MSME Archives - 麻豆原创 India News Center News & Information About 麻豆原创 Mon, 14 Aug 2023 17:27:17 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 Targeting India鈥檚 MSMEs with solutions running global enterprises /india/2023/05/targeting-indias-msmes-with-solutions-running-global-enterprises/ Tue, 02 May 2023 02:10:21 +0000 /india/?p=5750 Germany-headquartered enterprise resource planning (ERP) software provider 麻豆原创, launched its latest platform 鈥 Grow with 麻豆原创 鈥 targeting India鈥檚 micro, small, and medium enterprises (MSMEs)....

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Germany-headquartered enterprise resource planning (ERP) software provider 麻豆原创, launched its latest platform 鈥 Grow with 麻豆原创 鈥 targeting India鈥檚 micro, small, and medium enterprises (MSMEs). In December last year, Kulmeet Bawa, India’s president, and managing director, said that the country was already one of the fastest-growing for ERP market leader last year. Now the company is targeting the country鈥檚 micro, small and medium-sized businesses (MSMEs). In an interview, Paul Marriott, president, of Asia-Pacific and Japan discussed how this strategy will work. Edited excerpts:

麻豆原创 has offered ERP solutions in India for a long time. How would the new platform be any different?

We recognize that the SME sector in India is 80% of the entire Indian market, and we sought to offer the same global solutions that run global enterprises 鈥 with a value-centric approach to businesses in India. Grow helped us accelerate the timelines of bringing a price-conscious ERP cloud solution to the Indian mid-market.

In India, mid-market businesses are incredibly price-conscious. They need a palatable entry point to tech solutions and also need rapid delivery of the product so that they can go live on cloud platforms quickly. Grow was focused on creating a package of rapid adoption services that massively accelerate cloud migration timelines for tens of thousands of companies in India. It brings the same enterprise ERP that all big companies have benefitted from, for so many years, at scale into the price-sensitive market.

What does this 鈥榬apid timeline of adoption鈥 that you spoke about imply?

It is a cloud infrastructure that runs locally here. Two years ago, we invested around 鈧500 crores in local cloud infrastructure and localization of the product, which is important as India is shaping or already has its own taxation and regulatory requirements. Now more than ever, it is important to have the solution running in India because of data sovereignty and regulation. We deploy our solutions on one of the three global cloud hyper scalers 鈥 Google Cloud Platform, Amazon Web Services, and Microsoft Azure.

Having the solution running locally in India not only helps us accelerate its deployment and deliver quickly to clients but will also help us make it available at scale all across the country.

What is the primary challenge in reaching out to small businesses with cloud migration platforms?

Value still remains the biggest challenge, which is why we sought to create a platform that is primarily price sensitive, rapidly implementable and scalable in terms of the value of the services. Creating an ecosystem is also crucial in order to enable such services at scale 鈥 while we do have a lot of global partners, what鈥檚 really important is that there has to be activation of local business partners here in India as well.

You say that customer experiences will play a key role within 麻豆原创鈥檚 push for MSME adoption. Would generative AI factor into this as well?

Absolutely. We鈥檝e been embedding AI into our applications for many years, since it is the fundamental path to process automation. We have been using AI to automate business processes at scale already. Now, with generative AI, large language models, and specific APIs like ChatGPT, we enable them through our open business technology platform 鈥 it鈥檚 an open platform, so it supports open-source AI APIs, as well as ChatGPT itself. If you are using Grow, this entire open platform becomes immediately available to MSMEs.

Alongside AI, through the open API deployment platform, we鈥檒l enable access to other technologies such as sustainability solutions, and even a supply of financing networks that are made available through Taulia 鈥 a company that we鈥檝e acquired. We can add future tools and technologies to this as well, as this becomes available.

This interview originally appeared in Mint on April 27, 2023.

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Winners Announced for the Coveted Dare to Dream Awards 2022 /india/2022/11/sap-tv9-dare-to-dream-awards-2022-winners/ Thu, 24 Nov 2022 10:23:02 +0000 /india/?p=5319 Winners announced for the Coveted Dare to Dream Awards 2022, a total of 57 companies and individuals were recognized. Powered by 麻豆原创 and in partnership with TV9 Network.

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麻豆原创 India and TV9 Network joined hands to recognize a total of 57 companies and individuals on the national platform.

The Dare to Dream Awards 2022 culminated in a star-studded event at the Taj Lands End, Mumbai on November 16th. With key policymakers, thought leaders from the industry and media, experts, and other inspiring voices gracing the occasion, it was as much a forum for insights-sharing as celebrating the winners.

The inaugural session featured Rahul Singh (VP and Head of Marketing, 麻豆原创 India Subcontinent) and Nitika Das (Sr. Director, Brand, Midmarket and Business Marketing, 麻豆原创 India) who spoke about the evolution of the awards and the theme for this year is focused on new India鈥檚 pioneers. They were joined on the dais by Rajeev Singh (Vice President, Midmarket and Emerging Business, 麻豆原创 Indian Subcontinent) and Raktim Das (Chief Growth Officer, TV9 Network).

The guest of honour, Shri. Bhanu Pratap Singh Verma (Minister of State in the Ministry of MSMEs, Govt. of India) delivered the opening address, setting the stage for the event. He spoke about the impact that MSMEs have had in every field, from helping the country overcome the pandemic to creating India鈥檚 bright economic prospects. He expressed his confidence in the MSME sector fulfilling the Atmanirbhar Bharat vision and Govt. initiatives like Make in India. He also recognized the importance of these awards in inspiring business leaders to create a digital-first culture, adopt innovative ideas, and fulfill the dreams of a new India. To quote his words, “Everyone in India is aware of the contribution of the MSME sector (Micro, Small and Medium Enterprises) to the growth of the country. The making of INS Vikrant is a great example of how vital the contributions of the MSME sector are.”

With four engaging panel discussions covering crucial topics of digital transformation, raising capital, dynamic enterprise, and compassionate capitalism, there were many key takeaways for the attendees. Rajeev Singh spoke at length about how SMEs can play a significant role in fuelling the country鈥檚 growth aspirations in the exclusive panel discussion on 鈥楧igital Transformation Powering India’s March to 2047鈥. Talking about translating the promoters鈥 vision into reality by exploring 3 broad themes, he said, 鈥 The moment MSMEs start to see digital transformation as an investment eating into their profits, that’s when they’re going wrong. The only way you can operate in the same space (as the larger players) or go global, in the shortest possible time is with digital transformation. The larger organisations had the financial muscle power to build distribution systems, go abroad and hire the best talent. Today, with digital transformation, MSMEs can be on the same pedestal and compete with the largest companies.”

Sandeep Chandna (Chief Sustainability Officer, Tech Mahindra) spoke about bringing profit and the planet together, and how 麻豆原创 and Tech Mahindra are collaborating to build technologies that can enable sustainable development. He said, “In these last 15 years, we have documented, and we have learned in our own way the best ESG practices. We have now started going back to our customers, saying that this is our learning, and these are the things we can help you implement in your ESG journey.”

