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Global Competitiveness Begins with Innovation<\/strong><\/h2>\nSMEs are increasing their awareness of the power of technology as they digitalise their operations to optimise the benefits of government and industry measures. As a result, they are becoming self-reliant, future-ready, and bold in their global ambitions across three crucial aspects of their business.<\/p>\n
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1. Empower MSMEs to enter new Marketplaces<\/strong><\/p>\nThe pandemic has underscored how deeply interconnected businesses are \u2013 and this realisation couldn\u2019t have happened at a better time. According to\u00a0IDC<\/strong><\/a>, 62% of midsize organisations are looking to steadily grow by competing in new markets.<\/p>\nThis rising trend is an exceptional opportunity for Indian MSMEs to expand, even during times of demand volatility. They can leverage better options for sourcing supplies, increasing manufacturing capacity, and addressing warehousing and logistics needs on a global scale. Furthermore, active participation in digital business networks allows them to introduce unique products, services, and connections to enterprises worldwide.<\/p>\n
Mentorship and recognition programmes also play a key role as the Indian government encourages MSMEs to actively contribute to the global marketplace. Even our\u00a0Mentors of Global Bharat programme<\/strong><\/a>\u00a0and\u00a0Dare2Dream Awards<\/strong><\/a>\u00a0empower Indian businesses to nurture a self-actualisation model of professional and personal success \u2013 at the global stage.<\/p>\n2. Skilling the workforce on digital literacy<\/strong><\/p>\nThe skills of every employee are critical to a company\u2019s success, no matter the industry. From automotive and manufacturing to high tech and customer services, organisations that fared best during this pandemic have addressed gaps in their workforce\u2019s digital literacy as part of their overall business performance strategy.<\/p>\n
To compete globally, MSMEs need a\u00a0nine-fold increase<\/strong><\/a>\u00a0in digitally skilled workers by 2025. Such competencies include data analysis, cross-network collaboration, on-demand learning, and real-time response to operational change.<\/p>\nConsidering half the population is below the age of 25, government agencies and industries understand the opportunity to nurture in-demand skills. For example, 51风流India and Microsoft have a joint initiative, the\u00a0TechSaksham<\/strong><\/a>\u00a0programme, to offer training and learning opportunities to young women from underserved communities, so they can build careers in technology.<\/p>\n3. Transforming businesses digitally and moving to the cloud<\/strong><\/p>\nWhen Indian society reopens, businesses across all industries will need to quickly pivot from surviving to thriving in an increasingly digital world. And it seems that MSMEs are getting the message:\u00a0Dun & Bradstreet<\/strong><\/a>\u00a0<\/strong>reported that 82% of businesses with annual revenue less than \u20b9 300 crore have digitalised their daily operations, reducing costs and enhancing competitiveness.<\/p>\nPerhaps more interesting is that India is adopting cloud-based ERP solutions at a higher rate than the rest of the Asia-Pacific and Japan. All this activity builds the foundation MSMEs need to help achieve India\u2019s aspiration to become a global leader in terms of GDP contribution and employment generation. A\u00a0<\/strong>NASSCOM study<\/strong><\/a>\u00a0suggests that SMEs can contribute up to 30% of the cloud market by 2025 and drive 25%\u201330% higher productivity and 15%\u201320% lower operational costs to the country\u2019s GDP.<\/p>\nAn Ecosystem for Globally Competitive Businesses<\/strong><\/h2>\nIndia\u2019s economic policy of Atmanirbhar Bharat\u00a0<\/strong>inspires MSMEs to be globally competitive by creating an ecosystem that unites policy makers, industries, and technologies. With the continuous support of a forward-looking government administration, companies can affordably access the\u00a0technology<\/strong><\/a>\u00a0necessary to move forward.<\/p>\nWith their contribution to the economy and employment they create, MSMEs are becoming a bedrock for the Indian economy, which is an immense opportunity for empowering our nation as a globally competitive player.<\/p>\n
