Digitization of MSME | How Digitization Helps MSME | Technologies MSME Need | SMEA Analytics

#msme #digitization #smeaanalytics

Digitization Of MSMEs
The Prime Minister has given a clarion call for reaching 5 Trillion dollar economy by 2024-2025.

We estimate the assets created in Indian MSMEs will be in the range of 300 to 400 lac crores. We have to increase the operational efficiency of existing assets by 7 to 8 percentage, year on year for next 3 years which will create 3 to 4 crore low skill jobs and increase the possibility of retaining 1 crore jobs in existing MSMEs.

Website:
In MSME which is in the business, having turnover more than 50 lacs should have website. Having a website is not just about selling your goods and services, it also provides something of value to potential customers.

The simple website today can be easily made by one good web designer in 10000/- to 15000/- rupees.

Because of Covid in last two years, many customers have adopted digital skills to reduce personal movement around so your website should give location, product / service details and many such things with possible catalogue.

Cloud Computing:

Cloud computing will help MSME to avoid huge capital investment up front and this will increase operational efficiency as data is stored in the cloud. Thus reducing the need of servers to adopting cloud computing. The main barrier is concern about the data security followed by awareness.

Various Technologies used in Businesses:

In this digital era, many cutting-edge technologies exist. These include:

1. Augmented Reality
2. Virtual reality
3. 3D printing
4. Data mining
5. Block chain
6. Artificial intelligence
7. Machine learning
8. Superfast broadband
9. Nanotechnology.
10. Robotic Process Automation (RPA).

Data Mining:

MSMEs are sitting on goldmine of data. If they analyze the data properly, they will get larger market share.

The data mining and data warehousing offers a sophisticated set of tools to extract customer data in an analytical CRM frame work.

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#MSME #smea_analytics #digitizaion #how_digitization_helps_business #cloud_computing #what_technologies_involved_in_digitization #various_technologies_used_by_businesses #various_technologies #data_mining #why_website_is_important #churn_or_burn

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