The study also highlights several challenges faced by SMEs during their digital transformation journey such as lack of awareness and understanding regarding the process which then extend to their struggles in effectively implementing digital solutions. The ecosystem would need several players to work together to deliver a seamless experience to SMEs. Image: Courtesy Authors By Srinivas Pingali and Kiran Pedada Technology for MSMEs: Small and Medium Enterprises (SMEs) play an important role in driving employment and fostering growth in emerging markets, including India. The MSME Ministry in India has been at the forefront of numerous initiatives, including the recently launched FIRST program, a forum for SMEs among government representatives and policymakers. As part of a nationwide study on the digital transformation of SMEs, we surveyed over 350 SME owners across various sectors in India. Our research demonstrates that SMEs can successfully transform with the right inputs. It also suggests that SMEs who have begun their transformation journey are gaining tangible benefits, including increased customer satisfaction, better quality, higher sales and profitability, and the ability to expand globally. Also Read Building competitive is key for accelerating job creation ‘How MSMEs can set up Enterprise Risk Management framework to identify, assess, […]
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