Digitalization in MSME’s: A Literature Review Study
Keywords:
Digitalization, MSME’s, ICT, Industrie 4.0.Abstract
Digitalization has become a basic requirement for the growth of MSME’s. Enabling the MSME’s in enhancement of connectivity with wireless technology and in using more updated information as regards to handling business activities and competition in a fast, quick and flexible style. Digitalization has proved very effective in the facilitation of business activities, enforcing the decrease in production time, development in productivity, decrease in cost of logistics, decrease in inventory, effectiveness in equipment, reduction in cost and enhanced profit margins. Though some obstacles are there in the way of digitalization for MSME’s, but they can be overcome for being survived and grown in this competitive environment. Methodology: In this research work, researcher has reviewed many studies in order to understand the aspects like need , importance and challenges of digitalization in Micro, Small and Medium Enterprises (MSME’S). Implications: The digitalization of MSME’s would result in the development and growth of MSME’s and enabling them in acquisition of new knowledge and skills in fostering further growth. Findings: Digitalization would help decision makers in achieving growth, development and sustainability of their business and enable them in using options related to different strategies, proper utilization of resources and development of skills in business. But, still some MSME’s are not implementing digitalization policies as it should be. Originality: This article is original work of author conducted to study and review the literature related with the need, importance and challenges of digitalization in MSME’s.
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