Increasing adoption of social, mobile, analytics and cloud technologies by the SMEs has set the stage for a rapid transformation of this sector. What is driving this tech wave?
India’s SME sector is one of the primary drivers of its economy. It contribution to the GDP is expected to increase to 20% by 2020. Increasing adaption of technology and digitization strengthening this sector like never before and going by the pace, Indian SMEs would soon hold a string foot in the global business scenario.
As per a report released by NASSCOM, the approximate market growth driven by technology and digitization is about 30% (USD 1 trillion) by 2020.
What is driving this change?
- Availability of SME specific solutions that meet very specific requirements.
- Awareness about importance of business analytics and how data insights can help businesses grow faster.
- Low cost, easy to use softwares that fit the SME market in every sense. For example, SAP Business One software is a key ERP developed specifically for the SMEs.
- Mobility and the ease of being able to access information anywhere, anytime.
- Ability the view data real time and take informed decisions has further lured the SMEs towards technology adoption.
- Availability of expert consultants and partners who understand the SME ecosystem deeply and facilitate the technology adoption.
The new age technologies are affordable, integrated and easy to use. They offer a one stop solution for synchronizing and managing different business functions like finance, inventory, sales and more. Making these technologies an integral part of their business strategy would help the SMEs reduce their wastage, track gap areas and take the right decisions in time.