The way of conducting business is undergoing a transformational shift, thanks to tech advancements. Up until now, modern technologies were explored by larger organisations, but now small and medium business owners are also looking at new software and methods to cut down inefficiencies, drive up presence, expand their markets and enable ease of doing business.
As per a survey conducted by Yes Bank, SMBs in sectors such as food processing, engineering, manufacturing, healthcare, IT&ITeS, etc., have high levels of digital adoption. That said, there’s still a long way to go.
The survey also pointed out that only 5% of SMBs out of the 2700 MSMEs surveyed had fully embraced digital adoption. This is due to several reasons including lack of understanding, return on investment and finding right solutions.
The RBI also in its report had pointed out MSMEs lack expertise in product development, technology adoption and marketing strategy and recommended the government to build networks of development service providers that can provide customized solutions to MSMEs in the area of technology, product development and marketing techniques.
Indeed, a push for digital adoption in SMBs is required as new technologies can increase productivity, give competitive advantage, purchase raw materials at affordable rates, and follow up payments, digitally.
Digitization through Cloud, Big Data, IoT, etc., can help SMBs in improving products, services and client engagement as well.
If you are a small business owner and looking at tech adoption, you can start with digitizing six main areas—customer management, invoicing, online collections, payment reconciliation, payment reminders and GST filing.
By digitizing these business solutions, you will unlock hassle-free customer management, put payment reminders, take your offline worksheets online, reconcile payments, file GST easily and more.
Here, Moneycontrol EasyBiz can be a useful platform for you as it is a one-stop shop for all the GST needs. It enables business owners to manage daily operations with efficiency, reduce turnaround time and unlock huge potential.