Top Technological Solutions were Shaping India’s Msme Landscape

Tools and Technologies can avoid complete business disruption for MSME during a crisis, as we are
seeing now. Many small businesses, which demonstrated their willingness and ability to transform their
business, survived while others perished.

TOP TECHNOLOGIES UPGRADATION SOLUTIONS FOR MSME

1) Sensors for plant machinery.
2) 3D Printer
3) IIoT (industrial internet of things)
4) AR (augmented reality)
5) VR (Virtual reality)
6) AI (artificial intelligence)
8) Cloud computing
9) Big data analytics

ROLE OF ONLINE TECHNOLOGIES IN MSME?

New-age technologies are also spurring new business models in MSME(Micro, Small, and Medium
Enterprise), such as the following: Brego-provides real-time insights from a firm’s financial data;
LendenClub-connects lenders and verified borrowers through its platforms, and Meesho- enables small
businesses to sell products online through social media channels.

TOP DIGITAL TOOLS USED BY MSME:

E-COMMERCE WEBSITE– earlier, e-commerce was used to manage end-to-end operations at minimal
expenses on behalf of the seller. This option has become less attractive for sellers with eroding incentives
since they take the lion’s share in profits through service fees and logistic charges. Now, several website
builders such as Shopify, Kartrocket, and Woocommerce can help you set up your e-commerce platform
through a DIY approach. You need to make a few clicks and drags, add product information and relevant
pictures, and you’re good to go.

SECURE PAYMENTS– security is one of the critical and most important components in the digital
world. Cyber attackers hunt for the smallest loopholes in the digital infrastructure and how they can
exploit their customers. So MSME has adequate security measures and secured payment gateways to
avoid any situations like this.

SUPPLY CHAIN MANAGEMENT– MSME has also worked on the supply chain for effective online
operations. This particular tool also provides employment in transportation, courier, warehouses,
factories, etc.

How does the performance of technology help in the survival of MSME?

Companies must accept the digital transformation and shift their business online.

Digital transformation requires some investments. Where small businesses face challenges with liquidity
crunch, lending institutions like banks, whereas adapting technology by other stakeholders can make a
huge difference and help receive capital without waiting.

By digitizing the entire process with the help of technology, financial institutions can reduce loan
applications. Therefore, innovative technology can help automate risk for small businesses, which will
speed up the lending process.

CONCLUSION

The MSME industry forms the backbone of our world economy by giving rise to employment for over
100 million people and contributing to India’s GDP of about 29%, which is assured of reaching 50% by 2025. Digital transformation and policy reforms enable MSMEs to recover from the economic crises and
help them succeed by becoming more resilient and efficient. Thus technology offers a huge opportunity to drive MSME survival and growth in small businesses. Now is the best time to use technology to make our economy truly self-assured. With the help of technology, MSME will progress more with rapid speed and will be able to do way better than its already doing.