|Let IT Accelerate you Business Growth!The SMB opportunity in India is growing tremendously. Today SMBs are shaping the IT industry, thus impacting the overall growth of the economy. SMBs and SOHOs in India are increasingly becoming aware of technology and its implications in advancing their businesses and gaining competitive advantage. India is home to over 51 Million Small and Medium Businesses. While today only 35%% of these SMB’s are influenced by technology, the number is expected to increase to 85% of all SMB’s by 2020.The technology needs of SMBs are different from the enterprise market. They are more open to newer technologies. So far SMB sector has been focusing on basic IT infrastructure. They have been utilizing IT very smartly to manage and grow their business. Now they are moving for more value add products and services.It is needless to say that SMBs have played a vital role in our country’s development and this largely impacts our economy. The SMB sector has the potential for huge growth as they are service providers to primary industries.SMBs are a diverse group of businesses – in many ways, more dynamic than the enterprise businesses. It is this uniqueness that gives rise to several challenges while addressing this market. They are extremely careful in terms of technology they invest in. It looks for cost-effective, reliable and secure IT networks to ensure business continuity. They want to adopt IT strategies which enable them to achieve their business goals and plans. Further IT adoption by SMB’s in India is hindered because inability to easily adopt solutions meant for large enterprises. They aren’t in a position to invest upfront in infrastructure, most solutions offered to them in the market are generic and lack vertical centricity, and majority of the solutions are feature rich solutions with high learning curve.But SMBs are aware that technology up gradation will play a critical role in enhancing the competitiveness and in fostering the growth of the entire segment. The nature of IT deployments among MSMEs has witnessed a dynamic shift over the years, from usage of technology to improvements in internal process, in order to meet the requirements of tech-savvy customers and to reduce costs as well.Hence, adoption of IT across customers and push from ecosystem stakeholders is fueling SMBs’ digital journey.
A nexus of three key enablers is driving SMBs to adopt digital technologies:
This enablement of small and medium businesses by digital technologies is expected to have multifold positive impact on India’s GDP, exports and employment.