The global pandemic and the unpredictable lockdowns have paced up the digital journey for corporates, and small and medium enterprises in India, as reported by the DBS Digital Readiness Survey.
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SMEs are more than 96% of all Asian businesses and are an important contributor to the success of the region’s economy. To analyze their status the survey was expanded this year to gather insights from 1,000 SMEs across six Asia-Pacific markets, including India, on their status on digitalization.
In Singapore SMEs are in lead with 72% having a digital transformation plan in place, followed by Hong Kong (47%), China at 44%, Taiwan at 38%, India at 25% and Indonesia (20%).
The survey demonstrated that half of corporate giants and middle-market companies in India have a digital revolution strategy running.
The survey found that in India, 62% of the large and middle companies are in the early stages of digitalization. They have so far developed their digital plans and are rapidly pushing their efforts.
The head (global transaction services) DBS Bank India Divyesh Dalal said, “If there was any doubt about benefits of digitalization, the pandemic has eliminated it. We are experiencing a rapid pace of technological advancement, which will come with its challenges around implementation."
Keywords; Digitalization, SMEs, business, economy
Pic credits: pixabay
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Technology is a useful servant, but a dangerous master, it was rightly said. Electronic devices have grown into an inevitable part of our daily lives.
