“This is the most opportune time for Small & Medium Enterprises across sectors in India to ride on and leverage this wave of technology within the wraps of a defined business strategy,” said Rawat. “There is a need for India’s small and medium enterprises (SMEs) sector to take lead in SMAC technologies’ adoption and its integration in their business strategies to level the playing field and enable them to compete with their larger counterparts.”
“The SMEs that are successful in understanding the power of SMAC and are able to harness it across their business, would lead this new wave of growth and business transformation,” he added.
The SMEs' businesses would thrive if key enablers powered by SMAC technologies are created in an integrated ecosystem to support their multiple needs of - knowledge accessibility, financial independence and risk mitigation, targeted marketing reach and sales enablement, driving operational excellence, efficient service provisioning, real time insights and decision making, further noted the Assocham-EY study.
The banking and financial services sector together with the retail and consumer packaged goods (CPG) industries and other such sectors are very well placed to leverage the SMAC stack to create and nurture an ecosystem for the SME’s to do business better and in-turn benefit from it too, the study added.
“The cash-and-carry format in India has also started investing in SMAC capabilities and they can further extend those capabilities to build an ecosystem for buyer communities and provide it as a value added service to them.”
The SMAC led interventions can have many forms and it can impact multiple functions like sales, marketing, supply chain, human resources, information technology and more.
There are two complimentary ways, namely Self-driven and ecosystem driven in which SMEs could approach SMAC and reap business benefits.
It is imperative for organizations to understand that as a first step to any SMAC investment one needs to establish a detailed business case as the SMAC investments only reap dividends when it is executed under a defined return on investment (ROI).
The initial cost of developing the SMAC solution is usually done by ecosystem player, however, SME players should establish ROI as there will be indirect investment (at the minimal) and direct return that should be articulated.
While such initiatives provide opportunity for SMEs, there is also a huge risk for the firm if things don’t go as per plan. Thus, it is important that ROI and Risk mitigation plan is defined as if it was self-driven initiative.