The infographic designed by Power2SME with inputs from CIIICT study indicates that if Indian SMEs adopt the latest IT tools, they have the potential to grow their overall revenue by INR 3 lakh crore and create 11 lakh new jobs. The study further revealed that the revenues of IT enabled SMEs grew 15% faster than those that relied less on ICT technology. It is clear, from the aforementioned statistics that Indian SMEs must work to enhance their competitiveness through ICT adoption.
In order to leverage this opportunity, the first step is building awareness and enhancing ICT literacy. This entails not only educating SMEs about the associated benefits, but also imparting extensive training to existing as well as newly hired personnel. In addition to this, further infrastructural support from the government in terms of, new policy initiatives to make tech adoption easier and cost effective, can help incentivize and consequently increase ICT adoption. If these measures arecoupled with user-friendly solutions such as easy installments and pay as you go options that can reduce the financial burden for SMEs, it can ease the transition for SMEs from the presently lower ICT enabled processes, to one that is more advanced and efficient.
If the steps mentioned above, are implemented, theIndian SMEs will easily be able to achieve competitive advantages and will be able to hold their own in the global marketplace.