MSMEs embarking are truly the backbone of an emerging and developing economy like India. The MSME sector contributes 50% towards all the product exports that are happening in the country and this helps in adding approximately 30% directly to India’s GDP. The implications of MSMEs embarking in India is fairly huge in comparison
to the cost of operation and the management of some contemporary large business house residing and functioning from India. This is the sole reason to bring steps for
MSME innovation and success. India has come a long way in terms of
developing its economy and MSMEs embarking play a pivotal role in that story.
The time is ripe now and more necessary than ever that a specific focus
is given to the sector and required strategy be designed for further
growth and adoption in the country.
The Government of India has brought many different schemes and the
MSME competition is on the rise. The Ministry of MSME is very keen in
bringing about new changes and constantly helping in monitoring and
changing the policies and also introducing newer ones. The direct effect
on this policy change is reflected in more number of participants being
interested in developing and promoting the MSME business. Due to
this, issues such as unemployment and poverty could be addressed in a
very effective manner. As the volume of MSME businesses is on the rise
in different parts of the country, it helps local people of that region to
take roles in the business of the MSMEs embarking and drive further growth. The
goal of MSMEs has always been that of inclusion and this primary driver
is the key to broaden its scope across time and space.
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This is the 21 st century. In a country like India with a population over a
billion and a median age of 30 years, it is a boon for growing
businesses. The level of understanding of newer technology has now
proliferated to the remote districts of India, all thanks to the
smartphone technology and all its applications. This has changed the
technological landscape in the country. Every now and then stories pop
out from different parts of the country about newer and life changing
innovative MSMEs embarking and this is a very special thing moving forward in
time to monitor how these companies scale across to a billion people
and beyond.
Small business enterprises in India must be aware of the current market
trends and needs to be very precise with their data. It is very recently
that we have discovered how big data plays a huge role for large
corporations in order to segment the market and their customers to
better serve them. MSMEs embarking on the journey of innovation and success
on the other hand can harness the power of publicly available data on the internet,
on social media, interview snippets and merge all this together to get a fair view of the current market that they operate in. The result of this will lead the MSMEs embarking to
perform better and understand their product requirements with time
and thus cater effectively to their potential market.
The following are some of the key drivers for bringing innovation in the
MSME sector :
1.) Focus on sustainability –
Businesses from the SME sector must be aware of the environmental
implications of their respective operations. In order to approach the
business with the intention of zero wastage, they need to implement
the best possible measures that are available without compromising on
the quality standard of the products that they are producing. It is
important to have systematized quality checks and data oriented waste
management in order to fulfill the goals of sustainability.
2.) Use of Modern technology –
There is lot of buzz words associated with the use of technology for
business operations. It is the need of the hour to separate the wheat
from the chaff. Technology solutions that can be locally adopted and
monitored needs to be undertaken for the daily operations to maintain
a swift flow of production thereby enhancing the quality and the
quantity of the output that is produced. Collecting and segmenting
available data as per the specifics of the business helps in catering to
the demands of a specific sector and thus effectively scaling the
business. It is essential to train the workers of the MSMEs in order to
undertake and interpret the data and make choices accordingly that
better suits the requirements. Business analytics software that tracks
the units of products, delivery schedules and feedback storage in a
single place helps SME owners to manage their business in a far
efficient manner than before.
3.) Networking with other similar businesses –
In the era of globalization, the world has become closer than ever. In
order to flourish in an emerging market like India, it is very essential to
pay attention to the current trends of the market and the movements
of the competing businesses. Once a business cracks the code of a
particular product model, it is essential for others to follow suit not by
blatantly copying them, instead by developing new changes. This will
eventually open new doors for existing businesses to operate
efficiently.
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Huge corporations have an added advantage due to a larger workforce
and a fat budget. Small business enterprises on the other hand need to
maintain their balance sheets very prudently. As the daily operations of
the MSMEs are strife with MSME competition, there is always an issue
of delayed payments from the other end. There is a lot of credit
defaults that happens largely due to weak regulation of the sector
which needs to be monitored back and forth by the Ministry of MSMEs.
In order to maintain their databases, cloud computing for SMEs are a
boon these days. SME businesses that are not yet up to the edge of
modern computing need to switch gears as a lot of optimization can be
done efficiently on that front and that can eventually lead to the
innovation and success of the MSME sector.