Subramanian Ananthapadmanabhan (SVP – Midmarket, 麻豆原创 APJ) shared his perspective on the digital-first mindset driving growth among SMEs. He gave an interesting timeline of how 麻豆原创 has been engaging with SMEs for value creation through 5 key programs over the past 5 years 鈥 Growth Matters Forum, Global Bharat Movement, Mentors of Global Bharat, Transformation Express, and finally the Dare to Dream Awards. Tying these initiatives together, he told the audience, 鈥淪ince the time Covid has happened, the market has been changing so rapidly, that we鈥檝e had to increase our efforts to come up with new campaigns, to be more relevant and ensure that we are there when it matters to you.鈥

An insightful conversation with Uday Samant (Minister of Industries, Govt. of Maharashtra) shed light on the latest Govt. initiatives to enable business such as the hydrogen and electric vehicle policy for instance, and how Maharashtra is becoming a role model for other states when it comes to industrial growth. In the Minister鈥檚 words, 鈥淲e have one focus, that we get more industries to invest in Maharashtra, be it IT sector industries or automobile industries. We understand that industries want states to give them a red-carpet welcome. We’re now giving surety to industries and companies to give them more benefits than other states, be it concessions in water, land, electricity, or other incentives.”

The ceremony also featured a special session by Devendra Jhajharia, Paralympics Champion, Padma Bhushan, Padma Shri, and Arjuna Award for Athletics, who motivated the dignitaries with his truly inspiring journey. From how he was mocked while first trying to throw the javelin to following his dream with conviction and courage, reaching the greatest heights as an athlete 鈥 the first Indian para-athlete to win two gold medals at Paralympics. In his words, 鈥淚 always make an effort to win more and more medals for my county to bring it more honour and respect worldwide. That is all I ever try to do.”

As India continues to rise and establish its leadership on the global stage, the business community has been a key driver of this growth and transformation. The Dare to Dream Awards 2022 celebrates business champions and trailblazing organizations that are driving innovation and setting new benchmarks for the industry.

Coming to the awards, across three main categories 鈥 Organizational Awards, Dare to Dream Special Recognition and Individual Awards, 57 recognitions were decided by the eminent jury panel. Having received nominations from across India, these pioneering companies and leaders were announced as winners at the Grand Awards Ceremony.

The prestigious Company of the Year Awards recognize organizations from diverse industries that have demonstrated all-round success, be it in business performance, green initiatives, social impact, Make in India initiative, and others.

In the individual category, awards were conferred on the 鈥榊oung Leader of the Year鈥, 鈥榃oman Entrepreneur of the Year鈥, and 鈥楤usiness Leader of the Year鈥. These exceptional individuals at the helm have been responsible for steering their organizations to greater heights.

This year also saw the addition of the Dare to Dream Special Recognition where a set of companies were recognized for their outstanding achievements, embodying the spirit and theme of these awards.

To view the full category-wise list of winners of the Dare to Dream Awards 2022, please .

Read more on News9Live

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麻豆原创 India and TV9 Network join hands again to galvanize homegrown businesses /india/2022/11/dare-to-dream-awards-2022/ Thu, 03 Nov 2022 10:36:28 +0000 /india/?p=5248 Honoring the entrepreneurial zest of India, the Dare to Dream Awards this year will celebrate the pioneers of new India in partnership with TV9.

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Celebrate the ‘Pioneers of New India’ in Dare To Dream Awards 2022

New Delhi, November 3, 2022:

After the rousing reception Dare to Dream Awards received from homegrown enterprises in 2021, 麻豆原创 and TV9 Network are back with the 2022 edition of India’s biggest entrepreneurial platform to acknowledge the Pioneers of New India.

As India celebrates 75 years of independence and plans its journey of the next 25 years to emerge as a global leader, business pioneers have been and will be the guiding light in realizing this ambition.

And the prestigious Dare to Dream Awards this year will celebrate these business stalwarts who are leading India’s charge toward becoming a developed nation by 2047. It captures the resolute entrepreneurial journey of these outstanding SME entities to embrace digital-first culture for innovation and growth that help India take giant strides towards transforming itself into the First World.

Commenting on the awards, Kulmeet Bawa, President & Managing Director, 麻豆原创 Indian Subcontinent, said, “麻豆原创’s journey in India has always been aligned with nation-building programmes that have had a significant impact on over 300 million Indians. We have always believed in the combined strength of India’s mid-market and have promoted their development, whether it is serving as the technology partner to develop a workforce of the future, being a trusted advisor to the SME community, or boosting the nation’s innovation ecosystem. This programme aims to recognize and honour all business heroes leading us towards the development of the New India.”

The awards also seek to acknowledge business bravehearts, who have continued to thrive even in volatile, uncertain, complex, and ambiguous environments that keep throwing surprises at them, especially when economies across the globe are facing strong headwinds.

Rajeev Singh, Vice-President, Midmarket and Emerging Business, 麻豆原创 Indian Subcontinent, added, “Indian MSMEs and its business leaders hold power to transform not just India’s economy but also the lives of millions of Indians. They account for 27% of the total contribution to India’s GDP, with considerable headroom for growth. As we celebrate 75 years of India’s independence, we are gearing up the journey of the next 75 years that is being shaped by pioneers of the new India.”

 

Talking about TV9 Network’s commitment towards the India SME ecosystem, Raktim Das, Chief Growth Officer, TV9 Network, said: “麻豆原创 and TV9 Network stay invested in the idea of recognising SMEs to eventually help fully leverage their potential for the India growth story. India has emerged as the only bright spot in an otherwise faltering international economy. And SMEs have a huge role to play in insulating us from global shocks. And that’s why it’s critical to acknowledge our homegrown businesses. Dare To Dream Awards is a tribute to all those visionary business leaders who have demonstrated innovation and a digital mindset converting adversity into advantage. And we are happy to continue to be a part of this exciting journey with 麻豆原创.”

The awards function will be held on November 16th, 2022, at the Taj Lands End in Mumbai. It will be telecast on India’s leading national news channel 鈥 TV9 Bharatvarsh 鈥 with substantial digital amplification across TV9’s digital platforms.

More details about the awards can be found on the

Also published on

About 麻豆原创

麻豆原创’s strategy is to help every business run as a sustainable intelligent enterprise. As a market leader in enterprise application software, we help companies of all sizes and in all industries run at their best: 87% of the world’s total global commerce touches an 麻豆原创 system. Our machine learning, Internet of Things (IoT), and advanced analytics technologies help turn customers’ businesses into sustainable intelligent enterprises. 麻豆原创 helps give people and organizations deep business insight and fosters collaboration that helps them stay ahead of their competition. We simplify technology for companies so they can consume our software the way they want 鈥 without disruption. Our end-to-end suite of applications and services enables business and public customers across 25 industries globally to operate profitably, adapt continuously, and make a difference. With a global network of customers, partners, employees, and thought leaders, 麻豆原创 helps the world run better and improve people’s lives.

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How India鈥檚 Midmarket Businesses Can Eliminate The 鈥楳issing Middle鈥? /india/2022/07/eliminate-the-missing-middle/ Fri, 15 Jul 2022 10:51:32 +0000 /india/?p=4764 Leveraging technologies to drive business resiliency, robust IT practices and digital transformation for midmarket enterprises in India.

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India has 600 large Midmarket enterprises with over $500 million in yearly revenue, and thousands more small businesses generating under $50 million a year. In between is a gap (the missing middle), challenging the economy’s ability to maintain growth.

