By Nikhil Arora
Technology for MSMEs: Small and Medium Enterprises (SMBs) are an important element of India’s socio-economic future. While many SMBs are facing difficulties during the pandemic, the resilience of India’s small business community means they are optimistic in the coming months. A survey by the Assocham-Dun & Bradstreet Small Business Confidence Index (SBCI) says SMBs expect strong demand for exports in Q2 2022. The SBCI measured the level of optimism in relation to key parameters such as sales, inventory, investments, etc. among SMBs. While India’s economy is expected to grow at a neck -turning pace, SMBs have a key role to play in guiding the country from recovery after the pandemic to positive growth.
Over the past two years, India’s digital acceleration has followed smartphone and internet penetration in 2016. In fact, the IAMAI-Kantar ICUBE 2020 report says India could have 900 million active internet users by 2025 , an increase of 45 percent from 622 million by 2020. At a time when we find ourselves in the midst of the greatest technological revolution, the techno-savvy digital consumer of today’s time and age will not be included. With the rapid advancement of technology, now SMBs need to embed digital in their business to take advantage of this revolution.
The future business landscape is very different from the look of more traditional business models. While many consumers will embrace digital, SMBs need to be where their consumers are online and social. With working from home, employees are adopting a virtual and digital lifestyle, and many vendors and partners are moving their systems to the cloud, due to the need for fast data and intelligence. business grew. On National Technology Day, let’s take a look at what the future of technology is for Indian SMBs.
Data analytics for expansion
As companies digitize, they find a lot of useful data that provides a complete understanding of their own world. Moving away from pen and paper, cloud solutions now offer a real-time snapshot of anything from stock units to a customer’s preference for a particular brand or product. When legacy systems are digitized, it provides a clear trend to SMBs about how to market to their customers, when to contact their vendors and even automatic reminders for different purposes.
With the use of inbuilt and advanced AI/ML solutions from their digital service providers, SMBs can adapt to a truly digital and personalized future that frees them from being tied to a particular geography and expanding their reach. more than their current market.
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Upskilling for lifting
By adopting the digital way of doing business, SMBs are learning new skills for not only their business, but also for themselves personally as they navigate the digital world. According to Nasscom, there will be 20x demand for digital skills by 2024, which will create 1.3 million jobs and a trillion-dollar opportunity for Indians and Indian SMBs. Today, smartphone manufacturers are making the technology even more friendly.
By designing easy -to -use systems and apps, companies are always looking to simplify their solutions for the ordinary person. Taking advantage of this, SMBs can learn about various digital technologies not only through MOOCs at their own pace but also by adopting some of the ready digital solutions such as no-code ones. website and embedded payment gateways for their businesses. By making their employees familiar with digital systems, these SMBs help them adopt new skills and prepare for the digital future.
Cybersecurity for a secure future
As more and more people and systems go online, adapting digital knowledge with a high sense of security will become important. To eliminate vulnerabilities, SMBs need to educate themselves about cyber fraud, phishing, DDoS attacks, etc. to prepare for the worst, but be armed for the best. Many digital service providers are integrating cybersecurity systems into their solutions today, and even if this is a good starting point, the digital health of an SMB should be the top priority of the business. Cybersecurity will no longer be an add-on but a basic investment for SMBs.
SMBs need to adapt to technological advances for efficient, optimized operations, and a real golden age that is not only one of the times but also determines the broad scope of their growth.
Nikhil Arora is the Managing Director and Vice President of GoDaddy India. The views expressed belong to the author.