The MSME industry is definitely one of the pillars of the Indian economy and continues to generate employment opportunities at a macro-level. By contributing to 40% of the nation’s GDP, more than 56 million MSME entrepreneurs have showcased the capabilities of Indian start-ups to innovate, catering to specific needs of the country – A Financial Times report.
However, during the pandemic, adapting to change was certainly challenging. On a positive note, traversing through testing times, leading MSMEs have realized the importance of digitization and are proactively investing in future-ready technologies to inspire the workforce of the future.
Innovation Through Technology – The Rise of MSMEs
For the MSME community to adapt to change and gain a competitive edge in the post-pandemic era, it’s imperative that business leaders move together towards technology. From sourcing the right talent to automating business functions, AI-driven solutions are key to facilitating innovation.
Therefore, it’s important that small and midsize businesses make room for digital adoption from the get-go.
The impact of digital transformation can help domestic businesses in India to become globally competitive. By going digital, business processes are streamlined, eventually paving the way for macro-level progress and growth.
Furthermore, adoption of future-proof technologies can instil a sense of digital empowerment across the MSME community and help enterprises better understand their requirements in comparison with organizational objectives. By integrating technologies that leverage Artificial Intelligence and Machine Learning, MSMEs can inspire a workforce that is built on performance and a forward-thinking mindset.
Here are a few important factors that can encourage MSMEs to adopt agile technologies for a digital-ready India:
Enhancing Employee Experience
For an MSME, human capital investments are the driving force. Without effective management of human resources, using technology to make a difference doesn’t really serve the purpose. Therefore, it’s of utmost importance that enterprises in the MSME industry prioritize personalizing employee experiences.
From digital onboarding models that can streamline the recruitment process to automating learning and development solutions within the enterprise, the emphasis must be on improving the journey of every employee. This can be achieved by implementing digital engagement models that can assist a distributed workforce to share feedback on a unified platform.
Diversity and Inclusion
The essence of diversity and inclusion, regardless of the size of the organization, is to facilitate an environment driven by ideas and collaboration. By investing in a workforce across different ethnic backgrounds, MSMEs can transform business continuity and excellence.
Furthermore, recruiting a diverse workforce can pave the way for future-ready solutions for a wide-range of planning and execution strategies. Also, with diverse opinions, MSME leaders can facilitate an environment built on trust, collaboration and performance.
Learning and Development
For MSMEs to inspire a digital-ready India, the focus must be on agile and robust training solutions. As a sector generating employment prospects on a large-scale, emerging MSMEs must work with technology partners to facilitate innovation starting from the grass-root level.
For example, using AI-driven solutions can help organizations focus on enhancing skills based on personal development. Therefore, with the right resources, the MSME community can move towards technology with a sole intention to implement digitization amidst adversity.
Advanced Data Analytics – The Future of Work
An organization's capability to analyse and manage data can dictate long-term success. With conventional data management and security models, the emphasis was mostly on managing tons of paperwork, which isn’t ideal.
On the other hand, if MSMEs begin to harness the potential of AI and integrate digital solutions into data management systems, digital innovation is typically the end result. With the possibility to interpret data in real-time and design future-ready metrics for in-house performance and greater business visibility, the future of work is here to stay.
SAP, a global leader in offering digital solutions is the chosen brand for many MSMEs across this vast nation. From data management to digital procurement and supply chain models, solutions by SAP have inspired emerging businesses in India to realize their true potential.
To learn how your enterprise can move towards technology, especially to broaden the scope of Artificial Intelligence, click here.