At Xcelerate 2024 Coimbatore, a panel discussion was held to explore the challenges faced by Small and Medium Enterprises (SMBs) in the city and discuss potential solutions through digital innovation. The panelists, representing diverse industries, shared their insights on the transformative power of technology and the steps necessary for SMBs to succeed in the digital age.  

The Need for a Digital Shift

The discussion began with a recognition of the need for SMBs in Coimbatore to embrace digital transformation. While many have implemented basic computerization, there is a significant gap in terms of advanced digital solutions. D.K. Karthikeyan, Director of Texas Ventures, highlighted the importance of moving beyond basic automation and adopting more innovative technologies to stay competitive.

Dr. Raveendran N, Vice President of Enterprise-wide Solutions and CIO at Sakthi Finance Ltd. and ABT Industries Ltd., emphasized the need for a shift in mindset. “Digital transformation is not just about technology,” he stated. “It’s about embracing change and understanding how it can benefit your business.”  

Overcoming Challenges: People, Process, and Technology

The panelists discussed the key challenges faced by SMBs in their digital journey. Balasubramaniam O. A, Managing Director of Roots Cast Pvt Ltd., highlighted the importance of workforce transformation. He emphasized that employees need to understand how digital transformation can enhance their roles and contribute to the overall success of the business.

D Srinivasan, MD of Bascet Engineering India Pvt. Ltd., stressed the need for well-defined processes. “Digital transformation is ineffective without clear processes in place,” he said. “It’s essential to have a well-structured approach to ensure that technology is implemented effectively.”

Sunil Rao, GM of Central Function Channel India & NC at Schneider Electric, added that data is crucial for driving digital innovation. “Understanding how to utilize data is key to making informed decisions and optimizing business operations,” he explained.

Case Studies and Best Practices

The panelists shared real-world examples of how SMBs in Coimbatore have successfully implemented digital solutions. Dr. Raveendran N discussed how Sakthi Finance Ltd. has leveraged technology to improve customer experience and streamline operations. Balasubramaniam O. A shared his company’s experience in implementing IoT solutions to optimize manufacturing processes.

The Road Ahead

As the discussion concluded, the panelists offered advice for SMBs looking to embark on their digital transformation journey. They emphasized the importance of:

• Investing in skills: Building a skilled workforce is essential for successful digital transformation.
• Adopting a customer-centric approach: Understanding customer needs and leveraging technology to deliver exceptional experiences is crucial.
• Collaborating with technology partners: Partnering with experienced technology providers can help SMBs navigate the complexities of digital transformation.
• Embracing a culture of innovation: Fostering a culture of innovation and experimentation is key to staying ahead of the curve.

By addressing these challenges and following these recommendations, SMBs in Coimbatore can unlock the full potential of digital transformation and position themselves for long-term success.

Watch the full session here: https://youtu.be/m0Q77DD-s5k