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    Factiva 20211027 1456

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    Suresh Patel

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    Factiva 20211027 1456

    Uploaded by

    Suresh Patel
    16 views2 pages

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    Factiva-20211027-1456

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    © © All Rights Reserved

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    16 views2 pages

    Factiva 20211027 1456

    Uploaded by

    Suresh Patel

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    © All Rights Reserved
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    of 2

    How embracing technology can help SMEs and startups optimise resources and scale

    Sachin Nigam
    Distributed by Contify.com
    641 words
    10 October 2021
    Your Story
    ATYOST
    English
    Copyright © 2021 Your Story.
    Adoption of modern technologies like cloud, automation, and digitisation will not only raise productivity, but
    also enable SMEs and startups to grow while optimising available resources.

    SMEs are the pillars of not only the Indian economy but the entire world.

    According to an estimate by World Bank, SME's represent 90 percent of global businesses and more than 50
    percent of employment. The numbers are growing with each passing year.

    Similarly startups are not far behind. According to the 2020-21 Economic Survey, the Indian government
    currently recognises 41,061 startups, of which 39,000 startups have reported 4,70,000 jobs. These numbers
    clearly signify the importance of SMEs and startups on our economy and how leveraging these can ultimately
    lead to tremendous growth.

    But the path is not so simple. Technology needs to play a major role to effectively harness the potential of
    SMEs and startups. Adoption of modern technologies like cloud, automation, and digitisation will not only
    raise productivity but will also ensure economic growth while optimising available resources.

    Here's how tech adoption can help SMEs and startups:

    Make informed decisions

    Modern technologies like big data and machine learning can help companies to get insights into business
    trends and forecasts that can help in streamlining their spend on the right areas.

    For example, in the manufacturing sector cloud-based applications can help manufacturers monitor their
    production levels seamlessly. They can also predict machine failures and understand the various levels of
    raw materials needed to control production levels.

    Reduced operating costs

    Technology is not an expenditure but an investment. Investing in technology can help brands to reduce their
    various operational and marketing costs significantly. If we just look at digital marketing, it offers a wider
    outreach than traditional marketing channels at a fraction of the cost.

    AI and Robotic Process Automation can help in automating mundane workflows and help in rightsizing the
    human workforce. Removing traditional physical servers and data centres, and adopting cloud technology
    can reduce costs significantly.

    There are many varying estimates on the percentage of how much a company can save by migrating to
    cloud. The numbers might vary, but it is for certain that they are significant and create a huge difference at
    the end of the fiscal year. This is extremely crucial for startups and SMEs as their investments are limited
    compared to corporates.

    Compete with global powers

    We are in the midst of a technological industrial revolution where companies all around the globe are
    leveraging technology to stay ahead. Businesses in US, Europe, and China are using modern technological

    Page 1 of 2 © 2021 Factiva, Inc. All rights reserved.


    advancement in almost all sectors, be it accounting, marketing & sales, inventory management, customer
    service, and more to maximise efficiency, optimise performance, and drive business growth.

    Indian businesses also need to follow suit otherwise we will not be in a position to compete in the
    international market.

    Reach more customers

    The success of various online startups and SME's in India shows how companies can create more
    opportunities by connecting with markets at the micro and macro level, providing scope of tapping large and
    niche audiences through technology. This was earlier extremely expensive and outside the reach of small
    businesses.

    Technology has also enabled companies to facilitate new connections and blend online and offline
    interactions. Also, thanks to the emergence of various online payment platforms online marketplaces have
    emerged that have helped other businesses to reach uncharted markets and audiences.

    If used efficiently, technology is the best bet for startups and SMEs to grow exponentially and optimise their
    available resources. Ensure that the workforce is upskilled to be able to handle the advancement, otherwise
    startups and SMEs will be in the same situation where major IT companies are today - a large workforce
    without the right skillsets.

    Document ATYOST0020211012ehaa00033

    Page 2 of 2 © 2021 Factiva, Inc. All rights reserved.

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