By: Karen Anthony
India’s GDP is continuing to grow at a steady rate, still among the top 10 nations in the world.
As per a recent analysis, the GDP of India is estimated to grow at 7.03%
for the financial year of 2020.
It is a widely accepted fact that Small and Medium Scale Enterprises are
among the key drivers behind such growth in our country’s economy.
SMEs run with a limited budget
require substantial funding for business expansion. Owners of such enterprises
should be aware of working capital calculation to suitably deal with
liabilities and available assets for operational liquidity.
Small scale companies in India can
also incorporate various technology-based services with the help of which they
can attain substantial business expansion.
With the help of technology, small
scale business owners can easily make use of their limited capital in an
Technology offers both tangible and
intangible benefits that will help in generating higher cash flow and produce
substantial results which are more than adequate to please the customers.
Impact of technology is noticeable in various aspects of
business growth, which are –
The use of technology affects a company’s ability to enhance its communication system with the customers. In the present day, it is essential for the employees of a business to interact with their clients without any hassle to deal with any issue quickly. Improvement in the communication services of an enterprise also helps in creating a stronger public image.
Technology also helps an enterprise,
whatever be its size and scale, to grasp a better understanding of its cash
flow across each step of the supply chain. Several methods which can be adopted
to increase the efficiency of business operations are as follows –
With the help of this tool, business
owners can conduct a proper analysis to determine the specific segment of a
supply chain of a business module where substantial time is lost.
Digital dictation is among the most
popular procedural tools used in various business modules which help to streamline
the workflow and thereby improve the overall efficiency.
Business owners can also employ
inventory management software programmes which enable the company to reduce
their expenses from the gross
working capital for better management of their storage facilities.
Business owners can incorporate DBMS
to enhance their project and task management tools to remain completely in
control of their daily responsibilities.
In order to adopt such technology,
you should estimate the number of funds required which can be determined with
the working capital calculation. Adopting such technology is also among the
important steps which can help your business raise finance.
Most companies in India, irrespective
of size and scale, are subject to cyber threats. In order to protect the
financial data, confidential business decisions, proprietary information, etc. of
your business, you can take the assistance of advanced technology to
incorporate strong encryption of the stored data to avoid cyber hacks and
A company that possesses the technological ability to research new and inventive opportunities is always deemed to stay ahead of its competition. For any business to thrive, it must possess adequate resources for growth and expansion across multiple channels.
The benefits, availed from adopting
such technology, outweigh the challenges faced during the transitional process.
Such technology is also among the most important tips you can consider to boost
a slow-moving business.
After performing the working capital
calculation, you can avail a business loan if you require funds to incorporate
the above-mentioned technology. Reputed financers such as Bajaj Finserv offer
loans designed for small scale businesses.
This NBFC also brings forth pre-approved offers that help in obtaining these loans without any hassle. Such offers are also applicable to various other financial products such as home loans, personal loans, credit cards, etc.
Hence, as per the above discussion,
you can understand the impact of technology on business expansion in India and
how essential it is to perform the working capital calculation before adopting
the above-mentioned technology to streamline the overall workflow of the
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