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International Journal of Trend in Scientific Research and Development (IJTSRD) ISSN: 2456Scientific Research and Development (IJTSRD) ISSN: 2456Scientific Research and Development (IJTSRD) ISSN: 2456-6470 | IF: 4.101

players. The need of the hour is for SMEs to take the players. The need of the hour is for SMEs to take the international framework is requiredinternational framework is required in order to ensure
lead in adopting SMAC and make it an integral part of make it an integral part of everyone, rather than just a select group, can benefit everyone, rather than just a select group, can benefit
their business strategies. Those that are successful in their business strategies. Those that are successful in from global digitalization.
understanding the power of SMAC and harnessing it understanding the power of SMAC and harnessing it
across their businesses will lead this new wave of across their businesses will lead this new wave of They focused on three key goals they are working They focused on three key goals they are working
growth. towards, which include:
Continuous Digital EducationContinuous Digital Education
Steps for Keeping up SMEs Business:SMEs Business: Faster Internet
One of the biggest challenges small businesses face in challenges small businesses face in Harmonized Technical StandardsHarmonized Technical Standards
terms of digitalization is many lack the skill set terms of digitalization is many lack the skill set
required. A recent report showed that while most required. A recent report showed that while most SMEs need to continually develop their digital ntinually develop their digital
small businesses are aware of digital functions,small businesses are aware of digital functions, only education if they stand any chance of keeping up. In education if they stand any chance of keeping up. In
26% have produced opportunities to develop these 26% have produced opportunities to develop these terms of faster internet, the UK is lucky enough to terms of faster internet, the UK is lucky enough to
already boast impressive speeds, though further work lready boast impressive speeds, though further work
functions. a
n
needs to be done to bring it to all areas of the country. eeds to be done to bring it to all areas of the country.
All types of businesses can benefit from keeping up All types of businesses can benefit from keeping up The leaders at the G20 meeting propose setting up ers at the G20 meeting propose setting up
with digital developments, but for some it’s definitely with digital developments, but for some it’s definitely faster connections by the year 2025.faster connections by the year 2025.
more important than others. Take traders for example. ake traders for example.
It would be pretty much impossible to keep up with It would be pretty much impossible to keep up with Conclusion:
the markets without technology. To be successful,the markets without technology. To be successful, you Much of the growth and innovation in a developed Much of the growth and innovation in a developed
need to act fast, especially with Forex tradneed to act fast, especially with Forex trading. So, if economy is fuelled by the SMEs of that country, and economy is fuelled by the SMEs of that country, and
you’re unsure how to use the latest tech, you could be you’re unsure how to use the latest tech, you could be it will be no different for India. With cutting edge it will be no different for India. With cutting edge
missing out on a lot of potential profits. t technologies being available on a payechnologies being available on a pay-as-you-go
model, Indian SMEs would finally get to play a odel, Indian SMEs would finally get to play a
m
To keep up with digitalization, it’s important to not To keep up with digitalization, it’s important to not pioneering role in the growth of the economy. ing role in the growth of the economy.
only know about the latest developments, but also only know about the latest developments, but also Overall, while digitalization is important, many Overall, while digitalization is important, many
how to use them and incorporate them intohow to use them and incorporate them into your businesses aren’t taking full advantage of what it has businesses aren’t taking full advantage of what it has
company. So, along with a fast internet connection, company. So, along with a fast internet connection, to offer. If you want your business to be truly to offer. If you want your business to be truly
you are going to need to keep your digital skills you are going to need to keep your digital skills successful, it’s vital you ensure you’re keeping up successful, it’s vital you ensure you’re keeping up
topped up. with the latest digital trends.

It’s a good idea to bring the team together andIt’s a good idea to bring the team together and see REFERENCES:
what digital skills you already have in your what digital skills you already have in your A. Books:
organization. You may just be surprised by the skills . You may just be surprised by the skills 1. Stephen N. Mutula. Digital Economies Stephen N. Mutula. Digital Economies – SMEs
a
T
already available. Once you have a good idea of the already available. Once you have a good idea of the and E-Readiness. Readiness. Tilde ilde Publishing ublishing and nd
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skills your employees do possess, you can then work skills your employees do possess, you can then work Distribution, First edition (March 19, 2016)istribution, First edition (March 19, 2016)
out which skills are lacking and where improvements ere improvements 2. Neil Perkin, Peter Abraham. Building the Agile Neil Perkin, Peter Abraham. Building the Agile
could be made. B
Business through Digital Transformationusiness through Digital Transformation. Kogan,

First edition (April 3, 2017).irst edition (April 3, 2017).
F
Automation is another important thing to focus on. Automation is another important thing to focus on.
There are a lot of day-to-day tasks which can now be day tasks which can now be 3. George Westerman, Didier Bonnet, Andrew George Westerman, Didier Bonnet, Andrew
McAfee. Leading Digital: Turning Technology cAfee. Leading Digital: Turning Technology
fully automated thanks to technology. This not only fully automated thanks to technology. This not only M
speeds up production, but it boosts effectiveness and speeds up production, but it boosts effectiveness and i into Business Transformationnto Business Transformation. Harward Business,
F
helps you to keep up with your competitors. Look at keep up with your competitors. Look at First edition (November 12, 2014).irst edition (November 12, 2014).
how many tasks you still do manually and see how many tasks you still do manually and see
B. Websites:
whether they could be replaced by automated whether they could be replaced by automated 1. https://economictimes.indiatimes.com/smallhttps://economictimes.indiatimes.com/small-
processes. biz/sme-sector/digitalizationsector/digitalization-of-smes-what-every-
small-manufacturer-shouldshould-learn-from-the-auto-
International Solutions Required For Global International Solutions Required For Global i industry/articleshow/64135. Accessed 28 Aug ndustry/articleshow/64135. Accessed 28 Aug
Developments: 2018.
The meeting held in Dusseldorf, largely focused on The meeting held in Dusseldorf, largely focused on
international digitalization. The leaders suggestedtional digitalization. The leaders suggested an

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