Camozzi
Camozzi

Your future advertising space? Our media data

Absolent
Absolent

Your future advertising space? Our media data

Indian SMBs banking on digital transformation to rebound from COVID impact: Study
.

Indian SMBs banking on digital transformation to rebound from COVID impact: Study

October 7, 2020 3:51 pm

Highlights
• 73% of Indian SMBs are confident of bouncing back post COVID
• 64% believe that this period presents a good opportunity to reformulate their business strategy
• 75% SMBs in India believe that digital adoption is the key to their success

Small and Medium Business (SMBs) in India are looking to bounce back after facing stiff challenges due to the ongoing pandemic. The HP Asia SMB Report 2020 – a study conducted among SMBs in the region has revealed that over 73 percent of SMBs in India are confident that they will survive and bounce back post COVID-19.This number is significantly higher than the regional average, which stood at 60 percent.

This confidence is reflected in the fact that almost two-thirds (64 percent) of respondents from India believe that this period presents a good opportunity to reformulate the business strategy. And half of the sample believe that the pandemic will ultimately bring opportunity, but in the longer term.

More importantly, SMBs in India recognise the importance of going digital to revive their businesses. Three-quarters (75 percent) of the surveyed businesses believe that digital adoption is essential or very important to their success.

Indian SMBs have also recognised 4 key aspects that will help them best to bounce back. These include:
“SMBs are critical to our economy as they contribute nearly a third of our GDP and generate employment for millions. The ongoing pandemic has impacted SMBs as much as any other segment. But the agility and flexibility in their operations, coupled with the adaptability to changing business environment and customer needs means they can bounce back far more quickly. However, it is critical to discover their challenges and address their pain points, which was the primary motivation for HP to commission this study,” said Ketan Patel, Managing Director, HP India Market.

“A key finding from the research is that the more a company values digital transformation, the more positive they are about future growth, and nowhere in Asia is this reflected as strongly as in India. The results of this study will enable HP in helping them adapt to new agile work environments, providing them the right devices, technology, and tools for them to unlock innovation for customers and drive growth for themselves,” he added.

Challenges
The survey also touched upon key challenges that Indian SMBs have identified as roadblocks on the road to recovery. While global instability tops the list of concerns, it is less pronounced in India than the rest of the Asian countries surveyed.

In addition, the research shows that growth correlates with how a company values digital adoption for its success. Of SMBs that reported good business growth in the past year, 56 percent see digital as a lever for success, with only 14 percent considering it of low importance.
As SMBs look to capture future growth opportunities, it has never been more critical to prioritise innovation and work with a partner to drive digital transformation.

Methodology
In total, 1,600 SMBs completed the survey between 26th May 2020 and 7th June 2020, which comprised of 200 interviews in each of the markets: Australia, India, Indonesia, Japan, South Korea, Singapore, Thailand, and Vietnam. Only an Owner, Partner, Managing Director, CEO, COO, CFO, or a Director of a business with less than 200 employees was qualified for the survey. Interviews were split evenly between Micro Business

Cookie Consent

We use cookies to personalize your experience. By continuing to visit this website you agree to our Terms & Conditions, Privacy Policy and Cookie Policy.

Tags: Study
OEM Update QR Code
OEM Update QR Code

Events

Intralogistics and Warehousing Expo
Intralogistics and Warehousing Expo
Metal Forming Expo
Metal Forming Expo
amtex
amtex
Fastener Fair India
Fastener Fair India
Himtex 2024
Himtex 2024
Pharma India Expo
Pharma India Expo
World of Photonics India
World of Photonics India
IFFE Expo
IFFE Expo
India Essen Welding and Cutting Expo
India Essen Welding and Cutting Expo

eMagazine April 2024

eMagazine April 2024
eMagazine April 2024

Your future advertising space? Our media data

Our Sponsors

Carl Zeiss India
Carl Zeiss India
STMCNC
STMPC
Lakshmi Machine Works Limited
Lakshmi Machine Works Limited
BR Automation
BR Automation
Pragati Gears
Pragati Gears
Pilz India
Pilz India
Fuji Electric India
Fuji Electric India
Testo-India
Testo-India
AMF
AMF
Bibus India
Bibus India
Mallcom
Mallcom
HPL Electric Power
HPL Electric Power
PMT Machines Ltd
PMT Machines Ltd
Igus India Pvt Ltd
Igus India Pvt Ltd
Sdtronics
Sdtronics
Vega India Level Ltd
Vega India Level Ltd
Wago Pvt Ltd
Wago Pvt Ltd
Mecc alte
Mecc alte
Hosabettu Heavy Machinery LLP
Hosabettu Heavy Machinery LLP
Chicago Pneumatic Tools
Chicago Pneumatic Tools
Concord Hydraulics
Concord Hydraulics
Fenwick and Ravi
Fenwick and Ravi
MMC Hardmetal Pvt Ltd
MMC Hardmetal Pvt Ltd
Radicon Powerbuild
Radicon Powerbuild
Mennekes
Mennekes
Red Lion
Red Lion
EAPL
Red Lion
Endress Houser
Endress Houser
Premium
Premium
KEJE Electric
KEJE Electric
Sterling Engineering
Sterling Engineering
Fietest
httpswww.fietest.com
J K Machines
J K Machines
Filtermist
Filtermist
Exor
Exor
IMTMA
IMTMA
Prostarm
Prostarm
Wika Instruments India
Wika Instruments India