, also known as APIs, a group of computer procedures, functions, and definitions that enable cross-platform intercommunication.
This is the goal of the SAT API integrations, which allow businesses to look up credit applicants’ financial histories, make behavioral predictions, determine their ability to pay, devise risk-prevention tactics, and give customized financing options.
This provides greater security for both parties: while the granting organization can make decisions based on data analysis, the borrower has access to solutions tailored to his or her needs.
Open Finance is a system that involves the interchange of data between banks, fintech businesses, insurance companies, pension funds, wallets, and other service provider companies who require this information to conduct various types of transactions.
The following are some additional benefits of SAT API integration to consider:
• In minutes, create a credit risk assessment.
• Create artificial intelligence-based credit reports.
• Have enough financial data to make informed judgments.
• Get real-time access to prospect information that is simple, consumable, and easy to understand.
• Have the ability to access periodic reports to help with SMEs’ administration.
The digital transformation has radically transformed businesses, with the most visible and positive evidence being a shift in corporate culture and the adoption of new procedures and technologies.
Get to know CRiskCo and understand how our API may help you improve your company’s operations by generating efficient and precise processes.
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