Micro, small, and medium enterprises are one of the most vibrant sectors of the Indian economy. They play a crucial role in providing employment and supporting larger companies.

MSMEs need to adopt the right solutions to prepare for tomorrow. They should focus on the ways and means to achieve better growth.

Digital business transformation is an essential factor in this journey.

Digitalisation has many benefits:

• It increases customer satisfaction and retention.
• It provides data-based insights for better decisions.
• It boosts collaboration among employees and stakeholders.
• It enhances the speed, efficiency, and productivity of operations.
• It makes an enterprise competitive in the marketplace

At Vi Business, we have discovered several opportunities for MSMEs on the road to digital maturity through our ReadyForNext initiative.

More than 90,000 MSMEs across 16 industries took the ReadyForNext digital assessment to understand their digital maturity. The respondents were from states across India.

The ReadyForNext study aimed to simplify the decision-making process. It gauged digital readiness and identified growth factors to make a business future-ready.

The study was part of our commitment to MSMEs to help them in their journey to a brighter future. Here are some findings, as well as solutions for MSMEs, which can help them unlock their business potential.

Future-ready Initiatives for MSMEs 

With the ReadyForNext digital assessment tool MSMEs can navigate a digital future. They can take advantage of the right digital products and services to unlock growth.

Our ReadyForNext research shows that MSMEs need to plan investments in three broad categories. This will enable them to reach digital maturity to ensure growth and resilience.

The three segments we have identified are:

• Digital customers
• Digital workspaces
• Digital business  

Digital Customers 

In this bucket are digital actions and strategies to acquire customers and service their needs. Some of the digital business solutions include lead management solutions, auto-receptionist, and digital marketing solutions.

Our RFN research shows that the MSME respondent's average digital customer maturity is between 45 and 50 per cent. There is potential waiting to be unlocked.

The RFN data reveals MSME sectors with the most digital customer maturity. These are media and entertainment, mining, and information technology.

MSMEs in other fields can also get ahead of the competition by adopting products to service digital customers.

Digital Workspaces 

At a time of hybrid working, MSMEs should enable a digital workspace. In this context, the right technology can take their operations to the next level. It can aid in digital transformation and operational efficiency.

Some Vi Business solutions in this category are cloud-based office applications, web conferencing solutions, connectivity solutions, and collaboration tools.

Our RFN research reveals that the MSME respondent's average digital business maturity in this category is between 50 and 55 per cent. The industries leading the way are media and entertainment, mining and information technology.

Digital Business 

This category comprises actions and strategies for a secure and safe digital workspace, a critical aspect for MSMEs.

Digital business initiatives mean that their employees can stay productive in today's environment. These steps increase productivity and efficiency in the workplace.

Vi Business has many SMB solutions for MSMEs in this regard. Some are cloud-based office applications, web conferencing solutions, connectivity solutions, and collaboration tools. 

In this segment, our RFN research shows that an MSME respondent's average digital workspace maturity is between 50 and 55 per cent. Industries with the most digital maturity are mining, manufacturing, and media.

How MSMEs Can Seize Digital Opportunities

At Vi Business, we have products and SMB solutions for MSMEs to race ahead.

• Our integrated IoT solutions offer a range of IoT products and services. Manufacturers, retailers, and others use these to improve efficiency in inventory and supply chain management.
• Our enterprise security solutions safeguard devices and systems from cyber-attacks and threats. This is essential for enterprises with sensitive data and those who offer hybrid working.
• Our cloud solutions give access to industry-leading applications for greater productivity and collaboration. Businesses no longer have to worry about costly one-time investments and scalability for their software needs.
• Our enterprise mobility solutions connect businesses, employees, and critical functions at all times. A vital need for company executives who travel frequently and organisations with a presence across geographies.

With these and more solutions, Micro, Small and Medium Enterprises can rapidly move towards a stage of digital maturity.

Steps Towards Digital Maturity

The first step in digital business transformation is to have a strategy for what a company wants to achieve. From this, one can create a roadmap.

After that, the company should discuss its plans with employees and stakeholders, and ask for feedback about pain points and objectives.

One must understand changing customer needs and personalise the services. In this way, digital initiatives will lead to higher engagement and profitability.

Vi Business has the experience and expertise to be a trusted partner in each of these steps. We have products and solutions to match our clients' needs and targets. Take the ReadyForNext digital maturity assessment to future-proof your MSME. 

MSMEs are the driving force of the Indian economy. At Vi Business, we believe in equipping them with the right digital tools and technology to thrive in today’s business world.

Our ReadyForNext assessment helps MSMEs gain insights into their digital readiness and access India’s largest MSME study. 

Take the assessment now