Despite immediate challenges, the need for adopting tech innovations remain crucial for SMEs, industry experts said at an online discussion recently organized by Business Standard focusing on 'Digital Technology and Innovations - A road ahead for SMEs'.
The online Smart Business event held in association with SME Chamber of India on 23 June saw a range of digital practices, the scope of tech options, their cost and availability being discussed.
Chandrakant Salunkhe, Founder and President, SME Chamber of India and SME Technology Development Centre, said it is imperative for small businesses to actively research and adopt digital practices since that will not only lead to growth but will also dictate the market of the future.
Shekhar Mande, Director General, Council of Scientific and Industrial Research and Secretary, Department of Scientific & Industrial Research, said the central agency is providing technological hand-holding for SMEs, leading to many now fully participating in the race to develop a vaccine for COVID-19.
Alberto Ribolla, President, World Manufacturing Foundation, said more collaboration among businesses and a cluster-based approach is a fixed template for pooling in resources and mitigating risk.
Amit Bhingurde, CEO, BRABO Robotics and Automation, said automation would not necessarily lead to job losses and increasing adoption of robots in manufacturing is inevitable.
Leena Pishe Thomas, Director - Global Business Inroads, said environment, waste management, health and fitness were upcoming areas for growth that can be tapped with tech adoption by firms.
Sanjeev Saha, Regional Director, Emerging SME Business, Salesforce.Com said smaller firms need to maintain their hold on the market yet scale-up through innovations.
Suresh Shan, Head, Digital Innovation & Future Technology, BITS, Mahindra & Mahindra Financial Services, said often business in India is about emotions and investing in people relations with partners and clients will go to a long way to secure the fortunes of a business.