By Subramanian Ananthapadmanabhan, Senior Vice President and Head of Midmarket Business, 麻豆原创 Asia Pacific Japan (APJ)

The pandemic and current geopolitical landscape are creating considerable disruptions across the global supply chain 鈥 and for India, its business community could soon face rising demand for components and materials such as chemicals, electronics, semiconductors, and batteries.

While large enterprises have the operational and financial flexibility to cater to this surge, there aren鈥檛 enough of them in the Indian corporate sector to optimize its response. This, in turn, opens the door to a remarkable opportunity for the nation鈥檚 tens of thousands of smaller businesses to step into 鈥 not only to cater to the domestic market but also central to fulfilling India鈥檚 national ambitions of becoming a globally competitive player.

Fostering growth in the right places

Today, few firms populate the Indian economy’s most vital and dynamic segment 鈥 ““. The nation currently has 600 large Midmarket enterprises with over $500 million in yearly revenue, and thousands more small businesses generating under $50 million a year. And in between is a gap in competitors (the missing middle), challenging the economy’s ability to scale up and maintain a trajectory of ongoing growth quickly.

mid market businesses

To fill the vacuum of the missing middle, there is an immense opportunity for thousands of companies to rise from being small to midsize with the intention to grow into large Midmarket enterprises over time. Then, additional firms can move up as well, creating a dynamic marketplace that fosters innovation and adapts to change quickly to fuel meaningful financial progress.

To make that leap, businesses need to adopt a digital strategy. The , reported that 68% of midsize companies in India intend to retain or increase IT spending between 5% and 10%, prioritizing employee and customer engagement, security, and modernization to improve processes.*

digital innovation

Raising the game with Digital Innovation

The IDC finding makes it clear that midsize companies across India understand that technology is vital to their business continuity and resilience. With the right technology investments, they can increase operational agility, improve innovation, and accelerate time to market while overcoming significant challenges in talent shortages and cybersecurity. More importantly, cognitive capabilities, such as artificial intelligence (AI) and predictive analytics, can be embedded into applications to deliver enhanced employee and customer experiences.

Take, for example, . The leading innovator in automotive lighting replaced its paper-based HR processes with integrated, to make work more personal, satisfying, and empowering for its 9,000 employees. The digital transformation effort delivered a secure and stable system that eliminated information silos locked in e-mails, spreadsheets, and disconnected systems and established a single, self-service destination for employees to access HR, payroll, and learning resources.

In addition, employees, regardless of role, can gain new insights to expand on Lumax’s legacy of innovation. As a result, organizational compliance efforts, including payroll and purchase taxation, are more streamlined. More impressively, Lumax鈥檚 application of AI and industrial psychology to measure employee talent and make predictive talent decisions is helping the organization run more intelligently and improve the overall employee experience.

While technology adoption can help small and midsize or midmarket businesses gain a competitive advantage similar to that of Lumax, they must overcome challenges such as cybersecurity, the availability of digitally fluent talent, and in some cases, the cost of adopting and integrating new technology into the existing infrastructure. Even though freeing up capital is a substantial hurdle for many firms, digital transformation is no doubt a priority for getting operations back to normal.

According to IDC, nearly three-quarters of surveyed Indian midsize companies have planned or are planning to move to the cloud. The key to overcoming the cash crunch is migrating to a hybrid cloud environment. Nearly half of the respondents favored the agility, performance, and availability of matching the targeted workload to a public or private cloud. In addition, 11% preferred the flexibility to interoperate applications across different clouds as needed.*

Indian midsize companies

Eliminating the missing middle

India has an ambitious goal to emerge as the hub that satisfies the world’s needs. This requires the nation’s companies to take immediate action and digitally transform themselves to take their place among midsize and larger competitors 鈥 and eliminate “the missing middle” from India’s business vocabulary.

In 2022, 麻豆原创 dedicated its energy and resources toward empowering small and medium companies throughout India to realize their full potential on the world stage with the initiative. In a journey spanning over 7,000 kilometers and 13 cities, 麻豆原创 engaged over 10,000 businesses to see firsthand how cloud technologies can help prepare for a future of high-growth potential.

After this journey, starts the journey of the next million. The Transformation Express now premieres in the metaverse. Learn how to develop the right business models, gain efficiencies, fund innovations, and transform mission-critical systems with .

 

Source:听

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Transformation Express: Powering a Digital India /india/2022/03/sap-transformation-express/ Wed, 23 Mar 2022 08:57:49 +0000 /india/?p=4026 Find out what the future of your business looks like on the Transformation Express

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麻豆原创 embarks on a journey to bring the latest technologies to Indian businesses, give them a first-hand experience of the transformative power of the cloud, and inspire the student community to upskill digitally.

As India sets its target on a US$5 trillion economy, technology continues to fuel the growth of a digital India. With the government focused on nurturing an innovation ecosystem through Atmanirbhar Bharat, businesses are exploring technology transformation and digitalization to take advantage of market opportunities, build resilience, and drive new growth. To support the movement, 麻豆原创 is launching an initiative to bring cutting-edge technologies to the doorstep of business owners in various parts of the country.

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Transformation Express: Powering a Digital India

Designed as an outreach, the program aims to connect businesses, their aspirations, and India鈥檚 ambitions with groundbreaking technological solutions. The Transformation Express will touch major business hubs across India to demonstrate the potential of future-ready innovations.

Transformation Express: 麻豆原创鈥檚 Experiential Outreach

Combining live and interactive product demos, a virtual reality showcase, and informative Q&A sessions, the Transformation Express provides a holistic view of emerging technologies and cloud solutions to help Indian midmarket businesses unlock the next chapter of their growth.

Some of the benefits being outlined for businesses that embrace technology transformation:

  1. Becoming more competitive and staying ahead
  2. Reducing costs and increasing profits sustainably
  3. Growing and utilizing the increased opportunities
  4. Expanding production and scaling up operations
  5. Driving overall improvements in operating efficiency

5 Key Highlights of the Experience

The Transformation Express offers business owners a chance to keep the digital momentum going as they look to transform their business processes, facilitate growth and increase market share. Here are some of the salient features of this initiative:

  1. Join the movement to power a digital India and the vision of a US$5 trillion economy.
  2. Learn how digital technologies are propelling business transformation, and be future-ready.
  3. Experience the disruptive power of cloud, VR and drone solutions, and drive innovation at scale.
  4. Be part of 麻豆原创鈥檚 efforts to boost digital upskilling for youth and foster sustainability.
  5. Network with peers and engage in inspiring conversations around digital transformation.

Empowering the Leaders of Tomorrow

As part of the Transformation Express journey, 麻豆原创 also plans to visit college campuses in the country, giving the students a glimpse of state-of-the-art technologies, opening their minds to the possibilities that technology can unlock, and helping them get job-ready.

The Transformation Express by 麻豆原创 aims to connect people, businesses and India鈥檚 soaring ambitions. A one-of-a-kind initiative to bring cutting edge technologies to empower Indian businesses.

to find out 麻豆原创鈥檚 innovative cloud technology solutions can help you stay ahead.

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Importance of ERP Systems for Small and Medium-Sized Businesses /india/2022/03/importance-of-erp-for-smes/ Wed, 09 Mar 2022 06:22:54 +0000 /india/?p=3956 Learn all about why it makes sense to spend time and money on an ERP system for SMEs.

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Enterprise resource planning (ERP) is a modular software system that is scalable and flexible that gives enterprises access to a system of highly integrated applications. It allows businesses to focus on what is essential to their success. The ERP system for SMEs has a direct impact on cost savings and operational improvements. This helps businesses survive and prosper in difficult economic situations.

