In a fast-changing world of digitisation, the need to adapt to a transforming business environment is an imperative for Micro, Small and Medium Scale Enterprises (MSMEs), felt experts. Speaking at the 183rd Smart Business Event organised by Business Standard in association with MVIRDC World Trade Centre Mumbai and All India Association of Industries on Business Model Transformation in Digital Economy, experts said that MSMEs can now compete more effectively with large corporates if they adopt digital technology holistically.
"Technology has made scale irrelevant. Digitisation makes the content viral. The most successful digital companies have never required advertisement. MSMEs must break out of their conventional mindset and adopt digital technologies to remain competitive," said Prasad Ajgaonkar, CEO, iRealities Technology Pvt. Ltd. Other experts pointed out that digital technologies enhance labour productivity several times. "Digital technologies in manufacturing sectors such as textile, enhances labour productivity rather than creating unemployment. Artificial intelligence and analytics can bring about efficiency in factories by enabling predictive maintenance and promoting safe working environment," said Saugata Basu, Chief Technology & Digital Officer – Textile, Aditya Birla Group.
Experts also highlighted the importance of digitisation in bridging the rural-urban divide. Saurabh Sinha, Associate Vice President, Intellecap said, “In rural areas, we adopt the approach of ecosystem digitisation. For instance, farmers are empowered in rural areas by digitising their access to credit, farm advisory services and market. Earning women in rural areas are the best change agents for adopting digital payments."