The significance of micro, small and medium enterprises (MSMEs) adopting digital technologies for accelerated growth was underscored by speakers at a seminar organised by the industry body CII here on Tuesday.
Stronger capabilities
The seminar on ‘IT & Digital Essentials for MSMEs’ on the theme fostering SMEs’ growth through digital transformation sought to help the enterprises to use digital technologies and build stronger digital capabilities to seize growth opportunities in the digital economy, a release said.
Addressing the inaugural session, Cyient DLM Managing Director and CEO Rajendra Velagapudi said machine-to-machine connect in manufacturing can be adopted by small and medium enterprises as it was low cost and useful in measuring internal processes. Productivity, quality, inventory management, supply chain, invoices, account payables, accounts receivables can be easily measured through internally connected machines, he said. CII National MSME Council co-chair Mahesh Desai said MSME is the largest employer in the country, contributing to 9% of the GDP and yet faced major challenges such as access to finance, technology upgradation, skilled manpower and delayed payments.
The release from CII said the MSME Ministry had recently announced that credit linked capital subsidy-technological upgradation to support the enterprises. The launch of a Bharat Mart portal will also enable MSMEs to sell their products in local as well as international markets.
Senior vice-president of Cyient Sunil Kumar Makkena said lack of understanding among SMEs in choosing the right technology solution was the key challenge.
