Month: November 2022

Banking the SME Market

Small Enterprise India

SME banking is an untapped market in terms of digital transformation. SMEs have not benefited from the same innovation in India’s SME banking sector compared to retail clients since it has not been adequately digitalized. SMEs are frequently ignored and underutilized despite their need for simple access to financing. Most economies, especially emerging nations, depend heavily on SMEs, which also make up the bulk of enterprises globally. The World Bank claims that SMEs, which account for 90% of firms and more than 50% of employment, are crucial drivers of job…

NEXT-GENERATION PAYMENT METHOD

Small Enterprise India

It would help if you had a small business that accepts payments online and in person. While accepting cash is always possible and free of credit card processing costs, small businesses must accept various payment methods. Only 36% of clients regularly carry cash on them; this poses a problem for the 55% of small businesses that do not accept credit card payments. And it appears that the COVID-19 outbreak will further accelerate this move away from cash. A recent poll found that 60% of participants thought the United States was…

IMPORTANCE OF DATA SECURITY

Small Enterprise India

Data Security is a recent concern domain for businesses. A careless action can lead to a huge, dangerous effect of data misuse. Thus, it is required to find out strategies to protect the sensitive stuff of your company. But why is data security important? Data is an authentic and unique asset that has the power to create, fetch, save, and exchange for any set of demands an organization puts on for its customer experience. Data protection is the priority that can solve many internal or external corruption or legal access…

BEST HR SOFTWARE FOR SMALL BUSINESSES

Small Enterprise India

Employees are the biggest asset of any business. But when it comes to HR, it often gets neglected, especially in small businesses. We understand that looking after the HR duties is not as exciting as business functions focusing on growth and revenue; however, not performing the HR duties efficiently can impact your business very soon. Human resource management software can help you in these situations. Human resource management software assists small firms in managing essential HR operations such as payroll and benefits administration, in mentioning a few. The best combination…

CHATBOTS – YOUR ANSWER TO DIGITAL CUSTOMER SERVICE PROBLEMS

Small Enterprise India

Chatbots are becoming more popular. The top priority for (almost) every business today is to improve the end-to-end customer experience. Why? It is the key to increasing customer satisfaction and laying the groundwork for long-term customer loyalty. And, with so much customer engagement with brands now occurring somewhere in the digital world—particularly on a brand’s or business’s website—more it’s important than ever for companies to identify all of how they can bridge the gap between them and their customers. Customer service chatbots have quickly become one method of achieving this.…

How to Help 80 Percent of MSMEs to Become More Digitally Engaged

Avni Porwal

Governments can convene different players in an economy to support SMEs. In particular, private-sector companies can lend their expertise and provide access to larger clients and investors. These partnerships can also help SMEs develop their capacity. Ultimately, these partnerships can lead to increased innovation and improved economic development. Focus on Southeast Asia The digitalization of MSMEs is an integral part of inclusive transformation. While the region has a large number of internet users, the rate of digitalization among small businesses is still low. More than 80% of tourism businesses are…

SME CREDIT RATING

Small Enterprise India

Financing is a major concern for a small enterprise than the big ones for getting success. Lack of accessibility to financing is constantly observed by SMEs (small-to-medium enterprises). SME is a comfortable term for segmenting businesses and other organizations that are in between somewhere the SOHO( small office home office)size and the large enterprise.  SMEs felt that financial accessibility was the barrier to business growth. Even support from commercial banks and financial institutes is often considered to be costly and full of risk. Even SMEs are broadly unattended in the…

WHAT IS CLOUD COMPUTING, AND WHY IS IT ADOPTED?

Small Enterprise India

Cloud computing is the priority-based delivery of IT resources via the Internet with pay-to-use embraced charges.  You can get the flexible offerings of cloud computing services with the pay-to-use facility instead of purchasing and managing the services or products related to computers. The technology-based services brought your business’s work efficiency under your budget, saving time and effort. As per the key benefits associated with cloud computing, companies are eagerly opting for it as the flawless servicing of their processes.  Nowadays, the increasing demand for online data transactions leads to massive…

WHAT’S DRAGGING SMALL BUSINESSES BACK IN THE DIGITAL AGE?

Small Enterprise India

Small businesses have diversified challenges in the modern era of digital surroundings. Technological growth made it compulsory for them to update to exist in the data-driven society.  When it comes to reality, then it might be a now-to-never equation on the spot.  But what is the need for digital transformation for SMEs? It is an active move or process of digitising the business functionality that can give a push to increase employee efficiency and, in turn, hike up productivity. The new technology embrace of small businesses for smart processing can…