Digital support help SMBs: During the time of this pandemic, the SMB sector has a facing lot of challenges. It has to be noted that the severity of the situation has lowered the risk with the timely adoption of technological advancement and digital transformation in their businesses.
The Small and Medium Businesses(SMB) sector in India has more than six crore employees who generate 45 percentage of industrial products and processes more than 40 percentage of all the exports. This sector has to face some severe problems after the outbreak of the Covid-19 pandemic took over the world. This sector is most significant and promising.
Continuous lockdown for months across the whole nation has brought a pause to crucial operations, and no regular flow of business in the short and mid-term has made the bottom line weak for most of the small and medium enterprises in the sector.
In the year 2020, between March and June, around three crore people lost their jobs due to pandemics. Somehow the situation has improved marginally at the end of the year 2020 but the second wave in the very beginning of 2021 has created an unexpected adverse impact on the situation with the Lockdown.
The interruptions have brought irregular flow to the business because of long spells of lockdowns which mean zero income and apart from this the expenses are not in control which also impacted supply chains and lack of opportunities which causes mass migration of the workforce.
Digital support help SMBs, Now it is been said that that the problems faced by SMBs can be lowered with the help of timely adoption of advanced methods and technology in day-to-day operations. Most of the SMBs in India still rely on primitive methods.
Which is maintaining accounts manually, checking pending payments for clients individually, writing down the payables, taking decisions from intuitions, etc is still practiced widely. Small business owners need to know the importance of digital support to get better results.
The digital support gives access to digital paperwork to create invoices, staying up to date with the stock, having a record of payables and receivables in real-time in just seconds, making the smart decision based on preemptive data-driven.
In the current times of so much competition in the market staying ahead of the curve is hard, but can be achieved with the digitalization of business.
Digitalization will be reducing inefficiencies, adoption of daily operations, improve cash flow, etc. A report by Cisco in the year 2020 suggests that the digitalization of SMBs can add up to 216 billion dollars to India’s GDP by 2024.