India MSME Summit 2022: Accepting and embracing technology is key to survival

MSMEs have shown great resilience in digital adoption over the last two years. The adversities have given them new opportunities, but the digital skills gap is one of the greatest barriers that hinders their growth. 

In India, there are around 6.3 crore MSMEs, of which 99 percent are micro-enterprises. While a majority of them seek digital transformation, they are unable to do so due to their size and resource constraints. 

On the occasion of MSME Day, SMBStory hosted a panel discussion on bridging the digital skills gap for MSMEs and entrepreneurs with Dr Satya Ranjan Acharya, Director of Entrepreneurship Development Institute of India, and Ratish Pandey, Founder of Ethique Advisory.

Offering insights on the need for changing mindsets, the panellists also talked about mentorship for MSMEs in their path toward growth.

Key takeaways from the panel discussion:

Training and mentorship are crucial: To adapt to the new market, training and education are very important, the panellists said, adding that the business environment had changed tremendously in the last 24 months and those who adapted to change have seen the benefit. 

Embrace technology: The panellists highlighted that micro, small, and medium enterprise entrepreneurs are, in fact, afraid of technology. However, technology is not something to be afraid of but to embrace. They underlined that accepting and embracing technology is key to survival and remaining relevant in the business ecosystem. 

Benefit from technology: The panellists stressed the importance of systemising the work routine for MSMEs, which can help save a lot of time. They added that MSMEs usually battle with things that technology can resolve. Tech adoption can help focus more on customer acquisition, marketing, or any other area of business that they aren’t able to do otherwise. 

Delight your customers: Customers today are open to a wide market, and to stand out, MSMEs have to attract them through tech and digital adoption. MSMEs can become fond of their customers by embracing tech and offering their customers a quick turnaround time for what they need. 

Need for mentors: To grow in the new normal, MSMEs have to think beyond resilience. They need to follow the ever-evolving market and that is why there is a need for MSME entrepreneurs for a coach or mentor who can walk them on the growth journey, the panellists reasoned.