With recent technological advances and new market opportunities, innovation is no longer something companies pursue parallel to their everyday business activity. Instead, it has become an integral part of business planning for any company trying to make it in an increasingly competitive market. In 2014, smartphone penetration in Latin America reached an impressive 30% of the market. What does that mean for SMEs across the region? That it’s time to join the fray, and the app market is where things are happening these days.According to a report released in 2014, 2 out of 10 companies in Latin America are in the process of developing or have already implemented a mobile application strategy to improve outreach to their clients. Apps designed to help manage a company and improve internal processes are also gaining traction. Improved connectivity has turned into a key ally for business owners.So how could an app improve a company´s competitiveness? We know that SMEs face two main challenges – access to finance and managerial support for owners and decision-makers[1]. The latter is where new technologies can make all the difference, providing easy access to advisory services anytime, anywhere and at no cost.Yes, and this is howFor the last decade, a program designed by the Inter-American Investment Corporation by the name of FINPYME Diagnostics2.  has focused on evaluating the competitiveness of SMEs, pinpointing weaknesses and providing tailored advisory services to address them. Up until now, the complete diagnostics process consisted of a lengthy one-on-one consultation with over 180 indicators.This evaluation is now available to business owners through the FINPYME App, which comes packed with ten years’ worth of knowledge and expertise. The digital evaluation tool consists of a questionnaire that analyzes a company’s strengths and weaknesses, making recommendations in the following six dimensions: (1) Competitive Position, (2) Environmental and Social Sustainability, (3) Financial Position, (4) Innovation and Intellectual Property, (5) Marketing and Client Relations, and (6) Talent Management and Corporate Affairs. The app allows business owners to complete the questionnaire on their own time, track their progress, and compare with peer groups from their country and company size. To add further value, it also offers useful resources, articles, news, events and videos, providing business owners with the information they need when they need it. Over the course of the year, we will be including additional evaluations. The app’s ultimate goal is to become a one stop shop for business advisory services on demand.There is no doubt that technology has changed the way SMEs do business. Innovation and knowledge today are just as important to success as access to finance. The business environment is fast-paced, and for SMEs understanding the challenges they face along with convenient access to curated know-how can mean a leg up in a competitive market.-----------------------------------------------------------------[1]http://www.cluteinstitute.com/ojs/index.php/IBER/article/view/3391[1] FINPYME Diagnostics is a two-phase program. In the first phase, management areas in need of improvement are identified, and in the second the companies undergoing a diagnostic review receive individual or group-based technical assistance. For more information visit http://finpyme.iic.org/en/programs/finpyme-diagnostics/overview About the authors:Tatiana Laborde, Analyst, Inter-American Investment CorporationHelga Flores, Principal External Relations Advisor, Inter-American Investment Corporation