5 Ways How Technology Can Encourage the SME Sector

The SME sector is the backbone of India’s growth contributing to 45% of manufacturing output, 40% of total exports and targeted to contribute to 20% of India’s GDP by 2020. Backed by the government via the Digital India initiative, this sector is likely to embrace technology in a big way to promote growth. Irrespective of segment, there are numerous research reports that provide statistics on the link between technology adoption and the SME sector growth with some stating that SME’s who were early adopters of technology could increase their annual revenue 15% faster than their competitors.

This article explores the five leading ways in which technology will encourage growth in the SME sector:

  1. Creating a digital business: SME success depends upon creating early differentiators. Thinking through and executing a digital business model could mean getting that ticket to differentiation. This requires a fundamental shift in strategy in favor of leveraging digital, to either bring out a new offering or take the existing offering to market in newer ways.  This means being able to explore technologies such as IoT for say creating a new business offerings, leveraging robotics for say faster plant output, analytics for a deeper understanding into the internal and external business environment to leveraging social for customer outreach or cloud for flexibility and lower capex. The option are numerous. It only requires very strong business understanding to be able to analyze the existing business models, analyze what the ecosystem looks like, have a very strong understanding of the customer and their unstated expectations to then be able to devise an appropriate strategy to create the digital business model.
  2. Hiring the right talent: Senior management of SME’s need to change the lens with which they view enterprise talent. Digital talent is not only about technical skills, but goes much beyond permeating business processes, to deal with the new requirements brought about by changing customer expectations. As a famous quote goes “Even in such technical lines as engineering, about 15% of one’s financial success is due one’s technical knowledge and about 85% is due to skill in human engineering, to personality and the ability to lead people.”  Transforming business by leveraging digital is a huge opportunity provided that the SME equips itself with the right talent that is able to accelerate the pace of growth.
  3. Information Management to increase productivity: With fully automated business processes, the SME creates a paperless office, where the right information to execute a business process seamlessly is available to the right user when they need it. No longer do they need to clamor for information – everything that they need to deliver process cycle time is available to them on their fingertips including complete automation of workflows and integration to the ERP or back end applications. What this really leads to is significant increase in productivity and doing more with less.
  4. Understanding the customer / customer outreach: What used to be a last channel of resort for customers is now turning out to be the natural and most immediate touch point for progressive brands.  According to some studies, companies with social care experience see a 5.6% increase in the first contact resolutions, 6.5% increase in agent productivity and 17.5% increase in SLA attainment. Social is being leveraged by SME’s like never before to gain a good understanding of the customer. With social and sentiment analysis, SME’s in the B2C space are not only able to better understand customer’s perception of a brand and their expectations, but also leverage it for generating leads, managing engagement with prospects to delivering customer service in newer ways.
  5. Lower capex with cloud: Rather than owning assets, SME’s can leverage cloud to be operators of those assets owned by an external provider. This enables quick readiness and faster ‘reach to their enterprise goals’, thereby making it a significant driver for SME growth.

The SME segment plays a very crucial role in the socio-economic growth story of the country, and technology is likely to become a sine qua non for driving business growth. Taking a lead early on in this respect will make a big difference between the also-rans to those who are really going to drive a new wave of growth enabled by technology.  

Calculate the price
Make an order in advance and get the best price
Pages (550 words)
$0.00
*Price with a welcome 15% discount applied.
Pro tip: If you want to save more money and pay the lowest price, you need to set a more extended deadline.
We know how difficult it is to be a student these days. That's why our prices are one of the most affordable on the market, and there are no hidden fees.

Instead, we offer bonuses, discounts, and free services to make your experience outstanding.
How it works
Receive a 100% original paper that will pass Turnitin from a top essay writing service
step 1
Upload your instructions
Fill out the order form and provide paper details. You can even attach screenshots or add additional instructions later. If something is not clear or missing, the writer will contact you for clarification.
Pro service tips
How to get the most out of your experience with MyStudyWriters
One writer throughout the entire course
If you like the writer, you can hire them again. Just copy & paste their ID on the order form ("Preferred Writer's ID" field). This way, your vocabulary will be uniform, and the writer will be aware of your needs.
The same paper from different writers
You can order essay or any other work from two different writers to choose the best one or give another version to a friend. This can be done through the add-on "Same paper from another writer."
Copy of sources used by the writer
Our college essay writers work with ScienceDirect and other databases. They can send you articles or materials used in PDF or through screenshots. Just tick the "Copy of sources" field on the order form.
Testimonials
See why 20k+ students have chosen us as their sole writing assistance provider
Check out the latest reviews and opinions submitted by real customers worldwide and make an informed decision.
ACC543MANAGERIALACCOUNTINGANDLEGALASPECTS
excellent
Customer 452773, January 25th, 2024
Business and administrative studies
Thank you for your hard work
Customer 452773, October 19th, 2023
DATA565
The support team was late responding , my paper was late because the support team didn't respond in a timely manner. The writer of the paper finally got it right but seems there was a problem getting the revisioin to me.
Customer 452773, April 7th, 2024
History
Don't really see any of sources I provided, but elsewise its great, thank you!
Customer 452697, May 8th, 2021
English 101
IThank you
Customer 452631, April 6th, 2021
FIN571
excellent work
Customer 452773, March 1st, 2024
Marketing
Thank you for correcting the work and using the template provided
Customer 452773, October 10th, 2024
Human Resources Management (HRM)
excellent
Customer 452773, July 11th, 2023
BUSINESSADMINECO535
excellent work
Customer 452773, October 6th, 2023
Business and administrative studies
great job as always
Customer 452773, February 26th, 2023
Business and administrative studies
Thanks
Customer 452773, March 3rd, 2023
Humanities
Thank youuuu
Customer 452729, May 30th, 2021
11,595
Customer reviews in total
96%
Current satisfaction rate
3 pages
Average paper length
37%
Customers referred by a friend
OUR GIFT TO YOU
15% OFF your first order
Use a coupon FIRST15 and enjoy expert help with any task at the most affordable price.
Claim my 15% OFF Order in Chat
Close

Sometimes it is hard to do all the work on your own

Let us help you get a good grade on your paper. Get professional help and free up your time for more important courses. Let us handle your;

  • Dissertations and Thesis
  • Essays
  • All Assignments

  • Research papers
  • Terms Papers
  • Online Classes
Live ChatWhatsApp