In conversation with Faiz Askari, Founder Editor of SMEStreet, Mr JK Pathak, business expert and International trade expert explained the contemporary trends, business demands from Indian SMEs. Mr Pathak, emphasized on the role of technology in transforming businesses.
NEW DELHI: Doing Business in whichever field might needs a specific skillset and specialized understanding. SMEs in India face several challenges in their day to day business. But in today’s context, most of such challenges can be tackled successfully by the efficient use of technology. But among top business challenges, inadequate skillset for building business processes such as accounting, book keeping etc in itself is a major issue. And entrepreneurs who are often engineers by academic qualification often find it difficult to manage the non core activities of their respective businesses.
The only solution for such challenge is to smartly look around and select best possible technology solution and simultaneously select a expert who can be delegated. There is no doubt that technology is the catalyst that is required to drive growth in the Indian economy and hence, is also an important enabler for the Indian small businesses.
In today’s world, which is fast moving towards digital world, need special focus towards technology in
Small businesses face several challenges and I strongly believe that technology can bring the much-required transformation. It can help them communicate with their customers, expand their reach in an increasingly mobile and online world, and become competitive in the global market place. In addition, the automation of business processes that technology enables can help overcome many operational challenges that small businesses face.
Government of India has a strong focus towards enabling a ecosystem for transperant and prompt business conditions. And Government is making sincere and strong efforts in this direction. But entrepreneurs from the SME as well as micro segment has to come forward and prepare themselves for the next wave of doing business.
The ease of doing business is a vital factor. This ease can be achieved if the financial documentation of business is getting maintained the way it should be. I feel that the coming times are full of business opportunities, but to capture those upcoming opportunities, Indian SMEs have to build capabilities of handling more structured form of business, get more organized and streamlined. All of this can be swiftly achieved with technology implementation.