Small businesses are now moving from paper-based systems and Excel spreadsheets to modern ERP automation, including digital scheduling and analysis of production tools. It has been observed that the development and emergence of several ERP software programs over the last decade has made business operations easier. As per a report by听, the ERP market is expected to grow at a CAGR of 9.8% from 2020 to 2027 to reach $86 Billion by 2027. The bulk of the growth is expected from ERP systems from SMEs.

ERP System

Inventory Management, Invoice Tracking, Market Research, Accounting, Capacity Planning, Quality Control, etc., are a part of an integrated system that can be shared and managed through a centralized database to streamline business operations. With the help of a Cloud ERP suite, manufacturers can turn their daily data into actionable business intelligence and automate processes on the cloud.

Key benefits听of incorporating ERP solutions for SMEs

The ERP software allows enterprises to condense workflows, streamline processes, and automate, eliminating the need for manual input. ERP system from SMEs is benefiting the SMEs through –

  • Cost Reduction:听When employees have fewer manual processes to weigh them down, they鈥檒l be free to take on more innovative, profitable projects. Ease of workflow increases, with less turnaround time and high production capability.

ERP is a solution that provides transparency about how problems affect the rest of the process, allowing managers to analyze, gain better insights, and make effective decisions. It provides real-time financial data that offers a competitive advantage, increases efficiency, and helps ensure cost savings.

  • Custom Reporting:听Organizations rely on reporting to track KPIs across every department. If one department or functionality falls behind, it can affect all the other departments. However, you can鈥檛 produce useful reports without a proper system. An effective ERP solution generates reports that clearly show where you鈥檙e already efficient and where there鈥檚 room for improvement.
  • Scalable Production: ERP brings a game-changing level of scalability to business processes. The automation of operations takes the burden off employees and guarantees a solid record of workflow. That frees your most valuable resource 鈥 your people 鈥 to handle the other important operations. A cloud ERP suite can be used to scale the business processes easily by automation of businesses processes on the cloud.

ERP Solutions

Successful ERP implementation case studies

听is a beverage company in Washington State. Before adopting the ERP system, they wasted a lot of time via manual processes. To assign a customer’s purchase to the corresponding account, employees had to manually populate the table with data from individual tables for further analysis. To perform historical analysis, employees must re-enter the information from the system into the table and compare it to the same data for the year. Extracting data for a month’s corporate transactions can take up to 15 minutes. This led to a loss of productivity.

To improve their productivity level, they installed a new ERP solution, so all company information was now stored in one system, not in myriad spreadsheets. This solution is used for accounts payable and accounts receivable, financial reporting, and production planning and scheduling. This includes processing the entire inventory turnover, from the start of job orders to the planning, consumption, and shipping of these orders.

They can now run ad hoc reports and queries in minutes instead of days. It reduced the risk of out-of-stock, late delivery, and lost invoices and orders, significantly improving customer experience. Sales have also grown by double digits; the new system has certainly given the company a competitive advantage.

, a civil engineering consultancy, was facing difficulty measuring which projects and segments were the most profitable. They decided to implement a new ERP system which increased the cash flow and profitability between jobs by connecting the entire company, including projects, finance, and material management.

They are now able to track sector-level performance and adjust the budget in order to manage project costs and maximize resource utilization. The ERP system measures performance against set goals and provides executives with the reports they need to focus their business development efforts on.

The company reduced its monthly closing from 5 days to 2 days and now pays twice a month in just 2 hours. In addition, easy access to historical data makes bid estimates more accurate, attracting more profitable contracts.

Western Digital is a technology company offering products in the areas of data storage, data systems and data solutions. The merger of听Western Digital, SanDisk and HGST听in 2019 was a major challenge for the company. Western Digital aimed to centralize its ERP system so that all the three companies could be managed together. The company chose an ERP software which led to the integration of the business units in the areas of Information technology, HRM, Payroll, Customer relationship analysis, etc.

Drawbacks of ERP system

To get the maximum benefit from an ERP system, there are some challenges that enterprises must overcome.

Cost:听The main deterrent to ERP is the cost of pre-integration and ongoing subscriptions and licenses related to technology. Depending on the size of your company, purchasing, implementing, and maintaining your ERP system can be expensive. On-premises systems also require enterprises to consider infrastructure costs such as IT support and server hardware. As your organization grows and operational needs grow, companies may need to purchase additional supplementary services or software.

Implementation Challenges:听Even with the complete implementation checklist, running an ERP system requires time, money, and resources. Organizations need to allocate internal staff resources to determine which ERP system to purchase. This can be a detailed process involving managers of finance, operations, IT, and in some cases, sales, marketing, and human resources. For companies with diverse spreadsheets and stacks of paper files, there may be a long data migration process that may require the hiring of an integrated specialist.

Conclusion

The need for a cheap, well-designed ERP system for small businesses is recognized in the current competitive organization culture. Small businesses require ERP systems to perform fast-paced and complex manufacturing processes. SMEs must carefully assess their requirements and select the听听they want to use to enjoy the maximum benefits such as reduced costs, operational planning, CRM, etc.

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Role of MSMEs in Making India Atmanirbhar /india/2022/02/msmes-making-india-atmanirbhar/ Wed, 23 Feb 2022 10:38:28 +0000 /india/?p=3808 India鈥檚 MSME segment is key to the country鈥檚 Atmanirbhar agenda; technology can help MSMEs reach their full potential while making India Atmanirbhar.

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MSMEs are the backbone of the Indian economy. With more than 6.3 crore micro, small and medium-sized enterprises (MSMEs) contributing nearly 29% to the country鈥檚 GDP, there is an immense scope to scale up this segment.

MSMEs

A key driver to this anticipated growth is the Atmanirbhar Bharat Abhiyan which aims at creating a self-sufficient India.听听The program is built on five major pillars:听

  1. ‘Economy,’ which drives quantum change rather than incremental change听
  2. ‘Infrastructure’听and
  3. ‘System’听which is based on 21st-century technology-driven arrangements;
  4. ‘Democracy,’ which is the source of energy for a self-sufficient India; and听
  5. ‘Demand,’ in which the strength of our supply chain is fully utilized.听

MSMEs in India play an important role in reducing regional imbalances. They ensure a more equitable distribution of national income and wealth by offering substantial job opportunities at a lower capital cost than major businesses. MSMEs are known to contribute to the industrialization of rural and backward areas.听

The Missing Middle and Challenges in Scaling Up

Unlike other economies though, the Indian MSME segment finds it harder to scale up. What economists call 鈥榯he missing middle鈥 has become a perpetual puzzle difficult to solve. Whether in the manufacturing sector or other verticals, the 鈥榤issing middle鈥 is ever-present. A natural progression is for enterprises to be micro-sized, grow to small entities and scale up to become mid-sized and later large companies. In India, a peculiar situation arises. Companies start small, stay small and fail to scale up. This is the 鈥鈥.听 听 听 听听

Anemic growth and lack of employment opportunities are just some of the challenges this segment confronts as it fails to scale.听Lack of access to finance and technical know-how, inadequate skills (both operational and technical), poor infrastructure facilities, high production costs and socio-economic constraints are just some of the challenges that MSMEs face in taking their businesses to the next level.

