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This is How Technology Can Bring Favorable Transformation for MSMEs

As micro, small and medium enterprises propel the economy forward, here’s how technology can be the lever of speed and efficiency in this wheel of economic growth.

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Witnessing the furious pace of business and the exponential rise of innovation in the SME and MSME sector, iterates the supreme role these enterprises play in the Indian economy. These businesses contribute about 30% of the nation’s GDP, 50% of its exports, and 35% of its total manufacturing output.

And now they are putting India on the center stage of the world atlas by showing unprecedented productivity, cost efficiency, and supply-chain contributions to a world market. Fuelled by the Make-in-India drive, SMEs have been remarkable in injecting indigenous products into the world economy – with utmost proficiency and relentless rigour on quality. The Assocham-Dun & Bradstreet Small Business Confidence Index (which measures the level of optimism of small and medium businesses on key business parameters such as sales, employment, prices, inventory, and investment) shows that about 80% of SMEs anticipate an increase in domestic orders. Also, 79 % show hopes for an increase in their net sales. 

Interestingly, technology has proven to be a stout pillar for the new skyline that SMEs are aspiring for. As per a Deloitte report, when compared to offline SMBs, Indian SMBs with higher digital engagement, are experiencing revenue growth up to 27 percentage points higher in the previous year. They are also up to 65% more likely to access international markets. They tend to be up to 4.5 times more likely to offer new products or implement major changes in the way they do business. They are also up to 6 times more likely to have higher levels of employee job satisfaction. Turns out that digitally engaged small to medium businesses (SMBs) in India can reap huge digital dividends. All SMEs need to do is – pick the right partner here.

Staqo understands these people-management dilemmas and business imperatives. Having served a big swathe of small and medium enterprises from various verticals, we understand all the challenges and constraints that a SME organization confronts. That’s why we have crafted a complete Workforce efficiency solution for SME needs – Presence 360.

This holistic solution covers anything and everything about an SME business. Especially about areas that directly affect productivity and output.

Like:

  • Sourcing and managing contractual manpower in a smart and proactive way
  • Error-free management of overtime and attendance
  • Tight hold on absenteeism 
  • The smooth functioning of adjacencies like travel management, expense management, and payroll
  • Robust and efficiency-oriented control of all HR processes
  • Focus on productivity without compromising safety, compliance, and engagement

We at Staqo in partnership with SME Street will be augmenting SMEs in their pursuit of global success, profitability, scale, and worldwide impact.

For more details: Book a Demo or visit us at thepresence360.com/ 

SMEStreet Edit Desk

SMEStreet Edit Desk is a small group of excited and motivated journalists and editors who are committed to building MSME ecosystem through valuable information and knowledge spread.

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