Ready to renew your sense of resilience? Read the IDC paper, \u201c<\/em>Business Reimagined: Driving Greater Efficiency and Resiliency<\/a>,\u201d sponsored by SAP, for additional insights on the road ahead.<\/em><\/strong><\/p>\n
<\/p>\nThe pandemic has underscored how deeply interconnected businesses are \u2013 and this realisation couldn\u2019t have happened at a better time. According to\u00a0IDC<\/strong><\/a>, 62% of midsize organisations are looking to steadily grow by competing in new markets.<\/p>\n This rising trend is an exceptional opportunity for Indian MSMEs to expand, even during times of demand volatility. They can leverage better options for sourcing supplies, increasing manufacturing capacity, and addressing warehousing and logistics needs on a global scale. Furthermore, active participation in digital business networks allows them to introduce unique products, services, and connections to enterprises worldwide.<\/p>\n Mentorship and recognition programmes also play a key role as the Indian government encourages MSMEs to actively contribute to the global marketplace. Even our\u00a0Mentors of Global Bharat programme<\/strong><\/a>\u00a0and\u00a0Dare2Dream Awards<\/strong><\/a>\u00a0empower Indian businesses to nurture a self-actualisation model of professional and personal success \u2013 at the global stage.<\/p>\n 2. Skilling the workforce on digital literacy<\/strong><\/p>\n The skills of every employee are critical to a company\u2019s success, no matter the industry. From automotive and manufacturing to high tech and customer services, organisations that fared best during this pandemic have addressed gaps in their workforce\u2019s digital literacy as part of their overall business performance strategy.<\/p>\n To compete globally, MSMEs need a\u00a0nine-fold increase<\/strong><\/a>\u00a0in digitally skilled workers by 2025. Such competencies include data analysis, cross-network collaboration, on-demand learning, and real-time response to operational change.<\/p>\n Considering half the population is below the age of 25, government agencies and industries understand the opportunity to nurture in-demand skills. For example, 51风流India and Microsoft have a joint initiative, the\u00a0TechSaksham<\/strong><\/a>\u00a0programme, to offer training and learning opportunities to young women from underserved communities, so they can build careers in technology.<\/p>\n 3. Transforming businesses digitally and moving to the cloud<\/strong><\/p>\n When Indian society reopens, businesses across all industries will need to quickly pivot from surviving to thriving in an increasingly digital world. And it seems that MSMEs are getting the message:\u00a0Dun & Bradstreet<\/strong><\/a>\u00a0<\/strong>reported that 82% of businesses with annual revenue less than \u20b9 300 crore have digitalised their daily operations, reducing costs and enhancing competitiveness.<\/p>\n Perhaps more interesting is that India is adopting cloud-based ERP solutions at a higher rate than the rest of the Asia-Pacific and Japan. All this activity builds the foundation MSMEs need to help achieve India\u2019s aspiration to become a global leader in terms of GDP contribution and employment generation. A\u00a0<\/strong>NASSCOM study<\/strong><\/a>\u00a0suggests that SMEs can contribute up to 30% of the cloud market by 2025 and drive 25%\u201330% higher productivity and 15%\u201320% lower operational costs to the country\u2019s GDP.<\/p>\n India\u2019s economic policy of Atmanirbhar Bharat\u00a0<\/strong>inspires MSMEs to be globally competitive by creating an ecosystem that unites policy makers, industries, and technologies. With the continuous support of a forward-looking government administration, companies can affordably access the\u00a0technology<\/strong><\/a>\u00a0necessary to move forward.<\/p>\n With their contribution to the economy and employment they create, MSMEs are becoming a bedrock for the Indian economy, which is an immense opportunity for empowering our nation as a globally competitive player.<\/p>\n Ready to renew your sense of resilience? Read the IDC paper, \u201c<\/em>Business Reimagined: Driving Greater Efficiency and Resiliency<\/a>,\u201d sponsored by SAP, for additional insights on the road ahead.<\/em><\/strong><\/p>\nAn Ecosystem for Globally Competitive Businesses<\/strong><\/h2>\n