To compete globally, MSMEs need a听听in digitally skilled workers by 2025. Such competencies include data analysis, cross-network collaboration, on-demand learning, and real-time response to operational change.听

While the answer partly lies in providing MSMEs with easy, equitable access to credit to boost their manufacturing facilities, the right policies, a supportive ecosystem and pivoting on technology will be key to helping this sector grow.

Enabling Policies for the MSMEs Sector

The Atmanirbhar Bharat Abhiyaan was a response of the Indian government to counter the pandemic鈥檚 negative impact on the MSME sector. The MSME sector has been given a significant allocation and priority in implementing the measures that will revitalize the economy. Various announcements have been made under the package to aid the MSME sector immediately.听

The Government of India,听for example, has lately embraced a clustering and networking approach to assist MSMEs in improving their competitiveness during difficult times. The government is also working to address the needs of the various industries by offering various level courses through its training institutes distributed across the country.

The reason for the government to stress on the importance of MSMEs can be understood by the contribution the MSMEs can provide to achieve the dream of Atmanirbhar Bharat. Here are the听five main ways听in which MSMEs are playing a crucial role in Atmanirbhar Bharat:

  • MSMEs share in GDP-听As per the report by听, the number of MSMEs in India has increased as a CAGR of 18.5% from 2019 to 2020. MSMEs鈥 contribution to Indian GDP is expected to increase in the future with the startup boom and formalization of the economy. The facilities like Government e-commerce Marketplace (GeM) are helping the small and mid-sized companies to grow further. As of June 25, 2021, the GeM portal has fulfilled 6.87 million orders worth $15.67 billion. One of the biggest hindrances for MSMEs has been their slow adoption of technology. But, with the government impetus, the technological adoption might increase, and the MSMEs might become more competitive.
  • MSMEs鈥 share of exports-听Exports are essential for any economy. The Indian economy has had a constant balance of trade deficit for many years. This balance of trade has been funded by remittances and foreign investments over the years. If India really wants to become self-reliant, the exports need to increase.听The share of MSMEs in exports is 45%. The companies involved in exports are more profitable than the companies involved in serving the domestic market in India. Thus, exports are an essential part of the government鈥檚 mission of an Atmanirbhar Bharat.听The government has introduced the Merchandise Exports from India Scheme (MEIS). It is an incentive program to help the Indian companies become more competitive and to increase the export of goods manufactured or produced in India, in the Foreign Trade Policy (FTP) for 2015-2020. MSMEs participating in exports are rewarded in duty credit scrips. Policy measures like these are expected to further increase the share of MSMEs in exports in the coming years.
  • MSMEs鈥 growth is more inclusive-听MSMEs in India employ around 11 crore people. The types of jobs created by MSMEs include unskilled workers as well. The MSMEs are known to create many jobs at a low capital cost. Thus, even a low capital can get inclusive growth. Inclusive growth is an important parameter of Atmanirbhar Bharat. As per the government data, 13% of registered MSMEs are providing 42% of the total jobs. Thus, there is a need to provide the required funds to MSMEs to help them grow as the growth will quickly trickle down into various jobs.听

MSMEs

The United Nations commemorates 27th听June as World MSME day. The United Nations understands the inclusive growth promoted by MSMEs and is taking various steps to help the MSMEs get back to business after the pandemic. They have recognized that the services sector is more impacted because of the pandemic, and they are putting their efforts into the services sector. The services sector is known to provide employment to temporary workers and to promote inclusivity. MSMEs are being helped by the Indian government and United Nations as well.听

If India is to become a $5 Trillion economy by 2025, the听听is expected to reach 50%. Thus, MSMEs will contribute to growth in the future. Also, informal employment in India is very high. With the formalization of the Indian economy and high growth in the MSME sector, inclusive growth can become a reality, with jobs being created even in the remote areas of India. If jobs are provided to remote areas, India can truly achieve the dream of an Atmanirbhar Bharat.听

  • MSMEs in the manufacturing sector-听A key aspiration of being Self-Reliant is to make India a manufacturing powerhouse. This is envisioned by the Make in India policy of the government. As per听, the share of MSMEs in manufacturing is around 37%.The contribution of MSMEs is expected to be huge if India is to increase its manufacturing output. Manufacturing requires a fast time to the market and changing the requirements as per emerging trends. Also, it requires a marketplace to sell the goods. With the growth of e-commerce and the Government e-commerce Marketplace (GeM), the selling opportunities are immense. Also, the emerging trends are easy to identify because of the easy availability of information.听Indian manufacturing is showing signs of cyclical growth, and the contribution of MSMEs is immense. India has increased its ranking in Ease of Doing Business and is currently ranked 63rd. Schemes such as PLI schemes are expected to increase the manufacturing output of the country.
  • MSMEs in the Services sector-听India鈥檚 share of the services sector in the economy is 55%. Just as the manufacturing sector is essential, the services segment plays an important role as well in India鈥檚 economic growth. Most of the informal jobs exist in the services sector, and the services sector was the most affected because of the pandemic. As far as SMEs are concerned, around 33% of Indian SMEs are into services as compared to 67% in manufacturing.Most of the startups are also in the services sector. MSMEs have an important role to play in the services sector to provide employment to the gig workers, temporary workers, unskilled workers etc. If India is to be self-reliant, the importance of the services sector must be highlighted and the sector should be prioritized.听

Atmanirbhar Bharat

Technology can unlock the next phase of growth

Indian SMEs face significant obstacles in the globalization and liberalization period despite all significant efforts made by the government. The country can become Atmanirbhar if MSMEs can scale up to compete with global peers and participate in international market opportunities. It鈥檚 possible to make this a reality if MSMEs are more vigorous in adopting technology to get a competitive advantage.听

Indian MSMEs are starting to integrate new and innovative information and communication technologies on a big scale, such as Software as a Service (SaaS) and Infrastructure as a Service (IaaS). MSMEs in India may hire external consultants or take other actions regularly.听

Technology transfer, such as vertical technology transfer or horizontal technology transfer, is another option to be considered by the Indian MSMEs.听

Despite the obvious benefits that technology can provide micro, small, and medium-sized enterprises, this segment has not been as aggressive in undertaking digital transformation. Digital proficiency is the need of the hour if this sector is to survive disruptions and build business resiliency. Digitally connected MSMEs can get better access to the market and take advantage of a borderless marketplace.听

For MSMEs to compete globally, programs such as 麻豆原创鈥檚听听initiative can be of great help. Besides enabling digital skilling for the workforce, this program also provides access to B2B marketplace. Growing businesses need to have an enterprise resource planning (ERP) system in place since it helps bring in efficiency and enhance productivity. From automating routine business processes to reducing human intervention to integrating key business processes, ERP is extremely beneficial to MSMEs.听

Some of the benefits of having an ERP system include the ability to minimize errors due to automation, see real-time inventory and gain insight from well-structured data.听听A cloud-based ERP provides flexibility and real-time analytics. Having real-time analytics can help faster decision-making based on up-to-date, real-time information. As an MSME, having access to real-time information will help the decision-making process while optimizing resources and costs.听

MSMEs are beginning to realize the advantages provided by ERP systems. India is adopting ERP solutions at a faster clip than the rest of the Asia Pacific region. According to a听听study, SMEs can contribute up to 30% of the cloud market. The study showed that 60% of the SMEs are already using cloud, although half are at the early stage of adoption. Of course, adopting cloud has helped SMBs reduce operational costs while increasing productivity.

