The MSME (Micro, Small and Medium Enterprises) hover to play a crucial role in hastening the growth, innovation, and commerce in India. India is coming up as one of the leading economics of the world and it is also estimated to be the second-largest by 2050 with a total contribution of 40% share of exports, 38% India’s GDP and 37% of the manufacturing output shares in further they are also employing almost 120 million people across the country. Additionally, the digital India campaign has ensured digital empowerment of the country in the field of technology and research showing the achievement of SMEs (Small and Medium Enterprises) who adopted digitization in their early phase only with 15% increase in revenue than those being in the nascent stage of digitization their least priority due to the fear of high-cost rates involved and do not invest in technology remain unaware from the competitive edge they are feeding.
Ways in which Technology help Business
It is impossible, to sum up, all the ways in one article but we have tried our level best. Following are the ways by which technology helps a business in different ways:-
❖ By building a digital business
– The success of any business develops on divergence. In today’s world businesses face a lot of vertically from customer’s changing demands to new competitors. For you to create a digital business model and sustain it in this ever dynamic environment will give the much needed to the entrepreneur. Digital platforms provide small and medium scale businesses with new ways to conduct business and reach new customers. It predicts ways of business management and boosts up the business functionality. In addition to these, digitization also enables you to scout what is going in the world around you, increase the efficiency of your business by use of robotics, understand business dynamics by employ analytics, draw clients by social media leveraging, etc. You can also create an appropriate digital business model if you have the proper knowledge or with the help of someone having a strong understanding of the existing business model, customer expectations, market demand, and many more.
❖ Enhancing Productivity with Information Management
– By adopting technology you will be able to automated business process and paperless records which will facilitate the availability of information seamlessly within the organization whenever and wherever needed along with this it also decreases human dependency. Every sort of information will be present in ERP from completing a task to maintaining employee dockets, payrolls, and production processes and so on and this will also contribute a lot in the productivity of your company.
❖ 24*7 Connectivity
– At present, no business can be offline even for a few minutes as customers and clients look for 24 hours service with spoilt of choices. Due to the availability of a lot of options if people do not get the desired product or service from your company they immediately switch over to another company that might be your competitor. Technology helps you to make yourself available to your customers and prospects 24*7 with the use of online portals and support systems. All the time connectivity will provide you with satisfaction from customers along with great leads from your prospects.
❖ Social Media Presence/ Website
– Your company might lack resources to promote its products and services through advertisements and other marketing campaigns. Social media play a very important role in improving the chances of your company’s competitiveness in the market because of which the use of social media to promote your business has become a necessity than an option. Through social media, you can create awareness about your product or service and also covenant with their customers and prospective clients, especially the small and medium enterprises get more benefits along with technology aids in online selling through e-commerce websites. So one should make optimum use of social media to take his/her business to greater levels.