- Financial Express
MSMEs will have to embrace lean digital thinking to acquire a digital mindset for better ROI’
Technology for MSMEs: The previous decade saw the inception and fostering of newer technologies based around the rapid increase in data interconnectivity and smart automation, leading to what is referred to as Industry 4.0, or the 4th Industrial Revolution. Although the 4th Industrial Revolution started a decade ago, it is only recently that MSMEs began embracing digital technologies to scale up their business and improve operational excellence. But the Covid pandemic saw MSMEs forced to break this inertia, to realize the importance of digitalizing and accelerate their attempts to digitalize operations. And yet, MSMEs are not completely satisfied; the ambiguity remains on why digitalization has become a crucial part of the path forward. Why must MSMEs digitalize? What operations must be digitalized and how do MSMEs go about digitalization? Is there a “correct’ timeline for adoption?