Change is inevitable, but if MSMEs are geared to deal with change, then it becomes easier to cope with challenges that arise. RISE with 麻豆原创 brings together offerings that can help transform business strategically. From being able to stay agile to bringing in efficiency that lets MSMEs stay in control of their business, this initiative is specially designed for MSMEs.听

Staying connected to business owners going through the same challenges offers unparalleled opportunities to learn from industry peers. Stay in touch with over 15000 business owners to learn how they rise above challenges and stay innovative. From engaging with the MSME community to learning about the latest technologies, the听,听a vibrant online community, provides insights and helps keep track of the upcoming trends and growth opportunities in the MSME business.听

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The Typical Phases of a Successful ERP Implementation /india/2022/02/successful-erp-implementation/ Tue, 08 Feb 2022 04:53:54 +0000 /india/?p=3703 Implementing an ERP (Enterprise Resource Planning) system for the first time can be challenging, since a lot of work and planning is required before the...

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Implementing an ERP (Enterprise Resource Planning) system for the first time can be challenging, since a lot of work and planning is required before the benefits become visible. The most significant challenge is that it not only alters the technology employed but it also has a substantial impact on your company’s culture.

However, when done correctly, deploying ERP software can be a rewarding decision. The global business community has realized this, and ERP adoption is increasing by leaps and bounds. According to a听, the ERP market revenue is expected to reach $66.38 billion by 2026, with a CAGR growth rate of 8.2%. While ERP software implementation is mainly seen in big businesses, the听听segment is also showing growth.

An ERP system adds to your competitive advantage by synchronizing all of your information and streamlining workflows. In fact, a听听found that 97% of the businesses that successfully implemented an ERP improved business operations. 86% of the companies that completed ERP implementation showed better reporting and visibility. An ERP software can improve coordination between departments and ensure lower time to market and delivery time. A cloud-based ERP system can also provide automation capabilities by using third-party software.

Clearly, ERP implementation has proven benefits such as-

  • Enhanced business reporting
  • Better customer service
  • Improved inventory costs
  • Better cash flow
  • Cost savings
  • Better data security
  • Business process improvements
  • Supply chain management

A good example of successful ERP implementation and the consequent organizational growth was seen in the case of Tata Steel (TISCO). TISCO implemented the 麻豆原创 ERP system in 1999, and a听听was done to understand the benefits of this move. The study found that the coordination among different departments increased at the Tata Steel Ltd. Jamshedpur plant. Production-linked data was collected automatically, which resulted in faster and error-free processes. As a result of these business processes becoming more efficient, customer service and productivity too improved. Even the workforce cost reduced substantially, falling from US$200 per ton in 1998 to about US$140 per ton in 2000. The carrying cost of inventory was also decreased significantly. Consequently, most of the investment made for deploying the ERP system was recovered within a few months.

However, simply going live with the new solution is not the same as a听successful ERP implementation. To ensure your business stays competitive and leverages the full potential of the software, here are the听steps听you should follow to ensure a successful implementation:

7 Steps

  • Identification – Prior to deploying any ERP solution, it’s critical to define your goals and requirements. Given the numerous advantages of an ERP system, you may have a general notion of what it can do for your company, but do you know exactly what objectives it can assist you in achieving? For example, are you facing trouble with legacy systems? Or is low customer retention and low customer satisfaction undercutting your efforts? Depending on your end goals, you can define KPIs and measurable goals that you want to achieve with the help of the ERP.When TISCO decided to migrate to 麻豆原创, it was facing several issues with its legacy systems, causing dissatisfaction among customers since their problems were not being addressed and resolved. This led to lower sales and low customer retention. Also, the legacy systems were prone to errors, which affected customer satisfaction again, directly impacting sales and the top line and bottom line. These issues were highlighted by the management and were resolved by the new ERP.
  • Selection鈥 Selecting a vendor and putting together a project team is arguably the most crucial phase in ERP implementation. When it comes to choosing vendors, instead of opting for general software experts, you should look for ERP experts with in-depth experience implementing ERP solutions. Your preferred partner must have a thorough understanding of your organization, including the verticals in which you operate and your customers. Here is what needs to be kept in mind in this phase.
  1. 听While selecting the project team- Before you choose your project team, it is essential to understand that ERP implementation is not only an IT project but a business project which requires coordination between all departments. The process should be defined by employees with clear visibility into different aspects of the business. But the key factor here should be competency, not their position in the hierarchy. Your core team members require experience, skill sets, adaptability to change and excellent communication skills. Since ERP systems are implemented company-wide, including the CEO, CTO, and CIO is advisable. If some team members are continuously playing catch up, it can delay the whole process. Allow your finest employees to work on the project and accept that their capacity to conduct their regular tasks will be severely limited or non-existent for the time. They will need to focus on key tasks such as defining requirements, attending vendor demonstrations, shortlisting and selecting the vendors etc. Thus, the internal ERP team should be ready to dedicate at least 25% of their weekly work time to this.
  2. While selecting the ERP vendor- The first step in ERP vendor selection is determining the requirements. An ERP software is to be used by all the departments and therefore, these requirements should come in from all departments, the IT team and the top management. Next, critical success factors should be determined and these need to be used to evaluate and compare different vendors. Next, ERP vendors should be asked to submit their bids. The vendors should be evaluated on various parameters such as functional capability, system integration ability, processes coverage, technological capability, implementation and maintenance costs, and vendor support. A shortlist should be prepared and then a detailed discussion should be done with these shortlisted vendors.
  • Design– In the design phase, the project team and the vendor will decide the processes, along with user roles and standard operating procedures. The emphasis is on developing a system configuration that maximizes the client’s system benefits and ROI. The implementation team will work with the customer to translate their system requirements into possible configuration options. Next, they will collaborate closely with the project team to define the configurations and implementation techniques that will lead to the project’s development phase. In short, this phase will see the development of a blueprint, which will act as a bridge between the business, the project team, and the ERP specialists to keep everyone on the same page. The blueprint will serve as the base for all future development, and it should include each minute detail, such as project tasks and processes, with a sign-off from respective process heads.
  • Development and testing– Once the tasks are finalized, the IT team and the ERP vendor implementation team will get the software ready and also create training modules for future users. The testing phase overlaps with the development phase and includes testing with dummy data. The importance of using the correct data is often overlooked in the overall process but the experience of a major energy utility,听, explains why this is critical. A manager picked a live information database to utilize during pre-launch testing. This resulted in sensitive company information being revealed, resulting in a slew of expensive recovery efforts as well as a loss of public trust in the company’s reputation. Clearly, it can be costly and time-consuming to make changes when your installation is nearly complete. Test software and processes as much as possible to ensure that the implementation is achieving what it should be. Measure results throughout the deployment period to assess how well the ERP is accomplishing your goals. Coming back to the example of TISCO, this phase threw up several errors and unexpected results. Even after extensive brainstorming and research in the beginning, the blueprint had to be changed from time to time and new requirements were added.
  • Training– It takes a lot of time and effort to train users, especially when employees are expected to continue doing their regular jobs during the process. The length of time it takes will be determined not only by the size and complexity of the ERP solution, but also by the employees’ attitude toward changing their working habits. Focus on comprehensive training for the trainers. Allow users to provide feedback and the implementation team to take action on it. The chance of lost productivity after deployment will be reduced if users, trainers, the implementation team, and the vendor communicate consistently and meaningfully.
  • Deployment– Once the software is ready, the next step is the final deployment, where it will work on live data and replace legacy systems. There are three ways to do this final deployment:
  1. Big bang adoption– The switch between ERP adoption and phase-out of legacy systems occurs on one date. It is an instant changeover where the entire organization moves to the new system instantly.
  2. Phased adoption– In phased adoption, some processes move to the new system first. The remaining operations move to the new system in a phased manner.
  3. Parallel adoption– In parallel adoption, the new and legacy systems are used simultaneously for some time. If the ERP works correctly, the legacy systems are phased out entirely and the new ERP becomes the default software.

