MSMEs are the backbone of Indian economy. The phenomenal growth rate of MSMEs has helped the Indian economy grow multifold and will keep on doing so in the future. MSMEs are said to be a big source of employment. In our lives, we constantly experience changes and upgradations in our lifestyle, fashion, etc. So in order to stay relevant and keep growing, what is that one thing that MSMEs need?? The answer is Technology. It is the most important thing for small businesses, use of latest technology and upgrading according to the requirements of the Industry is what makes for a successful MSME.
Technology is essential and important for MSMEs in every single function of the organization and producing quality goods and providing world-class services. Payments are one of the most critical aspects of any MSME as managing and tracking payment involves a lot of stress, but this stress is taken off by technological development. Easy and flexible payment solutions like online payments, enterprise solutions, etc make it easier to keep a track of the transaction at the click of a button. Selling products and services earlier was a herculean task for small businesses, but E-commerce platforms have made it so easy that even a very small business can grow without investing huge amounts on the sales channel. Technology has evened the playing field for all the MSMEs and these small businesses are selling products and services alongside the players.
Technology has not only helped in manufacturing but also contributed immensely when it comes to logistics. Delivery and tracking of products & services have become a breeze with the evolution of technology. Bank lending has transformed leaps and bounds too. The loan application and checking of creditworthiness now happen within minutes, unlike earlier times when these processes would need days and follow-ups to get through. Documentation was a challenge earlier but now it’s quick and swift which saves time and makes businesses grow without waste of time.
Information technology is a modern phenomenon that has dramatically changed the daily lives of individuals and businesses throughout the world. Information technologies (IT) are vital to Company operations and leveraging information technology for business success is key to survival in the modern business world. Computers, Servers, Cloud storage, etc are great technological advancements which make working and operations of any organization smooth and efficient. For any business, data and database play a vital role in its growth. This Data and database are stored in servers or cloud storages which help avoid deletion of data and even if some damage takes place, backup is already there.
MSMEs need solutions which provide appointment management, payments, billing and lot more at one go and keeps track at one place. These are a few of top solutions that deAzzle provides to ease the process along with timely reports and many other features. Technology also helps in scouting and recruiting great talented employees which are the pillars of any business and key growth factors of all businesses be it small or big. The time saved due to technological growth is a boon in thinking and implementation of new ideas and avenues of growth.