Digital technology has opened avenues for MSME to create an impact: Report
MUMBAI: At a time when several companies and sectors are feeling a threat of digital economy, small and medium scale enterprises are set to ride on the technology and see a spurt in their growth according to a report by CII and KPMG.
"Digital technology has opened a plethora of avenues for small business owners and entrepreneurs to reach out to its customers to create an impact, innovate and grow. However, between operating on a restricted budget, limited resources and growing revenue, entrepreneurs are faced with various challenges on marketing," the CII-KPMG report said.
"Changing customer behaviour, technology and competition have transformed the landscape in which entrepreneurs operate. Hence, it is essential for entrepreneurs to continuously focus on improving their operations and building scalable and sustainable businesses. Further, they need to focus on investing in business performance improvements in quality and reliability. Adopting new technologies, making processes more efficient, continuous skill development and training and continuous innovation is key to success," said Sanjay Aggarwal, Head, KPMG Enterprise.
As a first step, small business owners and entrepreneurs need to get started quickly on a digital bandwagon to reap its benefits. In this section, the effort is to capture key digital marketing trends and help entrepreneurs and Micro, Small and Medium Enterprises (MSMEs) take on a digital journey with confidence, the report said.
"Digital technology has opened a plethora of avenues for small business owners and entrepreneurs to reach out to its customers to create an impact, innovate and grow. However, between operating on a restricted budget, limited resources and growing revenue, entrepreneurs are faced with various challenges on marketing," the CII-KPMG report said.
"Changing customer behaviour, technology and competition have transformed the landscape in which entrepreneurs operate. Hence, it is essential for entrepreneurs to continuously focus on improving their operations and building scalable and sustainable businesses. Further, they need to focus on investing in business performance improvements in quality and reliability. Adopting new technologies, making processes more efficient, continuous skill development and training and continuous innovation is key to success," said Sanjay Aggarwal, Head, KPMG Enterprise.
As a first step, small business owners and entrepreneurs need to get started quickly on a digital bandwagon to reap its benefits. In this section, the effort is to capture key digital marketing trends and help entrepreneurs and Micro, Small and Medium Enterprises (MSMEs) take on a digital journey with confidence, the report said.
