MSME: the backbone of Indian economy 

Nilesh Kuvadia, Founder Director, ITCG Solutions

The key trends 
Following are a few Key trends to watch out for in year 2022-23.
Artificial Intelligence (AI) & Machine Learning (ML)
Cloud Computing & Cloud Services
Robotic Process Automation (RPA) 
Virtual Reality (VR) & Augmented Reality (AR)

Cloud to scale the customers’ business 
Cloud Solutions enables the customers to have several advantages.
The customer’s data can be consolidated at one place and can be accessed from any part of the world.

The cloud solution gives flexibility to maintain data as per requirement at a very reasonable cost compared to the amount one would invest in having on-premise infrastructure and maintain the same year on year.

Scaling up or scaling down is immediate and that is the beauty. On cloud, you pay as you go so one can optimize their usage as per requirement and make the operations budget friendly.

The latest technology adoption trends in MSMEs 
The MSME is a backbone of Indian Economy. It accounts to around 30% of the India’s GDP. In the past two years, digitization has made inroads to the operations of small and medium enterprises. MSMEs have started integrating technology into their Accounting, Supply chain, Inventory Management, credit payments and various statutory compliances in their routine business. Even the Government schemes like Emergency Credit line Guarantee Scheme (ECLGS) have eased the financing issues which was a hindrance to adoption of latest Technology. It is also observed that MSMEs have now started adopting AI & ML in their digital platforms in order to improve their efficiency of management of business. Even business Intelligence (BI) tools are being used for performing analysis of the operations.