Like the world’s largest democracy, India, every country in this world considers the sector of SME as the true backbone of their economy. To prove the same, a brief analysis to understand their budget tread is enough. According to a statement published in the official webpage of Office Of The United States Trade Representative, the department is working dedicatedly towards to identify the main issues the SME sector is facing at this juncture and to develop those policies capable to address the issues in an effective and efficient manner. The US, like other visionary economies, recognises the growth potential of the sector in the right sense. They also believe the sector can grow much faster than the others, in terms of export, job creation and salary scale. Not only in the US, but also in the entire western world, this belief has many takers, especially among their ambitious voters. It explains why, in the said world, the leaders who back this stand find it easy to win the heart of their voters than those who advocate for the opposite denouncing the policies created for the smooth functioning of the SME sector.When the global political scenario is analysed closely, creating a suitable condition for the betterment of the SME sector is the best, as well as the most appealing, assurance that can be given to any electorate.
To make it more sharp through technology
The concept of SME definitely has its limitations. These are its strength, as well as its weakness.Having a good understanding about one’s limitations is the best strength he/she can possess. The same theory is applicable in the case of SME.Only he/she who are rightly cognizant of his/her limitations can think of creating a solution to overcome his/her limitations.In technology, the SME sector sees its solution.Technology allows the SME sector to achieve the strength of automation, to secure the capacity of advanced communication, to embrace the capability of data analysis, and to gain the advantage of innovation.Produce maximum with minimum is the general moto upheld by an SME generally. To implement the same in the best suitable way, the right way is to embrace technology. It eliminates the wastage of resources, and thus ensures the optimal usage of resources.
Inserting the vibrant energy of automation into every element of a SME naturally implies injecting the spirit of efficiency into each and every one of them. Maintaining a good relation with one’s client is undoubtedly crucial in every sense. It is something the established organisations strictly follow.Unfortunately, due to its inherent limitations, often a SME ignores the area, and turns its back towards the same.Notably, the moment the strength of technology is embraced, using its ocean full of possibilities, an effective framework powerful enough to address this issue through the magic of communication can be erected.A SME, with an advanced communication framework, normally outperforms others, offers a highly productive internal communication channel, and maintains better relation with their customers. Information is a true strength. Even a small set of data can make a huge difference in the performance of an organisation. What normally comes with data is information.
What the SME sector achieves from this possibility is an opportunity to process data and to make the same a ladder to climb the mountain of success.The future is innovation. There is no doubt. For an SME, it is a true gift. It can project the same to ensure that its weakness do not leave it handicapped. Maybe it is weak in terms of capital or workforce or production capacity or of a combination of any two or of all. As long as it enjoys the strength of innovation, none of these really matters even a small pinch.
Better to recognise the opportunity early
It is sure that a SME can transform its destiny if it shows brilliance to embrace technology. The longer it takes for a SME to realise the opportunity, the larger it becomes the amount of time and money wasted.As per a study published in Entrepreneur, those SMEs, who adopts technology in this stage, fairs at least 15 per cent better than its counterparts.We have some admirable models. Digital India is one such initiative. An innovative program launched by the Indian government, through is not directly connected to the matter of bringing technology into the SME platform, proves in what way a government can support its SMEs to shift into a more efficient, transparent and advanced platform, powered by technology. What is required urgently is a fundamental shift. SMEs have nothing to lose from the suggested shift. Yet, they have many things to gain. Thus, it is a win-win opportunity.This is the right time.If SMEs are the future of the world, technology is the future of these SMEs.
Vignesh Padamattingal
