MCCI Knowledge Series on Using Technology to Mitigate Top 5 Challenges
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Chamber of Commerce and Industry of Traders organized MCCI Knowledge Series on Using technology to mitigate the top 5 challenges facing MSMEs today at the MCCI conference room.
Shri Rakesh Singh, Co-Founder, Upsourced Consultancy Services Pvt. Ltd and Smt. Sarita Agarwal, CEO, Cloud Infosolutions Pvt. ltd. addressed to the Knowledge series.
“IT tools have become a godsend for MSMEs.” – said by Shri Vishnu Kumar Bhandari Chairman, Council on Computing and Communication, MCCI. Shri Bhandari added that technology in MSMEs does not require huge financial investments as most of the digital tools needed are free or incredibly cheap considering the benefits they provide.
Shri Sanjib KothariChairman of the Council on MSMEs, MCCI said the objective of this knowledge series is to identify and explore IT tools to mitigate the following 5 key challenges faced by MSMEs.
- Working capital requirements
- Dependence on the owner for each task
- Employee Management – Performance and Activities
- Ill-informed/delayed decision-making
- Accounting and legal compliance
The knowledge series was moderated by Shri Sanjib Sanghi, Co-President, IT and Communication Consulting, MCCI. Shri Sanghi also mentioned that the transformation from traditional corporate culture to digital corporate culture is the hardest journey for companies.
“keep your inventory and assessment up to date.” – advised by Shri Rakesh Singh, Co-Founder, Upsourced Consultancy Services Pvt. ltd
He said accounting could be important for all businesses to update database including inventory stock. Cloud-Accounting technology helps to optimize the cost of the business.
Shri Singh also mentioned the online website “ZOHO”; In ZOHO, multiple dashboards are accessible for each vertical i.e. Finance, HR, etc. of the business.
While talking about cloud technology, Shri Singh shared that the best part of cloud accounting software is the analytical part of the software. Futuristic data analysis is always helpful in decision making in business, sales, profit and others.
Shri Singh also informed the house that the company should follow the mindset, skills and tool set.
Smt. Sarita Agarwal, CEO, Cloud Infosolutions Pvt. ltd. said Cloud Software helps remind customers of product payments during the billing process. The software can also remind customers via WhatsApp.
“With the help of Could Accounting Software, 50% of transactions were carried out in dematerialized mode”- informed by Smt. Agarwal.
The session ended with the vote of thanks proposed by Shri Sanjib Sanghico-president, IT and communication consultancy, MCCI.