Digitalization is grooming fast, with a potential to throw around 100 trillion dollars growth within the next ten years. With the fast pace, India is aiming to have a strong position to boost the GDP within the government programmes like “Make in India” and “Digital India”.
Consequently, the next generation of manufacturing is planning to incorporate cognitive solutions for infusing intelligence with a pinch of digitalization.
The transition will further happen as the growth of technology is coming around the corner.
All of these at an increased productivity scenario. Subsequently, this puts forward an increasing pressure which is likely to hold on to certain challenges on the out front.
Certain companies face the financial and execution blocks as they undertake the digitalization process. Ordinarily, the process of adaptation of training and efficiency can only be implemented further through an affordable cost.
IoT WORLDWIDE ( Image Source: Statista. )
Challenges like certain government policies to the confidentiality of customer data can always affect the overall scenario, limiting the scope of Big data analytics.
What are major issues with the Small To Medium Enterprises and Business?
Digitalization process has been put forward by around 42 per cent of SME but on the contrary, IoT is adapted only by about 25 per cent. SMEs have been adapting to game-changing technologies.
nullThe associations with several startups and corporations can further include an array of freshly incorporated ideas which can get on to a smooth process of digitalization on the upfront.
Fact Note : Small and Medium Enterprises (SMEs) in India have seen exponential growth over the last decade. According to the latest reports by the SMB Chamber of Commerce and the Ministry of Micro, Small and Medium Enterprises, India currently has more than 48 million SMEs .
What exactly is happening in the case of SMEs is largely misinterpreted. The risk of business models being obsolete is largely faced by the SMEs. This is mostly because of the shift in customer expectations.
This can be tackled on near future by providing the indemnity strategy against revelations happening eventually. Several loopholes are faced by SMEs in every atmosphere.
One such being the adaptation of a digital overhaul. It can only be tackled if a return on investment is subsequently made to undo the risks.
While all these are on the roll, the retail industry seems to go forward to a different level with the introduction of IoT in the subsequent processes
Retail management is surprisingly easy with the online shopping portal taking the place of usual mortal shopping. Offline counters still continue in this day of digitalization, as although there’s a lot IoT can offer, consumers have still a preference for manual testing.
Sooner the manual testing methods are also being offered by tech giants Amazon which is offering the same convenience of a store at home.
Over the coming years, the future of the retail industry is going to be completely driven by the impact of IoT on the landscape and consumer preference. This is further aiming to reduce cost and streamline various supply chains.
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