SMEs scale new heights with cloud

Cloud technology empowers Indian SMEs in BFSI with scalability, innovation, and security, enabling them to compete with larger firms and drive growth

- VISHAL BHAT

Technology has revolutionised various sectors, particularly the Banking, Financial Services, and Insurance (BFSI) industry. SMEs in India increasingly realise the power of digital tools, especially cloud technology, to enhance their operational capabilities. The SME Digital Insights Study, conducted by CyberMedia Research, reveals that almost 50% of Indian SMEs plan to adopt cloud solutions in FY2024, indicating a shift towards digital-first strategies.

As SMEs embrace cloud computing, they gain access to infrastructure that allows them a unique opportunity to compete with larger enterprises on a level playing field. This digital shift, driven by cloud technology, is reshaping the competitive landscape of the BFSI sector. The study highlights that 58% of SMEs consider themselves digitally mature, positioning them to lead the next wave of digital transformation.

By adopting cloud-based solutions, these businesses are not only boosting their growth potential but are also enhancing their ability to meet the evolving needs of their customers and the market.

EMPOWERING SMES WITH CLOUD TECHNOLOGY