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How technology is helping India’s start-ups & small businesses lift off

Small business, Technology helping start-ups, Business in digital age

The remarkable revolution in start-ups and small businesses that we are witnessing is as much a testament of individual ambition as it is of a technology and economy-enabled environment. Technology has come a long way since the past decade to become the single biggest enabling factor for start-ups and small business ventures. A few of the key areas where technology and a technology-enabled administration have greatly enabled the spirit of entrepreneurship are listed below - 

1. The ease of getting a loan


This is particularly noteworthy for India, where the process for the loan application was mired in red tape. Through the extensive use of Artificial Intelligence and machine learning, banks have now streamlined the loan approval application without losing out on extensive backchecking and vetting. Today a business loan can be approved in as short a time span as a week.  This process helps set up a business venture in as little as three weeks, considering that a company can now be registered online in under 21 days. 

2. Personalised customer experience 


On average, 80% of customers are likely to go for a product or service if they are offered a personalised experience. Over 90% of the customers find it engaging, and over 72% of the customers responded only to personalised emailers and messages. Until recently, the personalised customer experience was too cost-prohibitive for all except very large corporations. However, the advent of machine learning and the explosion of Martech solutions has enabled even small business ventures to offer an interactive customer experience in the form of customer profiles, offering support via social media, chatbots, etc.  This helps ensure that small businesses and start-ups can easily find a loyal customer base and an economic niche to serve, whereby their services can be optimised.

3. The rise of communication and Martech


Martech is simply technological solutions and tools developed with a marketing perspective. These are now enabling companies, and essentially, ideas to reach out to their intended clientele and to acquire real-time feedback on their efforts. Moreover, the advent of 5G networks has further augmented the ease and pact of communication between individuals. This means that jobs and services which are very data-heavy can also now be carried out remotely. In addition, there are numerous profession-specific tools such as InVision, Dribbble, CodePen, and Skitch, which are a boon for audio-visual and creative field professionals. Moreover, general planning and execution tools are also widely available, which aid greatly in the rudimentary setting up of small organisations and handle complex and detailed management for larger organisations. 

4. Remote Working


On its way to become a world staple, remote working is not only easier but has also proven to be more productive. Tools such as video calling apps are practically placing the office space in a virtual zone. Tools that have immersive interfaces further blur the line between a virtual and spatial office. Remote working also ensures that the entire globe is a giant resource field where the nationality of the concerned individual is secondary to their internet connection. 

5. The Grand Online Bazaar


With the tremendous advancement in logistics and the integration of virtually the entire world into one network, the globe is now one big marketplace. Instagram, Facebook, Amazon, and many others are now responsible for showcasing products and services from across the world. With a proliferation in online stores, the customer base required to sustain small businesses and start-ups can easily be attained, thereby setting up stable economic environments for these enterprises. Moreover, this is leading to growth in the specialisation offered under services, qualitative improvement and a healthy decentralisation within this business vertical. This is good news for the entrepreneur. 

Technology is rapidly integrating with the economic necessities of the world, a process catalysed by the pandemic. The massive development of AI and Machine learning is fast, making advanced tech accessible to all sectors of society irrespective of the geopolitical scenario. 

From banks to government organisation to customer bases, all are utilising technology. This will continue till tech flourishes, and the signs are already there that the future of innovation in technology is itself tech start-ups and small tech businesses. This is a Catch-22 that we can all get behind, and indeed we already are. 

 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

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