Challenges and Solutions to Successful Digital Transformation For SMEs

Summary: This article sheds light on the challenges SMEs face in driving Digital Transformation, and ideas and methodologies across Digital Transformation for SMEs. Also, it educates about inoday’s participation as ORACLE NetSuite’s Associate Partner at ET NOW SME TRANSFORMATION SUMMIT 2024.

Digital Transformation For SMEs, to stay up-to-date with evolving business trends is crucial for SMEs in India. This readily helps an SME Business to remain competitive in the consistently changing innovation-powered business landscape. Although it involves a substantial upfront cost, investments in the digitalization of SMEs help them gain valuable insights from their data.

In addition, it helps increase the efficiency of SME Business operations and creates greater opportunities for scalability and SME Growth potential. For the most part, SME Digital Transformation offers small and medium-sized businesses and companies access to and use of technology enhancements, infrastructure, or software as services.

With Digital Transformation for SMEs, an SME Business is no longer required to purchase and manage the underlying technologies themselves.

inoday, the #1 ORACLE NetSuite Channel Partner, participated as ORACLE NetSuite’s Associate Partner at the ET NOW SME TRANSFORMATION SUMMIT 2024 to better comprehend SME Market and make the best of this  Business Summit to innovate around SME Transformation.

For the most part, this SME Summit rendered valuable insights into the digitalization of SMEs, where SME Transformers of India shared proven methodologies standard practices, and strategies to eliminate the challenges faced by Small Businesses.

The inquisitive conversations, diligent interactions, and Innovation-fueled ideas for SME Growth made this summit a Super Success. With the inception of Digital Innovation in India, it is important to analyze the trending growth opportunities and explore ways to use technological advancement to elevate the positive impact of SMEs on the Economy.

The ET NOW SME TRANSFORMATION SUMMIT 2024 was organized as a Collaborative Ecosystem for SME success and inoday, as ORACLE NetSuite’s Associate Partner, brought great learnings and insights to enhance its deliveries around Digital Transformation for SMEs. Most importantly, this experience with leading SME Transformers of India would be reflected in our offerings around Digital Innovation in India and eliminating mission-critical issues that hold back SMEs to achieve enterprise-level productivity and profitability.

Undeniably, great leadership underpins Digital Transformation for SMEs. For the most part, digital transformation triggers cultural change as new software and systems come into place. Hence, employees must adapt to new ways of working, eliminating the challenges faced by small businesses.

Great leaders provide support and encourage engagement which is essentially required for an SME Business to grow. They hold the responsibility for implementing the digital transformation strategy at the team level and deliver ongoing guidance to build confidence and competence.

In particular, digital transformation stands for embracing ongoing change. Most importantly, adopting change management practices helps businesses to work through resistance and clear up any vague about the project for their workforce.

Clear communication and transparency with employees about your digital transformation help build acceptance and maintain a healthy culture throughout the transformation.

This ET NOW SME TRANSFORMATION SUMMIT 2024, where inoday was present as ORACLE NetSuite’s Associate Partner, delivered meaningful insights to help small and medium-sized businesses break down silos and foster collaboration.

Developing new skills is of utmost essential for digital transformation. It can be the determining factor in the success of a project. Undeniably, training builds confidence and enables teams to be more innovative with the new systems and tools than ever. Small and medium-sized enterprises must keep an eye on Govt Scheme for Small Businesses, government-funded programs, and initiatives to boost digital skills. There are many collaborative ecosystems for SME success and modern platforms offer free and paid training to help you and your workforce level up.

Above all, a well-trained team helps you keep company and customer data safe, as well as supporting compliance with data regulations.

The digitalization of SMEs is typically considered an internal project. However, aligning it with customers’ needs helps provide a better, more competitive, and personalized service.

 The ET NOW SME TRANSFORMATION SUMMIT 2024 offered insights into embracing digital tools and processes so that an SME business can understand its buyers on a deeper level and provide exactly what they want.

When a business leader takes a data-driven approach to digital transformation, it helps them make better decisions, course correct promptly, and capitalize on trending growth opportunities.

For the most part, data is essential for delivering personalized experiences and targeted improvements. Here, small and medium-sized businesses can track a handful of specific data points important for your business to go ahead with a lucrative digital strategy. Most importantly, you can analyze patterns and anomalies in financial transactions and operations to spot potential risks and security threats.

In today’s ever-evolving era, technologies are evolving and so too are customer preferences, compliance obligations, SME market dynamics, and cyber threats. Here, small and medium-sized enterprises need to monitor different parts of the business and call on the data for insights, technology, and conversations to adapt to changes and align with the consistently changing economic and market landscape.

At inoday, #1 ORACLE NetSuite Channel Partner, you can connect to our Certified NetSuite Consultants and look for external factors such as

For the most part, all these factors impact the success of your digital transformation. Here, we help you choose solutions that are scalable and can grow with your SME business. Also, our experts help you phase out a tool, which was once fit for your first few years of transformation but cannot adapt to changing business requirements. Our specialists offer the advanced tools that elevate operational efficiency as your business grows.

We believe that Process, Workforce, and Technology decide the success of digital transformation in SMEs and hence, our offerings around Digital Transformation in SMEs cover all the key aspects to ensure Increased Efficiency, High Operational Excellence, and an Elevating Growth Trajectory.

For more details, write to us at info@inoday.com