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A Study on Role of Digitalization in the Growth of MSME in the present context

Year 2023
Volume/Issue/Review Month Vol. XVI, Issue - I, Jan. - Jun.
Title A Study on Role of Digitalization in the Growth of MSME in the present context
Authors Amit Angadi , Jayadatta S , Pushparaj Kodaganur
Broad area Marketing
Abstract

Researchers have found that small and medium-sized enterprises (SMEs) benefit greatly from increased digitalization of their operations, both in terms of output and efficiency. Fortunately, there is not much proof that using technology to deal with the aftermath of major disasters like COVID-19 is effective.According to the research paper, the number of SMEs has dramatically expanded. Due solely to the development of digital technology (DT). In this approach, digitalization automates both the process and the product, increasing both demand and quality. Given the vast untapped potential in the country, India’s small and medium enterprise (SME) sector has much room to expand its use of cutting-edge digital technologies. The primary scenario of SMEs in India and their contribution to GDP are covered in this essay. A brief review of SMEs’ use of CRM apps and digital payment methods is also included in the report. Therefore, MSMEs must immediately boost their business chances by implementing a number of initiatives. Adoption of platforms equipped with digital technologies is one such measure. The single-stop answer to the problems these businesses are having is the digital transformation of MSME businesses. The government, which introduced the “Digital MSME” scheme for this industry, as well as other parties, including banking institutions, who are offering training to help MSME overcome the barriers to digital transformation, have both come to this realization. This essay makes an effort to investigate how digital revolution affects the potential for MSME growth.

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