At Xcelerate 2024 in Lucknow, a panel of experts gathered to discuss the transformative potential of digital innovations for SMEs. The discussion was led by Prabhu Ram, Head- Industry Intelligence Group, CyberMedia Research, where Dr. Praveen Dwivedi of STPI, Meraj Ahmad Khan of Intecco Technical Services, and Er. D.P. Singh of the Associated Chambers of Commerce and Industry, U.P., offered a wealth of insights into how businesses can effectively harness technology to overcome challenges and drive growth.
Embracing Technological Change
Dr. Praveen Dwivedi, Additional Director/Officer-In-Charge at STPI, highlighted the crucial role of technology adoption for SMEs. He stated, “The role of STPI has always been to act as an enabler rather than a regulator. We provide support through various Domain Specific Centers of Entrepreneurship for emerging technologies like AI, Blockchain, and FinTech.” Dr. Dwivedi emphasized that STPI offers cloud credits, mentorship, and regulatory compliance support to more than 1000 startups, showcasing the organization’s commitment to fostering digital innovation.
He further noted, “The Indian IT industry has seen substantial growth, contributing significantly to the GDP. STPI’s support extends to over 500 SMEs in Uttar Pradesh alone, providing essential resources and guidance.” Dr. Dwivedi’s insights underscore the importance of institutional support in facilitating technology adoption among smaller enterprises.
The Cost-Benefit Equation
Meraj Ahmad Khan, Founder & CEO of Intecco Technical Services Pvt Ltd., shared his perspective on the financial aspects of adopting new technologies. “When considering technology adoption, SMEs must evaluate the Total Cost of Ownership (TCO) and the return on investment (ROI),” Khan advised. He illustrated this with an example from the automotive sector, noting, “While lithium-ion technology is expensive initially, its long-term benefits, including reduced operating costs, can outweigh the upfront investment.”
Khan also stressed the importance of incremental adoption. “Technology should be adopted step by step, taking into account your current resources and infrastructure,” he said. “Starting small and scaling gradually allows businesses to manage costs effectively while reaping the benefits of technological advancements.”
Strategic Planning for Digital Success
Er. D.P. Singh, President of the Associated Chambers of Commerce and Industry, U.P., discussed the strategic approach SMEs should take toward digital transformation. “SMEs need to adopt both short-term and long-term strategies for technology,” Singh recommended. “Initially, focus on solutions that are scalable and provided by trusted partners. For instance, HRMS applications on a subscription model can be a practical starting point.”
Singh also highlighted the need for careful planning. “Digital transformation is not merely about changing office colors or updating HR strategies. It involves a fundamental shift in how businesses operate,” he explained. “Proper planning ensures that technology adoption does not become a financial burden but rather a strategic asset.”
Building Digital Resilience
The panelists collectively agreed on the importance of digital resilience. Dr. Dwivedi remarked, “During the COVID-19 pandemic, businesses with established digital infrastructure could seamlessly transition to remote work and online operations. Building such resilience is crucial for future-proofing SMEs against unforeseen disruptions.”
Khan added, “To build resilience, businesses should focus on scalable, efficient, and reliable technology solutions. For example, implementing AI chatbots and personalized market algorithms can enhance customer experience and operational efficiency.”
Singh further emphasized the role of collaboration. “Collaborative platforms, such as those enabling shared access to agricultural technology, can offer cost-effective solutions and ease the technological burden on individual businesses,” he noted.
Conclusion
The discussions at Xcelerate 2024 provided valuable insights into navigating the complex landscape of digital transformation. Dr. Praveen Dwivedi, Meraj Ahmad Khan, and Er. D.P. Singh collectively underscored the importance of strategic planning, cost management, and building digital resilience. For SMEs looking to harness the power of technology, their advice offers a practical roadmap to drive growth and overcome business challenges in the digital age.
Watch the full session here: https://youtu.be/KHw10tqTqeo
