Overcoming challenges and embracing digitalization: Solutions for Indian MSMEs

In this podcast, Vinod Grover, Managing Director – South Asia and Africa, Kaizen Institute, and Jayanth Murthy, Joint Managing Director - South Asia & Africa at Kaizen Institute, discuss the main challenges faced by micro, small, and medium-sized enterprises (MSMEs) in India. They highlight internal challenges such as balancing long-term vision with short-term needs, multitasking, and talent retention, as well as external challenges like delayed payments from large organisations. The speakers emphasise the importance of streamlining internal processes and improving operational efficiency to meet customer requirements and compete in the global market. They also explore the role of digitalisation in addressing these challenges and enhancing MSMEs’ competitiveness. While acknowledging the availability of government schemes to support MSMEs, they stress the need for simplified access and reduced paperwork. The podcast delves into the areas where MSMEs should focus on digitalisation, including data management, data utilisation, and building the capability to leverage technology for improvement. Additionally, the speakers address concerns about affordability and highlight cost-effective solutions such as software-as-a-service. They also discuss the growing importance of data security and emphasise the need for MSMEs to invest in safeguarding their digital assets. Overall, the conversation offers insights and practical strategies for Indian MSMEs to overcome challenges, harness digitalisation, and thrive in an increasingly competitive business landscape. --- Send in a voice message: https://podcasters.spotify.com/pod/show/business-line/message