Small and medium-sized businesses (SMEs) are the main drivers of economic growth in the majority of emerging nations worldwide. They are responsible for 90% of all enterprises and more than 50% of all jobs globally, according to the World Bank. In India, SMEs have distinguished themselves as a vital force behind the nation’s economic expansion and achievement of its target of being a $5 trillion economy by 2025.
SMEs were disproportionately affected by the pandemic’s effects because of their smaller size and scarcer resources. It has been amazing to see how quickly the sector has recovered. Despite worries about an impending global recession and supply disruptions, India has emerged as a bright light, expanding more quickly than the majority of other significant emerging markets.
This attitude of perseverance has been shown by the 6.3 crore micro, small, and medium-sized businesses, which account for 30% of the GDP and employ approximately 11 crore people. India’s small firms are directing a recovery as sales in numerous industries across the SME sector have reached 90% of their pre-pandemic levels.
SMEs were crucial in boosting the economy and creating job prospects during the past two years. With the proper technology, MSME business owners are eager to use digital solutions for everything from business formalization to transaction processing since they helped them reduce costs, boost productivity, increase business agility, and provide a better customer experience.
SMEs now have access to low-cost, easy-to-use video conferencing solutions that deliver exceptional performance, seamless integration with the majority of video conferencing platforms, and, most importantly, simple setup and deployment.
Video conferencing has altered the way SMEs communicate and collaborate, enabling them to stay competitive in a business environment that is evolving quickly. Hybrid work is becoming a common stay for firms to manage distributed teams. With the government now concentrating on a more “Localized” strategy growth for MSMEs, as indicated in the Union Budget 2023, this surge in adoption will continue.
By its ability to cross borders, video conferencing will support this goal by expanding the sector and providing the SME sector in India with more prospects for global expansion.
The use of video conferencing has benefited SMEs and entrepreneurs in a number of ways, including:
Crossing geographic boundaries: Due to their ability to electronically connect to a variety of markets, SMEs have been able to expand geographically thanks to the development of video conferencing for corporate communication. Technology has always accompanied global prosperity, but in the post-Covid era, it is now inescapable.
As a result of technical advancement, many firms have been able to adapt to video meetings and enter new markets. Moreover, it has helped organizations collaborate with distant teams, customers, and employees, as well as access a larger talent pool through remote recruiting. Small conference room solutions, cameras, docking stations, and other video conferencing tools let organizations work smoothly from anywhere in the globe.
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Enhanced efficiency and productivity in the hybrid workplace: As the workforce realized the advantages of continuing to work at the same levels while living in more hospitable and comfortable locations, businesses started to shift to a more flexible, hybrid model.
It was crucial for SMEs to invest in tools/applications designed to foster collaboration regardless of an employee’s location. According to a Gartner survey, organizations have seen a 7% rise in revenue as a result of flexible working. The efficacy and participant satisfaction of face-to-face meetings and video conferences are comparable.
Due to the freedom it provides, 48% of employees worldwide value video collaboration more than face-to-face meetings in the modern workplace. The video conferencing industry has seen a number of product improvements during the past two years.
One such innovation was the use of whiteboards in conference rooms, which significantly improved team members’ ability to understand and work together. Similar to this, we were able to help SMEs organize better and more effective meetings with potential partners and stakeholders because of our ground-breaking technology, Scribe, a whiteboard camera.
Customization: Video meetings have become the finest substitute for in-person encounters because they offer a direct and customized relationship with consumers. They are also quite handy. Video conferencing provides up new channels and avenues for communication in a post-Covid world where individuals want to continue working and conducting business from the comfort of their homes.
Also, companies may reply to customers instantly. Using video collaboration, Businesses can concentrate on their meetings and interactions much more easily. In addition, video conferencing is a great substitute for in-person conferences and travel, which saves time.
Video conferencing can guarantee corporate development and continuity in an uncertain environment where new Covid variations are just around the horizon.
Due to the shift in how we interact at work brought about by video collaboration, it is much more comfortable for SMEs to concentrate on their meetings and engagements. Moreover, video conferencing is useful since it can be set up on demand and is simple to use as needed.
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Improved use of Resources: Global Workplace Insights estimates that companies may save $11k annually for each half-time remote worker. Increased productivity, less turnover, absenteeism, decreased real estate expenditures, etc. all contributed to this.
Through the use of video conferencing, real estate, and travel expenses have dramatically decreased, resulting in more sustainably run businesses. High-definition video meetings enhance business relationships and foster a greater feeling of professionalism.
As a medium, video conferencing offers SMEs an easy method to make use of their current resources while coming off as more reliable, trustworthy, and effective.
SMEs will continue to be the backbone of the Indian economy, growing at a CAGR of 12%. Video conferencing makes it possible for SMEs to run smoothly and opens up doors for possibilities to expand and flourish even more. Businesses must continue to embrace technology and jump on the video conferencing train if they want to succeed in the modern world.
It is simple to state that the SME sector will be crucial in helping India expand to a US$5 trillion economy in the next five years and that it has the potential to become a growth engine for the country’s development by 2047.