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HOW DIGITISATION IS HELPING THE MSME TO STREAMLINE THEIR OPERATIONS?

Let’s know about the need for cybersecurity in MSME & how will digitalisation transform the MSME?

Need for Cybersecurity in Micro Small and Medium Enterprises

  • Bridge the cybersecurity shortcomings observed at EU and federal levels for small and micro companies 
  • Offer creative training to deliver new skills and competencies to MSMEs? entrepreneurs and staff
  • allow young people to become “cybersecurity experts” and discover new jobs in MSMEs.
  • The cybersecurity specialist profile is in high demand: according to IBM, the frequency of cybersecurity job posts increased by 94% in 2019.
  • Contribute to EU micro and small business competitiveness and growth by delivering more appropriate and slightly elevated training and products to address cybersecurity concerns and effectively manage cyber risks
  • MSMEs can benefit from innovative cybersecurity training tools, courses, and materials.
  • A set of operational tools that help businesses deploy cybersecurity.
  • MSMEs? understanding, anticipation, management, and containment of cyber threats will be improved.
  • Improved operational capability in MSMEs to deploy cybersecurity:
  • Ascertained and applicable training materials for the “Cybersecurity Expert for MSME” professional profile.
  • How will Digitisation transform Micro, Small, and Medium

    Enterprises?

    The integration of digital media into all elements of a business, radically changing how you operate and give value to clients, is known as digital transformation. It?s also a culture shift that necessitates firms to challenge the existing quo, experiment, and learn to accept failure.

    Here are some steps that businesses of all sizes and types take to get started with digitalization:

    Digital operational paradigms, including integrated cross-functional teams, are being adopted quickly.

  • A reorganization as those who have invested in big data governance and analytics get an advantage over their competition.
  • AI and machine learning should be used more effectively.
  • In the IT outsourcing market, mergers and acquisitions are still happening.
  • New digital alliances are growing between consultancies.
  • Increasing the use of public clouds.
  • New success measures for digital transformation.
  • More emphasis on the long-term benefits of digital initiatives.
  • What are the Digital trends that can be used by the MSME to streamline their operations?

    MSMEs have benefited from digitalisation and digital tools since they enabled them to boost their value and production prior to the COVID-19 epidemic. Its significance only grew as it was broadcast over the world.

    While some MSMEs were unable to catch up due to cash flow constraints, a lack of leadership and competence, and a sluggish approach, the pandemic awakened the eyes of MSME executives to the truth that digitalisation is a matter of life and death.

    In general, modern digital transformation initiatives have shifted business and process online; leveraging digital tools to automate workflows, reduce costs, and gain business insight; utilizing social media platforms for marketing, sales, and recruiting; moving systems to the cloud ecosystem, and utilizing SaaS applications; and utilizing social media platforms for marketing, sales, and recruiting.

    Accelerating India’s MSMEs’ digital journey through digital trends:

  • Management of digital inventory
  • Increasing efficiency with AI and machine learning                                                                            Digitization of storefronts
  • As more businesses move online

  • Chatbots will become increasingly important.

  • Businesses are changing to accommodate Millennials.

  • Social media will continue to be the leader for SMBs

  • The movement to Cloud will be more prominent

  • Leveraging intelligent technologies with Blockchain

    Blockchain technology is gaining traction in a variety of industries. It adds certain automated capabilities to human society as a whole. However, there are a few notable drawbacks, which is why some people are hesitant to adopt this strategically sound technology. Many of the disadvantages of blockchain are documented in research papers, white papers, and case studies. Experts and pundits must therefore identify the commonly acknowledged limitations and bring in competent technology, processes, and tools to address them. In this regard, groundbreaking achievements in the artificial intelligence (AI) domain are being advocated as a way to overcome blockchain obstacles like low throughput, scalability issues, and other performance issues. This special edition will investigate the blockchain difficulties.