Until a few years ago, although the SMEs had recognized technology as the key growth driver, the rate of technology adoption was still low. The cause could be attributed to poor availability and adoption of technology. Identifying these loopholes, many technology enablers surfaced as a support system to the SME ecosystem, aiding them reel through the technological lag they were faced with. These enablers of connectivity, collaboration, cloud, security, IoT and marketing solutions fulfilled the 3As (Availability, Adaptability and Acceptability), the much-needed support in the fledgling start-up ecosystem.
The SMEs in India are confronted by some glaring challenges such as shortage of working capital, increasing domestic and global competition, minimal scale of operations, lack of skilled manpower, change in manufacturing strategies and most importantly integrating technology into customer’s life. In order to counter such issues; stay relevant and profitable and take on its large, global counterparts, vying for the top spot, SMEs need to adopt innovative approaches in their operations.
One such progressive approach has been partnering with tech enablers and subject matter experts to bring SMEs at par with the fast-evolving tech landscape. Advancements in technology are opening up newer avenues for SME businesses across sectors and are playing a pivotal role in its growth and development in India.
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