Tech Adoption in SMBs need to be on fast track to chase new age markets and consumers
According to a newly released Kantar IMRB ICUBE report, the internet user base in India has crossed 500 million and is expected to touch 627 million by end 2019. The report also states that rural India is fueling this growth with 251 million internet users and is expected to reach 290 million by the end of 2019.
Over 63 million micro, small and medium enterprises are driving India’s growth story, employing close to 110 million people and contributing to 40% of exports. Our entrepreneur ecosystem is now getting world’s attention. But the irony is that SMBs in India are yet to leverage their full potential, achieve the next level of business growth and join the global value chain. The biggest hurdle is the adoption of future technologies at jet speed.
Today’s Indian Consumer is digitally connected, well informed, quality conscious and is making smart choices with the advent of new technologies. Hence it becomes extremely important for enterprises to open doors for innovative IT solutions and technologies which can allow them to transform their operations and gear up revenues. Affordable future technologies can ensure ease of doing business for the underserved SMBs who can potentially become the real growth and development heroes on the world map. Technologies such as AI, IOT, machine learning etc. can infuse productivity, efficiency and cost advantages into the SMB sector by offering seamless accounting, inventory management, sales, marketing, HR, customer services etc. Automation can lead the entrepreneurs towards focused goals of higher revenue generation, accessing international markets and matching the fast changing consumer expectations.
It is critical for micro, small and medium business owners to tap and adopt future technologies that can help them in shaping their businesses as category leaders and global players.
Artificial Intelligence: AI is slowly catching pace in the country. There is a huge potential for SMBs to fully automate their manual tasks with Artificial Intelligence. Inventory management which is the most complex thing for any business can become a cake walk with AI. This technology can also help them in efficiently utilizing their workforce especially the sales force in maximizing their contribution towards productivity, success and growth. In other developed countries, AI is gradually making big roads into the SMB sector offering a wide array of solutions such as voice assistants, personalize customer experiences, better data insights, impactful marketing strategies, sales forecasts etc. AI can not only save time and money but can potentially eliminate the risk of human error by providing intelligent support to brand building, business growth and high returns on investments.
Cashless Payments: One of the biggest success factors of Digital India is the fast growing popularity for digital payments in the country. Mobile wallets and P2P payments are leading the country towards a new cashless era. Although the B2B segment is still lacking with efficient social payment systems, there is a huge opportunity for enterprises to scale up businesses with the advent of new digital payment technologies.
Virtual Reality: Virtual reality is fast getting attention of the small business players operating in specific sectors such as medicines, real estate, retail, hospitality etc. Virtual reality allows customers to see the possibilities in real time. For instance, if you’re running a real estate business or hotel, you can enable your clients to virtually walk through your properties, as if they’re physically present.
Technology being the key enabler for scaling up of business, seamless management of business operations, flawless accounting/GST filing/inventory management, wide customer reach, exposure to global markets, reduction of long run costs, etc., Indian SMBs need higher adoption of future technologies. Lower tech adoption is certainly a big hurdle in the growth path of this dynamic SMB segment. But the need of the hour is to create IT/technology solutions basis an in-depth understanding of each and every business need of SMBs. the demands for transformation of these future technologies in more customized, affordable and convenient manner.
