The power of digital transformation for the smart enterprise is here to stay. With future-ready technologies dictating the course of an organization’s growth, digitization, especially in the post-pandemic era is the way forward.
Having a streamlined IT strategy is no longer a choice. Based on the competitiveness of the market, the MSME sector has a huge potential for growth and innovation in the years to come. According to a report by Business Standard, “MSMEs contribute to 30% of India’s GDP”. Furthermore, with the majority of the Indian population depending on the MSME sector for diverse employment opportunities, with technology, the future definitely looks promising.
However, with the upsurge in AI-driven and ML-powered technologies, MSMEs tend to get caught in the transformation. Hence, it is considered optimal that small and midsize businesses choose a technology partner that can offer the expertise and tools for a forward-thinking perspective.
Here are the top 5 ways for emerging businesses in India to utilize digital solutions in order to become future-ready:
It’s important that MSMEs use the potential of a committed workforce towards personal development and upskilling core competencies. Instead of opting for solutions that can ensure workflow automation, relying on traditional business models that require human intervention can lead to delayed performance and most importantly, is prone to inaccuracy.
Therefore, organizations must realize that automating workflow processes has a direct impact on overall performance. Furthermore, this helps employees get on par with how technology works and experience the perks of real-time insights.
In the Indian MSME sector, there is a high chance that enterprises might resist change or become sceptical when it comes to moving past change through technology. Especially considering the overwhelming impact of the pandemic on small and midsize businesses across the nation, using technology to leverage disruptions is the future of work.
Regardless of the size of your enterprise, uncertainties are inevitable. On the other hand, cloud-based digital solutions can help companies stay prepared even before the lightning strikes. With real-time insights, business leaders have the tools required to analyze improvements and use change as a medium to foster innovation and performance.
The growth of an MSME depends on efficient data management solutions. From recording employee data to focusing on performance across business units, manual interpretation of data can result in compromised productivity and even worse, mismanagement of data, which can be detrimental to growth and future-ready innovation.
Therefore, based on their product offering, MSMEs can focus on technologies that offer real-time predictions on market competence and business visibility. This can help enterprises design strategies that can leverage actionable insights to foster development across the organization.
Using technology to streamline project management initiatives can help MSMEs track and monitor progress across multiple business functions along with offering operational visibility and transparency.
Moreover, technologies that streamline project management strategies can offer the big picture and improve individual tasks in a systematic way.
Interacting with each and every employee in order to acknowledge their feedback is a time-consuming task. On the brighter side, integrating future-proof technologies can help MSMEs design digital engagement platforms for employees to interact with peers and exchange feedback for a customized experience.
Empowering Businesses to Optimize Growth
Research by Endurance International Group showcases that around 50% of MSMEs have already switched to adopting digital tools and technologies to manage day-to-day business operations. Therefore, for the MSME industry to flourish and invest in innovation-led solutions, future-ready digital technologies can make all the difference between where MSMEs currently are and where they aspire to be.
As a technology partner, digital solutions by SAP have inspired emerging businesses to realize the potential of staying relevant as a future-ready enterprise. Click here for more on solutions by SAP that can transform businesses across diverse verticals.