Kalidas KS, Vice President, Tata Teleservices.
In the current era of digitalisation, small and medium businesses (SMBs), which are crucial pillars of the economy, are going through a massive transformation. They are fast shifting their reliance on cutting-edge technologies to achieve higher levels of efficiency and productivity, and gain a competitive edge in the dynamic marketplace. As per an industry estimate, it is predicted that one-third of SMBs will increase investments in automation and digital tools over next few years, particularly moving their core workloads to the cloud to drive business agility and future resilience. The year 2024 promises to be a pivotal one for SMBs, with digital trends playing a central role in shaping their growth.
Some of these key trends that SMBs should closely monitor and leverage to stay competitive and resilient are:
Cloud computing
The adoption of cloud computing is reshaping the IT infrastructure landscape for SMBs in India. Cloud is emerging as the backbone of all transformative technologies and offer scalable and cost-effective solutions for data storage, collaboration, and software applications. Platforms such as Microsoft Azure and Google Cloud provide SMBs with the flexibility to scale their operations without the need for extensive upfront investments in hardware and infrastructure. Cloud computing enables SMBs to access advanced technologies, enhance collaboration, and improve overall operational efficiency.
Integration of AI
With its immense benefits, artificial intelligence (AI) is bringing a seismic change in how enterprises manage their operations and processes. AI helps businesses to streamline and automate processes with reduced human intervention and minimise risks or errors. AI technology is capable of reading and analysing large volumes of data and converting them into meaningful and actionable insights. By accessing insights into market trends and customers’ needs, the enterprises can make informed decisions. Moreover, AI-enabled chatbots are further empowering businesses in handling customer queries, offering personalised recommendations, instant resolution of issues with tailored responses, saving their time, and allowing them to invest more efforts in critical growth areas and future roadmap.
Adoption of IoT
Internet of things (IoT) technology allows businesses to connect, manage and control their devices and boost their overall productivity and efficiency. With this technology, it becomes possible for enterprises to track location of assets, control devices remotely, optimise resource allocation, improve processes, predict risks issues, and minimise chances of errors and reduce downtime with real time data analysis. For example, a small business involved in transportation can track location of vehicles, monitor products, optimise routes and ensure timely delivery. Similarly, an enterprise in the pharma or agriculture sector can use IoT devices to maintain the right temperature of perishable commodities, detect leakages, ensure safe and right handling, and minimise losses.
SDNs for centralised control
Software-defined networks (SDNs) are enabling enterprises to have centralized network control through software by doing away with traditional network architecture that relied on configuration of individual networking devices to transfer and process data. This makes it completely easy for enterprises to control and manage their networks and other critical tasks in a user-friendly environment. Further, SDNs bring myriad cost advantages as companies are not required to invest in dedicated hardware or systems and this enhances their scalability and cost-efficiency. For example, if a business plans to start operations in a new location, SDNs make it completely easy by keeping their business critical systems and essential communication tools ready to be used. SDNs also prioritise network traffic and ensure that critical applications and services receive the necessary bandwidth and low latency. Further, they offer enhanced security by providing enterprises with the ability to monitor and detect issues and threats in networks, follow security policies, and protect sensitive data and critical information from potential breaches.
Rise of collaboration tools – Digital workplaces
The global shift towards hybrid and remote work has also influenced the working dynamics of SMBs in India. Cloud based platforms such as Microsoft Teams, Zoom and Google workspaces have become essential for facilitating seamless communication and coordination among remote teams. These digital workplaces seamlessly bind all the core applications of work, like email, chat, voice and video calling, collaboration, storage, task management, security tools etc. These platforms enable SMBs to maintain productivity and foster collaboration irrespective of geographical distances. This trend not only aligns with the changing work culture but also allows SMBs to tap into a broader talent pool.
Prioritising cybersecurity
In the digital ecosystem, it is essential for SMBs to put robust cybersecurity solutions in place to safeguard themselves against potential attacks, data breaches, and threat actors. According to a study on cybercrime, nearly 43 per cent of cyber-attacks are on SMBs, which indicates that not just large businesses but even smaller enterprises are vulnerable to cyber security incidents. Nowadays, advanced cyber security solutions for SMBs are capable of defending firms against attacks and protect against threats like malware, phishing, distributed denial-of-service (DDoS) attacks, ransomware, and others. Moreover, advanced digital tools are equipped with real-time threat detection and response capabilities, encryption features, secured remote work and multi-factor authentication features to help SMBs safeguard sensitive information, protect data, and maintain a secure work environment.
Conclusion
Digitalisation and technology adoption are fuelling the growth of SMBs in the country and as these trends continue to evolve, the key for SMBs lies in proactively leveraging cutting-edge technologies to remain agile and thrive in this digital age.
