Merchants’ Chamber of Commerce & Industry organised MCCI Knowledge Series on Using Technology to Mitigate Top 5 Challenges faced by MSMEs today at MCCI Conference Hall.
Shri Rakesh Singh, Co-Founder, Upsourced Consultancy Services Pvt. Ltd. and Smt. Sarita Agarwal, HoD, Cloud Infosolutions Pvt. Ltd. addressed at the Knowledge Series.
“IT Tools have come as a boon for MSMEs.” – said by Shri Vishnu Kumar Bhandari Chairman, Council on IT & Communication, MCCI. Shri Bhandari added that Technology in MSMEs does not need huge financial investment, as most digital tools required are either free or incredibly cheap, vis-a-vis the benefits they provide.
Shri Sanjib Kothari, Chairman, Council on MSME, MCCI said that the objective of this Knowledge Series is to identify and explore IT Tools to mitigate the top 5 following Challenges faced by MSMEs.
- Working Capital Requirements
- Dependence on Owner for every task
- Managing Employees – Performance and Activities
- Uninformed/ Delayed Decision Making
- Accounting & Legal Compliances
The Knowledge Series was moderated by Shri Sanjib Sanghi, Co-Chairman, Council on IT & Communication, MCCI. Shri Sanghi also mentioned that the transformation from traditional business to digital business culture is the toughest journey for the businesses.
“keep your inventory count and valuation up to date.”- advised by Shri Rakesh Singh, Co-Founder, Upsourced Consultancy Services Pvt. Ltd
He said that Could Accounting is important for any businesses to update the database including inventory stock. Cloud-Accounting Technology helps to optimize the cost of the business.
Shri Singh also mentioned about the online Website “ZOHO”; in the ZOHO multiple dashboards can be accessed for each verticals namely Finance, HR, etc, of business.
While speaking on Cloud Technology, Shri Singh shared that the best part of the Cloud Accounting Software is analytical part of the software. Futuristic data analysis is always helpful in decision making in business, sales, profit and others.
Shri Singh also advised the house that the business should follow the mind set, skill set and tool set.
Smt. Sarita Agarwal, HoD, Cloud Infosolutions Pvt. Ltd. said that Cloud Software helps to remind the customers for the product payments during the process of invoice. The software can remind the customers through WhatsApp also.
“with the help of Could Accounting Software, 50 % transactions have been done in paperless mode”- informed by Smt. Agarwal.
The Session ended by the Vote of Thanks proposed by Shri Sanjib Sanghi, Co-Chairman, Council on IT & Communication, MCCI.