Small and medium enterprises (SMEs) play a vital role as the engines of economic growth for most developing countries globally. According to the World Bank, they account for 90% of all businesses worldwide and more than 50% of employment worldwide. In India, SMEs have stood out as a key driver in pushing economic growth in the country and realizing the goal of becoming a $5 trillion economy by 2025.
SMEs were disproportionately impacted by the fallout of the pandemic, given the smaller scale and limited resources. It has been remarkable to witness the speedy recovery of the sector. Despite concerns of a looming global recession and supply disruptions, India has stood out as a bright spot, growing faster than most major emerging markets. The 6.3 crore micro, small and medium enterprises which account for 30 per cent of GDP and employ nearly 11 crore people have demonstrated this spirit of resilience. With sales in several industries across the SME sector reaching 90 percent of pre-pandemic levels, India’s small businesses are scripting a turnaround.
Over the last two years, SMEs played a key role in bouncing the economy and generating employment opportunities. Equipped with the right technology, MSME entrepreneurs are willing to adopt digital tools for everything from business formalization to carrying out transactions as it helped them optimize cost, improve productivity, increase business agility, and offer better customer experience. Today, with further advancements in technology, SMEs now have access to affordable and user-friendly video conferencing solutions that offers superior performance, seamless integration with most video conferencing platforms and more importantly easy setup and deployment.
As hybrid work becomes a common stay for organizations to manage dispersed teams, video conferencing has transformed the way SMEs communicate and collaborate, allowing them to remain competitive in a rapidly changing business landscape. This increase in adoption will continue, with the government now focusing on a more “Glocalised” approach to growth for MSMEs, as suggested in the Union Budget 2023. Video conferencing would help this objective by transcending boundaries and opening up additional worldwide growth opportunities for India’s SME sector, while also boosting their global competitiveness and enhancing the sector.
The adoption of video conferencing has helped SMEs/Entrepreneurs in various ways such as:
Transcending geographical barriers: The emergence of video conferencing for business communication has enabled SMEs to grow geographically as it allows them to connect to numerous markets virtually. While technology has always been a companion to global growth, it is now unavoidable in the post-Covid world. Many businesses have been able to adapt to video meetings and venture into new markets as a consequence of technological adaptation. It has also assisted businesses in remote hiring and access to bigger talent pool, collaboration with dispersed teams, customers, etc. Video conferencing solutions such as small meeting room solutions, webcams, docking stations, etc. further assist businesses to run seamlessly from any part of the world.
Increased productivity and efficiency in the hybrid workplace: Companies began to shift to a more flexible, hybrid model as the workforce realized the benefits of continuing to work at the same levels but living in more conducive and comfortable locations, and it became critical for SMEs to invest in tools/applications designed to foster collaboration regardless of an employee’s location. According to a study by Gartner, flexible working has resulted in a 7% increase in business revenue across businesses. Video conferencing and face-to-face meetings are equivalent in terms of overall effectiveness and satisfaction for participants. In today’s new normal 48% of employees across the globe value video collaboration more than face-to-face meetings owing to the flexibility it offers. Over the last 2 years, there have been several product innovations in the video conferencing space. Whiteboards were one such innovation, that played an important role in the comprehension and collaboration of team members in a conference room. Similarly, with our revolutionary technology Scribe, which is a whiteboard camera, we were able to assist SMEs in creating better and more productive meetings with potential partners and stakeholders.
Customization: Video meetings provide a direct and personally tailored connection with customers and are highly convenient and have emerged as the best alternative to face-to-face interactions. In a post-Covid world, where people wish to continue working and operating from the safety of their homes, video conferencing opens up new ways and possibilities of communication. In addition, businesses can respond to customers in real time. It is much more convenient for SMEs to focus on their meetings and engagements through video collaboration. Additionally, video conferencing also acts as an ideal alternative to physical business meetings and travel, hence saving time. Amidst an unstable scenario with new Covid variants lingering around the corner, video conferencing will ensure business continuity and growth. It is much more convenient for SMEs to focus on their meetings and engagements through video collaboration owing to the change it has brought about in the way we communicate in the workplace. Additionally, video conferencing also comes in handy as it can be arranged on demand and is easy to operate as per convenience.
Improved resource utilization: According to Global Workplace Analytics organisations can save an average of $11k per half-time remote worker/year. That’s from a combination of increased productivity; reduced turnover, absenteeism, real estate costs, etc. With the adoption of video conferencing, costs for real estate and travel decline significantly, contributing towards sustainable business operations. Video conferencing as a medium provides a simple way for SMEs to utilize existing resources while appearing more, trustworthy, and efficient, high-definition video meetings improve business interactions and establish a more sense of professionalism.
With a CAGR growth rate of 12%, SMEs will continue to be the foundation of the Indian economy. Video conferencing enables SMEs to operate seamlessly and opens doors of opportunities to grow and flourish further and will continue to do so. To be successful in this new age, SMEs must continue to embrace technology and join the video conferencing bandwagon. One can easily say that the SME sector will not only play a vital role in making India a US$5 trillion economy in the next five years but can also become a growth engine for making India a developed country by 2047.
