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Why Digitisation is Key to MSMEs’ Growth and How It Will Push India’s Growth

  • By Readywire
  • July 8, 2024
  • 49 Views

Digitisation has become essential for the growth and sustainability of Micro, Small, and Medium Enterprises (MSMEs). This sector, often the backbone of the Indian economy, plays a significant role in influencing the country’s economic trajectory.

The Importance of MSMEs in India’s Economy

MSMEs contribute approximately 30% to India’s GDP and provide employment to over 110 million people. Despite their importance, many MSMEs face challenges such as limited access to finance, lack of skilled manpower, and low levels of digital adoption.

Challenges Faced by MSMEs

Reliance on manual processes and outdated technologies leads to inefficiencies, higher costs, and more errors. The COVID-19 pandemic has highlighted the importance of digital readiness, as businesses with robust digital infrastructure were better equipped to handle disruptions.

The Role of Digitisation in Transforming MSMEs
Enhanced Operational Efficiency
  • Digitisation streamlines business processes, automating routine tasks, reducing time and effort, and enhancing productivity.
Improved Financial Management
  • Digital solutions offer accurate record-keeping, real-time financial tracking, and automated accounting, facilitating easier access to credit.
Access to New Markets
  • Digital platforms enable MSMEs to reach a broader audience, increasing sales, brand awareness, and customer loyalty.
Data-Driven Decision Making
  • Digitisation allows MSMEs to collect and analyse data, providing insights into customer preferences, market trends, and operational performance.
Vertical-Specific Solutions
  • MSMEs require specialised, cost-effective, and scalable solutions tailored to their specific needs. These solutions integrate all operations into a single system, optimising performance and reducing errors.
The Role of Readywire

Readywire is proud to be at the vanguard of digitising the dealership sector with its affordable AI-driven, vertical-focused ERP solutions. These solutions streamline operations, reduce costs, and enhance efficiency. By integrating financial management, customer relationships, inventory, and sales into a single platform, Readywire ensures data accuracy and minimises errors. This empowers dealerships to operate more efficiently and make informed decisions.

Readywire’s success in the dealership sector sets a benchmark for developing scalable, cost-effective digital solutions across other MSME verticals. It demonstrates how targeted digitisation can significantly improve operational efficiency, cost management, and business performance, driving broader economic growth and development.

Going Forward

Digitisation is a strategic imperative for MSMEs in India. By embracing digital transformation, these businesses can overcome challenges, improve efficiency, and access new growth opportunities. A digitally empowered MSME sector will significantly contribute to India’s economic growth, making it more resilient, inclusive, and globally competitive. Readywire’s AI-driven ERP solutions demonstrate the potential for similar innovations across other verticals, driving growth and success for MSMEs nationwide.

 

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