On the go-live date, your organization should be adaptable and ready to face any unanticipated obstacles. Users should be able to check, document, and amend business processes in the live ERP system with the help of IT. Have extra IT staff on hand, as well as individuals that are willing to work overtime. Prepare a communication strategy in the event of a system outage.

  • Ongoing Support– Once the system is in use, it will likely face challenges like new process addition, process changes, feature enhancement, etc. This necessitates continual software maintenance as well as user support. Investing time and resources to detect problems and correct errors will be critical throughout the ERP solution’s life cycle. The challenges can be easily mitigated if the ERP vendor provides ongoing support, which should help ensure continuity and future readiness. For听听software, ongoing support is of utmost importance due to the lack of IT resources.

The blueprint and the training modules also need to be regularly updated with every successive change. This too requires ongoing support from the vendor.

You can notice substantial gains in your business if you use the appropriate methods and strategies for ERP implementation. But one of the critical factors in ensuring success is choosing a vendor who can combine industry knowledge, previous experience and an in-depth understanding of your unique needs and requirements. With varied and extensive expertise in ERM implementation across industries,听听helps you achieve the critical competitive edge to move ahead in the race.

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Why is Digital Resiliency Necessary for Mid-Market Businesses to Survive Disruptions? /india/2022/01/digital-resiliency-for-mid-market/ Tue, 25 Jan 2022 09:52:39 +0000 /india/?p=3627 By building digital resiliency, mid-market enterprises can leverage digital transformation benefits and compete with larger players in a growing economy.

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The pandemic ushered in a period of extraordinary change for the global business community. As organizations worldwide struggled to stay afloat, it became clear that digital was the lifeline that would help them recover, balance demand with capacity and even prepare for the volatile future ahead. However, large enterprises had a head start in this regard; many of them were able to implement a听digital transformation strategy听for their business in the early days of the pandemic. For smaller organizations and mid-market enterprises, the pandemic was a wake-up call that made them realize the need to adopt digitalization and leverage听digital transformation benefits听rapidly.听

Mid-market segment: Looking to bounce back after a Crisis

The mid-market sector was the hardest hit during the pandemic. These midsize businesses had to improvise with limited resources and compete against larger players with operational and financial flexibility. Sharply aware of the consequences of being left behind in the digital race, these businesses are now embracing technology to rethink strategies, enhance customer experiences, utilize employee skills more efficiently, and ensure business continuity and growth even in a crisis.听

This was among the multiple insights provided by an听听that听aimed to understand the state of mid-market enterprises in India after the Covid-19 second wave. The study covered over 350 mid-market enterprises across industries such as chemicals, industrial manufacturing, life sciences (including pharma and pharma manufacturing), professional services (including IT/IT-enabled Services), retail and consumer packaged goods and EC&O (engineering, construction, and operations). Annual revenues for these companies ranged from INR 500 crore to INR 2,000 crore. Half of the respondents were C-level executives, with the rest holding positions such as Director and above in their organizations.

As per the survey,听

  • Around 74% of the mid-market enterprises surveyed will move more applications to the cloud.
  • A massive 68% of the firms expect to either retain or increase their IT spending in 2022, driven by the need to adopt digital technologies.
  • This digital vision is consequently fuelling enthusiasm and hopes of a strong recovery. By the end of 2021, around 75% of the mid-market businesses surveyed expect their operations to be back to pre-pandemic levels.Digital Resiliency

Clearly, mid-market segment companies are planning to be strong contenders in their industries in the post-pandemic world. For this, they require a level of digital resilience that allows them to proactively fend off dangers and disruptions more effectively than their competitors.

Digital Resiliency: Driving the Indian mid-market sector forward

Digital resilience is the ability of a company to quickly adapt to business turmoil by using digital skills to drive recovery, growth and profitability, even during changing situations.听

While mid-market enterprises focus on optimizing their operational performance in the short term, CEOs point out that revenue diversification and IT infrastructure renewal remain their top digital priorities in the long term. This can be achieved by prioritizing all dimensions of digital resiliency such as operational, workforce and customer, brand and reputation, leadership and organization, and financial resiliency.

  • Operational Resiliency:听Improving operational efficiency is a major short-term business goal for most C-level executives. One way to achieve this is by adopting an ERP system that offers end-to-end visibility into operations across different departments. Around 58% of mid-market enterprises have such an ERP system now.
    Apart from an ERP system, there is also a need for听digital transformation for business听in areas such as customer services, supply chain functions and backend processes to achieve higher productivity levels and minimize the possibility of errors.听
  • Workforce Resiliency:听Enterprises have realized the benefits of a motivated workforce, with good employees being one of the best strategies to increase growth and scale operations. Employers are becoming more engaged and assuming greater responsibility for their employees’ safety and emotional and physical wellbeing. When not physically together, workforce engagement requires more thoughtful design, practice, and measurement. Consequently, almost 50% of enterprises are considering an integrated approach towards workforce resiliency, compared to just 36% in the pre-pandemic era.听
  • Customer Resiliency:听With digital transformation, any mid-market organization can provide seamless and enjoyable customer journeys across channels. As the customer experience becomes a vital indicator of organizational health, around 40% of enterprises are adopting an end-to-end approach to manage customer journeys. Hi-tech platforms, CRM systems, chatbots and AR-VR rich media are set to become an important part of this听digital transformation strategy.
  • Financial Resiliency:听Having sophisticated systems and robust processes that provide timely insights is critical for building financial resilience in mid-market enterprises. The IDC Infobrief commissioned by 麻豆原创 shows that 58% of the Indian mid-market enterprises have introduced scorecards, visualization and simulations to generate detailed financial analysis reports. These help minimize future bottlenecks by providing the base required to make data-driven forecasts.听
  • Leadership Resiliency:听A truly forward-looking company needs to build resiliency at the top. In the face of dynamic market conditions and volatile situations, an enterprise should be able to alter processes and methods and retain employee and customer trust. A whopping 83% of enterprises are focusing on resiliency objectives like business continuity.
  • Brand and Reputation Resiliency:听An expanding threat surface and the increasing number of attacks on mid-market enterprises makes cybersecurity a top consideration for this segment. Around 74% of enterprises will either spend more or retain their current spend on IT security and related issues.听

The road to Digital Resiliency: What mid-market enterprises need to do?

