CIO Insider

CIOInsider India Magazine

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Importance of Knowing Your Business Challenges

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Sujith Vasudevan, Managing Editor

It’s no secret that the Micro, Small, and Medium Enterprises (MSME) segment is a silent strength of almost all economies worldwide. For instance, India is home to a huge base of 7.9 million registered Micro, Small and Medium Enterprises (MSMEs). The sector contributes around 33 percent of the country's total GDP and accounts for

around 120 million jobs across industries and regions. But more often than not, MSMEs are underserved and unserved across parameters, including financial and technical assistance, especially considering the sector’s significant contribution toward GDP. This predicament creates huge challenges for business leaders, especially C-suit executives. The increasing need to invest right in digital transformation, meeting employee expectations, and cyber security is combining to make life much more difficult for them.

This accounts for how the mindset of organizations and people towards digital transformation has transformed thanks to the benefits ranging from business continuity to ease of working and collaboration capabilities. In the aftermath, business leaders must adapt their strategy to match the hybrid work culture. It brings enormous challenges. They need to have a decisive understanding of technology and digital transformation. The key to success is meticulously understanding their own businesses and challenges and having the knowledge of the latest technologies. These aspects are crucial to finding the right formula to tailor-make digital transformation solutions that not only solve customer challenges but also enhance their business outcomes.

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