Digital transformation involves integrating digital technology into all aspects of a business, fundamentally changing how it operates and delivers value to customers. For MSMEs, this transformation can be particularly impactful, leading to significant boosts in customer base, sales, and overall growth. The latest edition of the multi-city FE Emerging Business Growth Workshops initiative in Jaipur explained how the integration of technology can enhance operational efficiency, improve customer experience, and provide the required insights.
Business Messaging: Need of the Hour
Held on July 18 in the pink city, the workshop, powered by WhatsApp and associate partner SIDBI, opened with a powerful keynote from Rohant Shyam Rammohan who leads business messaging for WhatsApp India.
Rammohan said business messaging in the past two years and for the next five to six years would be critical for every business.
“It is not just for large but also small businesses to grow their ventures. A lot of customers in India interact with businesses via WhatsApp Business App. Businesses also see a positive impact from the app in two ways: first, it boosts sales and revenue and second, it reduces the cost of servicing such as through a call centre or email marketing,” he added.
Rammohan also touched upon how WhatsApp Business App can help MSMEs drive value across the customer journey with messaging. “If you want to attract more customers, interact with existing customers or run a loyalty programme, etc., it can be done on the app.”
Credit for Technology Adoption
The keynote was followed by a panel discussion on the topic ‘Tech Financing: Enabling Credit Access for MSMEs in Industry 4.0‘ highlighting technology investment by small businesses and its challenges.
The speakers for the session were Shailendra Sharma, AGM, SIDBI; Ajay Data, Founder Member, Tie Rajasthan and MD, Data Group of Industries; Tushar Sogani, Chair, Assocham Rajasthan State Development Council and Principal Architect & MD, Tushar Sogani Designs; and Ujjwal Kumar, Associate Director, CUTS International.
“While Rajasthan has all the potential, but it has not been able to scale the way Maharashtra, Tamil Nadu, Gujarat etc. has scaled. For this SIDBI has brought in loan platforms which are online such as for project loans we have an end-to-end digitised process. MSMEs can apply for a loan, get it sanctioned and disbursed digitally. Even loan documents are verified digitally. SIDBI is continuously innovating products to minimise the hassle of processing loans,” said SIDBI’s Shailendra Sharma.
He highlighted the online PSB loan in 59 minutes which approves loans for MSMEs within an hour of applying.
TiE Rajasthan’s Ajay Data suggested MSMEs invest at least one per cent of their profit into technology adoption while Assocham’s Tushar Sogani called for a relook into the due diligence process done by banks for lending to MSMEs.
“Due diligence through a checklist of certain parameters with the help of certain technology sometimes may not work always in a country like India as the business model itself is not completely digitalised. So, the biggest challenge is that due diligence has to be on a face-to-face basis to understand the actual creditworthiness of the borrower and provide credit to more MSMEs,” said Sogani.
Business Growth via WhatsApp Business App
The workshop also hosted a masterclass by Priyash Nigam, Lead Trainer, Digital Vidya on how MSMEs can grow their business and customer outreach with Whatsapp Business App.
Beginning with explaining why customers love WhatsApp to communicate with businesses, Nigam highlighted the personalised one-on-one customer-centric conversations, asynchronous messaging and more offered by the app.
“The main purpose of the WhatsApp Business App is to increase your sales by reaching out to customers across India, strengthening your relationship with them and having them on your virtual showroom provided by the app,” said Nigam.
The masterclass elaborated on how businesses can engage with customers on the app in real-time, answering inquiries and resolving issues promptly, which can lead to quicker purchase decisions. The app can also help MSMEs with posting updates, product launches, and promotional content.
Moreover, the catalogue feature can allow businesses to display their products or services directly within the app, making it easy for customers to browse and select items.
To value customers’ time, businesses can use automated messages to inform customers when you’re not available and set expectations for when they can expect a response. Moreover, businesses can leverage QR codes in marketing materials to direct customers to the company’s WhatsApp Business profile.
Digital Transformation for MSMEs
After the masterclass, a panel discussion on the topic Beyond Brick and Mortar: Digital Transformation for MSMEs threw light on the evolution of enterprises in digital technology adoption from having only an email ID, a website and social media accounts to grow their businesses.
The speakers for the panel discussion were Girish Kumar, Assistant Director, MSME-DFO, Jaipur; Raj Kumar Verma, Additional Director & Officer-In-Charge, Software Technology Parks of India (STPI), Rajasthan; and Somesh Gupta, Vice President and Chief Growth Officer, Pinnacle Infotech Solutions.
“The biggest challenge for MSMEs is understanding the importance of technology as it benefits in the long term and not the short term. Another challenge is to be aware of the right technology, dedicate some time to it and have people who help you adopt and manage technology as technology vendors sometimes oversell and overpromise their solutions,” said Somesh Gupta.
Girish Kumar of MSME Development and Facilitation Office Jaipur said businesses can look at technology as a must-have or a necessary evil and depending on it, the results will come out.
“If you adopt technology for business growth, you would see the right outcome but if you see it as a necessary evil without putting efforts into understanding it, you may not see the desired result,” said Kumar.
He called for assessing the readiness of businesses to adopt a particular technology and how it can transform an enterprise into a digital enterprise. “Make a two-year plan and then only you would be able to see a change. If you don’t then you may go out of business.”
The workshop wrapped up with a felicitation ceremony to recognise MSMEs from Rajasthan who were able to scale their businesses amid an uncertain business environment in the past few years. The event provided a platform for emerging small businesses in the state to forge valuable connections, share ideas, and explore partnerships to compete and thrive in an increasingly digital world.