By: Anand Lakshmanan, Head of Video Collaboration – India & South West Asia at Logitech
SMEs were disproportionately impacted by the fallout of the pandemic, given the smaller scale and limited resources. It has been remarkable to witness the speedy recovery of the sector. Despite concerns of a looming global recession and supply disruptions, India has stood out as a bright spot, growing faster than most major emerging markets. The 6.3 crore micro, small and medium enterprises which account for 30 per cent of GDP and employ nearly 11 crore people have demonstrated this spirit of resilience. With sales in several industries across the SME sector reaching 90 percent of pre-pandemic levels, India’s small businesses are scripting a turnaround.
Over the last two years, SMEs played a key role in bouncing the economy and generating employment opportunities. Equipped with the right technology, MSME entrepreneurs are willing to adopt digital tools for everything from business formalization to carrying out transactions as it helped them optimize cost, improve productivity, increase business agility, and offer better customer experience. Today, with further advancements in technology, SMEs now have access to affordable and user-friendly video conferencing solutions that offers superior performance, seamless integration with most video conferencing platforms and more importantly easy setup and deployment.
As hybrid work becomes a common stay for organizations to manage dispersed teams, video conferencing has transformed the way SMEs communicate and collaborate, allowing them to remain competitive in a rapidly changing business landscape. This increase in adoption will continue, with the government now focusing on a more “Glocalised” approach to growth for MSMEs, as suggested in the Union Budget 2023. Video conferencing would help this objective by transcending boundaries and opening up additional worldwide growth opportunities for India’s SME sector, while also boosting their global competitiveness and enhancing the sector.
The adoption of video conferencing has helped SMEs/Entrepreneurs in various ways such as:
Transcending geographical barriers: The emergence of video conferencing for business communication has enabled SMEs to grow geographically as it allows them to connect to numerous markets virtually. While technology has always been a companion to global growth, it is now unavoidable in the post-Covid world. Many businesses have been able to adapt to video meetings and venture into new markets as a consequence of technological adaptation. It has also assisted businesses in remote hiring and access to bigger talent pool, collaboration with dispersed teams, customers, etc. Video conferencing solutions such as small meeting room solutions, webcams, docking stations, etc. further assist businesses to run seamlessly from any part of the world.
Increased productivity and efficiency in the hybrid workplace: Companies began to shift to a more flexible, hybrid model as the workforce realized the benefits of continuing to work at the same levels but living in more conducive and comfortable locations, and it became critical for SMEs to invest in tools/applications designed to foster collaboration regardless of an employee’s location. According to a study by Gartner, flexible working has resulted in a 7% increase in business revenue across businesses. Video conferencing and face-to-face meetings are equivalent in terms of overall effectiveness and satisfaction for participants. In today’s new normal 48% of employees across the globe value video collaboration more than face-to-face meetings owing to the flexibility it offers. Over the last 2 years, there have been several product innovations in the video conferencing space. Whiteboards were one such innovation, that played an important role in the comprehension and collaboration of team members in a conference room. Similarly, with our revolutionary technology Scribe, which is a whiteboard camera, we were able to assist SMEs in creating better and more productive meetings with potential partners and stakeholders.
Customization: Video meetings provide a direct and personally tailored connection with customers and are highly convenient and have emerged as the best alternative to face-to-face interactions. In a post-Covid world, where people wish to continue working and operating from the safety of their homes, video conferencing opens up new ways and possibilities of communication. In addition, businesses can respond to customers in real time. It is much more convenient for SMEs to focus on their meetings and engagements through video collaboration. Additionally, video conferencing also acts as an ideal alternative to physical business meetings and travel, hence saving time. Amidst an unstable scenario with new Covid variants lingering around the corner, video conferencing will ensure business continuity and growth. It is much more convenient for SMEs to focus on their meetings and engagements through video collaboration owing to the change it has brought about in the way we communicate in the workplace. Additionally, video conferencing also comes in handy as it can be arranged on demand and is easy to operate as per convenience.
Improved resource utilization: According to Global Workplace Analytics organisations can save an average of $11k per half-time remote worker/year. That’s from a combination of increased productivity; reduced turnover, absenteeism, real estate costs, etc. With the adoption of video conferencing, costs for real estate and travel decline significantly, contributing towards sustainable business operations. Video conferencing as a medium provides a simple way for SMEs to utilize existing resources while appearing more, trustworthy, and efficient, high-definition video meetings improve business interactions and establish a more sense of professionalism.
With a CAGR growth rate of 12%, SMEs will continue to be the foundation of the Indian economy. Video conferencing enables SMEs to operate seamlessly and opens doors of opportunities to grow and flourish further and will continue to do so. To be successful in this new age, SMEs must continue to embrace technology and join the video conferencing bandwagon. One can easily say that the SME sector will not only play a vital role in making India a US$5 trillion economy in the next five years but can also become a growth engine for making India a developed country by 2047.
By: Anand Lakshmanan, Head of Video Collaboration – India & South West Asia at Logitech
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