India’s mid-market segment can become the engine of growth if digital resiliency is adopted to compete with big businesses. While digitalization is not a permanent cure for all the problems that affect business in today’s economy, it is a foolproof solution that can help a mid-market enterprise compete and win in the new normal.听

Despite this knowledge, many enterprises hesitate to fully embrace digitalization and digital transformation because of resource crunch and the absence of a clear roadmap. Here are some practical ways a mid-market enterprise can create a thriving environment for digital resilience.听

  • While midsize companies appreciate the role that technology plays in digital resilience, most are still hesitant in making it an integral part of their day-to-day operations. To overcome this,听technologydiscussions need to be moved to the conference room and every department needs to accelerate its journey on the digital path.
  • Change management is a vital aspect of building digital resiliency. Change readiness is determined by a company’s culture, dedication, and ability to achieve and maintain the goal. In a time of competing priorities, systemizing a change management approach is more important than ever for organizational agility.
  • It’s critical to prioritize and create conditions that support experimentation after opening corporate culture to innovation and creativity. Build agile teams that collaborate across organizational boundaries on a daily basis to foster new thinking through shared knowledge and openness. Acquire the ability to make swift decisions. Rapidly adapting to business shocks is the key to digital resilience.听
  • Lack of operational automation is one of the main reasons Indian midsize companies are still struggling. Fluctuating market demand and any adverse situation can be handled efficiently with听automation听and adopting data-driven strategies.
  • Shifting to听cloudbased听business applications increases the ability to adapt to business disruptions, allows scalability and flexibility and provides a seamless user experience. Mid-market enterprises have identified the integration of new-age technology, enhanced business agility and innovation, a competitive edge and improved time to market as some of the other top drivers behind cloud adoption in the IDC Infobrief.
  • Integrating systems that enable听multi-channel听engagement听and manage end-to-end customer journeys plays a key role in customer acquisition and retention. These systems, if managed smartly, can effectively contribute to an organization’s capability of outliving its competition. Make integrated multi-channel marketing and sales a priority and find the correct combination of online and offline marketing, sales, and service. Create a user-friendly website and leverage different digital customer experience and analytics solutions.
  • With remote and hybrid cloud models becoming increasingly popular, the need for a secure cloud architecture has become pronounced. Organizations need to leverage听risk management听services to safeguard their operations and be prepared for contingencies.听
  • Employee engagement and motivation are vital factors to ensure the success of a digital resiliency strategy. CEOs should focus on providing necessary听knowledge听resources听and conduct continuous learning programs to enable their employees to work efficiently.听mid-market enterprises

In conclusion

The opportunities for mid-market firms are boundless; however, they must take advantage of today’s booming economy to revamp their operations for long-term viability. For this, their capacity to predict risks, increase efficiencies and undertake change is crucial. A way to do this is by embracing digitalization and building Digital Resiliency. To find out how to kickstart your journey to becoming digitally resilient,听听on 鈥楽tate of Mid-Market Enterprises in India, a Perspective on Digital Resiliency鈥.

All of the above data points are derived from ‘IDC InfoBrief commissioned by 麻豆原创, The State of Midmarket Enterprises in India, A Perspective on Digital Resiliency, December 2021, Doc.#AP241284IB

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Pivot Like A Startup: The New Normal for Growing Businesses /india/2022/01/pivot-like-a-startup/ Thu, 20 Jan 2022 06:21:29 +0000 /india/?p=3602 MSMEs are beginning to realize the criticality of digital transformation when surviving and adapting to changing market conditions.

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For a long time, India has faced one recurring challenge: the 鈥渕issing middle.鈥 Smaller firms haven鈥檛 been able to grow into larger ones by leveraging the economies of scale and adoption of technology to become larger enterprises. Though micro, small, and medium enterprises (MSMEs) have the potential to become the growth accelerator for Startup India, we still have some distance to go before making it a reality.

Unlike digitally native start-ups, MSMEs have different practices and processes and generally show a lack of technology adoption. MSMEs aren鈥檛 as agile in their responses to disruption compared to their digital peers and lack the right ecosystem to address the challenges they face. But with , the central theme of India鈥檚 economic recovery, this mindset may just change.

Setting the Stage for High-growth Potential

MSMEs are beginning to realize the criticality of digital transformation when surviving and adapting to changing market conditions. According to听,* midsize companies are strengthening their competitive position with rapid digitalization and business formalization. More than a quarter are moving forward with plans to deploy business applications with artificial intelligence to surface insights, accelerate decision-making, and operate with greater resiliency and agility.

For MSMEs, technology adoption enables greater agility and faster decision-making. While developing the right ecosystem of IT providers and service partners, they can bridge the information gap to improve the transparency of their supply chains and financial performance and seize opportunities once reserved for startups. Meanwhile, larger corporations can onboard Indian MSMEs more confidently by fully understanding their value, operational performance, and compliance standards.

The good news is that this momentum toward revenue growth and global expansion is within reach for every MSME. However, there is one caveat: their operations must keep up and adapt to a marketplace that evolves every day.

Growth begins with Fast-paced Operational Change

The principal challenge of Indian MSMEs is boosting the production of smaller batches for a marketplace that values individualization and contributing to a more extensive supply network that expects consistent regulatory compliance and credible sustainability. With the steady stream of new product configurations, government mandates, and green initiatives, the traditional concept of reskilling and upskilling the workforce is not enough to pivot operations fast enough to address every nuanced update.

Instead, MSMEs need to harness the power of their data to make in-the-moment shifts in their entire operation, such as scaling up or down inventory, redirecting critical supplies, and addressing customer expectations. But more importantly, they need an interconnected system built to manage all these business elements together with data and intelligent technologies 鈥 such as artificial intelligence 鈥 to drive the best outcomes.

Take, for example,听. The business recently pivoted its business model from just selling mattresses to becoming an end-to-end home furnishing brand and retailer, sparking a rapid expansion of its inventory and manufacturing capabilities. As a result, the midsize business experienced over 200% revenue growth during the pandemic. However, its supply network was challenged to scale fast enough because its 20 manufacturers and warehouses used their own set of business systems.

Although the pandemic hit Indian businesses hard, Wakefit continued its growth trajectory by improving its productivity with increased scalability and visibility. The company brought its growing network of assets, plants, warehouses, and innovations under a听. It also eliminated long-term reliance on multiple stand-alone systems that not only impacted employee productivity but led to compromised accuracy in critical areas such as financial reporting.

With the support of a local partner throughout this digital initiative, Wakefit is now on a connected cycle of extracting insights. As a result, all departments, manufacturing locations, and warehouses can access the same set of advanced technologies and real-time analytics to acquire information on any device, foster high scalability, adjust to changing demand, and reduce development costs. Best of all, the company achieved concrete outcomes and improvements within only four months of the initial deployment.

Preparing for a future of game-changing growth

The current economic recovery is unquestionably affected by price pressures, labour shortages, supply chain disruptions, and inflationary risks. But Indian MSMEs can still keep up 鈥 as long as they have the right mindset and technology backing them.

The key is to think like a startup, pivoting operations in real-time to take on opportunities and mitigate risks as they emerge. With a digital transformation journey that follows their timeline and pace, companies can navigate around today鈥檚 and tomorrow鈥檚 challenges and fulfil their customers鈥 changing needs 鈥 signaling the performance of a prosperous, productive, and growing business.

Find out how your business can pivot with the resilience and agility of a startup. Check out and share the IDC paper, 鈥,鈥 sponsored by 麻豆原创, for additional insights on the road ahead.

*, an IDC Info Snapshot, sponsored by 麻豆原创听

May 2021听|听Doc. #US47674721

 

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