With the advancement of technology, the world is witnessing various kinds of changes. It may be in the form of the development of an industry, or in the terms of simplification of a certain work in an organization, but the primary purposes of these advances are to make our lives easier. Technology has a great impact on all sizes of enterprises, large or small. Numerous reports have highlighted the importance of adopting critical technologies to achieve business growth. The advent of low-cost, high-speed internet, along with affordable mobile connected devices, have changed the way the world does business. However, for medium, small and micro enterprises (MSMEs), adopting technologies for business growth has been witnessed as a challenge. Cost concerns aside, with so many different solutions on offer, it is often difficult for MSMEs to identify the right technology that suits their business needs. But to be true, adoption of proper technologies can actually be a game-changer for MSMEs. Usually, such organizations focus mainly on improving revenue growth, increasing employee productivity, and acquiring more customers. All of these can actually be addressed by leveraging technology.

Why MSMEs?
Medium, small, and micro-enterprises are the backbone of every developing economy. For instance, let’s consider the Indian MSME community, which contributes about 30 percent of the country’s GDP. Also, the sector contributes as much as between 40 and 50 percent of India's total export. The sector is also responsible for 40 percent of the total employment in the country. The aforementioned facts clearly indicate why it is important for MSMEs to get the best out of technology. Though it may seem like a daunting task, when most of the best available technologies are developed for larger organizations, it is not actually unnerving, as a lot of the available solutions can easily be scaled according to business needs. Let’s have a look at a few technology trends that can help in shaping MSMEs.

Technologies that MSMEs can Embrace
One such advancement is the introduction of digitalization to the business world of MSMEs. Digitalization implies an enhancement of business activities with the support of information technology to simplify communication systems. It helps firms identify best partner companies and collaborate with them. The business landscape in India has undergone a major change, and the key driver of that change is digitalization. For MSMEs, digitalization can act as a catalyst in generating new opportunities for growth. It can help in capturing and retaining customers and potential customers directly. It is important for organizations to adopt digitalization in their businesses in order to gain a competitive edge and keep pace with competitors. Digitalization is growing and is being accepted across industries. With the world rapidly shifting from offline to an online model of business, digitalization is now a strategic imperative for organizations across domains.
With the introduction of digitalization, the term cashless payment is always attached. With every passing day, India, as a nation have taken significant steps towards becoming a less-paper, less-cash society; shining examples of the same being the Digital India initiative, UPI, Aadhar and much more. This all is possible due to the cashless payment system. Mobile wallets, in-app, and peer-to-peer (P2P) payment options are the driving forces for a cashless society. As customers prefer the convenience of online payment technologies, businesses must rely on them to appeal to a wider range of customers. MSMEs should definitely leverage the advantages of this evolving technology, that can result is a great benefit for all. Even the payment platforms are now constantly being upgraded to make payments more secure, as well as provide additional functionalities that can improve business processes. This will help improve the MSME’s credibility and increase customer satisfaction.
Mobile-based commerce can greatly benefit the MSMEs community. Nowadays, consumers are increasingly relying on mobile phones for communication and shopping. Using a progressive web app with integrative tools such as GPS-related marketing, chatbots, and live stream videos can help create an experiential connective platform that engages users and draws in customers.
Artificial Intelligence (AI) is a technology that is being used by various large organizations nowadays on a regular basis for simplifying their business processes. It can also greatly improve MSME’s sales process. Organizations can manage and above that simplify their business sales process with the help of better digital marketing strategies, data analytics, and sales forecasts. Many MSMEs deem AI to be far too complex for their needs. However, applying machine learning algorithms to existing customer data can help business owners identify patterns and trends that otherwise will be missed.
Augmented Reality (AR) is a buzzword and might seem like a novelty today, but it’s already starting to make an impact in industries including realty, retail, travel, and

medicine. AR enables technology to be integrated with the real world, allowing customers to see possibilities in real-time. This helps to attract new customers and enable users to make decisions quicker. The Virtual Reality (VR) and AR technologies can create synergies for the promotion of skill development activities and enhance the innovative environment. Also, implementing a small digital platform for public and MSMEs can create a huge change in people’s lives and generate economic value in the industry.
Based on a peer-to-peer (P2P) topology, blockchain is a distributed ledger technology (DLT) that allows data to be stored globally on thousands of servers, while letting anyone on the network see everyone else's entries in near real-time. This technology allows businesses to perform secure and private transactions without needing a third party for validation. This equates to cost savings. Although cryptocurrency (medium of exchange) is currently too volatile for transactions, MSMEs can start to look at accepting digital currency payments in the future for faster and more transparent payment processes.
Though the aforementioned technologies are extremely useful for any business, but most of these are not commonplace for MSMEs. Still dedicated organizations must start adopting these trends, which in return will definitely help them to raise employee and customer engagement, consequently impacting revenue and growth.

Schemes & Initiatives
A major focus area related to the development of MSMEs is the lack of proper mentoring and guidance to many entrepreneurs. There is a need for systematic interventions for promoting financial inclusion and financial literacy, along with technological and market expertise, adequate infrastructure. Hence, in order to provide support to the MSMEs Government of India has come up with a number of schemes and initiatives.
Prime Minister Employment Generation Programme and Other Credit Support Schemes - The scheme is implemented by Khadi and Village Industries Commission (KVIC) functioning as the nodal agency at the national level. Under this, there are 3 other credit and subsidy related schemes.
Technology Upgradation and Quality Certification - This category has nine schemes related to funding, promoting competitiveness, IPR, ASPIRE, NMCP, Marketing support, Certification and more.
Development of Khadi, Village and Coir Industries - This includes six schemes related to Khadi, Coir, export promotion, market promotion and fund regeneration.
Infrastructure Development Programme - This program covers Micro & Small Enterprises Cluster Development (MSE-CDP).
Marketing Promotion Schemes - This covers three schemes for international cooperation, marketing assistance and P&MS.
National Manufacturing Competitiveness Programme (NMCP) Schemes Under XI Plan – This scheme was announced in 2005 with an objective to support the Small and Medium Enterprises (SMEs) in their endeavour to become competitive and adjust the competitive pressure caused by liberalization and moderation of tariff rates.
Entrepreneurship and Skill Development Programme - This program covers Assistance to Training Institutions (ATI).
Micro & Small Enterprises Cluster Development Programme (MSE-CDP) - (MSME) launched MSE-CDP for holistic development of selected MSEs clusters through the value chain and supply chain management on a co-operative basis.
Credit Linked Capital Subsidy Scheme for Technology Upgradation - This scheme aims at facilitating technology up-gradation of Micro and Small Enterprises by providing 15 percent capital subsidy (12 percent prior to 2005) on institutional finance availed by them for induction of well-established and improved technology in approved sub-sectors/products.
Credit Guarantee Scheme - This scheme provides collateral-free loans upto a limit of Rs.50 lakhs – for individual MSEs.
MSME MDA - The scheme offers funding to individual MSMEs & associations upto 75 percent in respect of to and fro airfare for participation by MSME Entrepreneurs in overseas fairs/trade delegations. The scheme also provides for funding for producing publicity material (upto 25 percent of costs) Sector-specific studies (upto Rs. 2 lakhs) and for contesting anti-dumping cases (50 percent upto Rs.1 lakh).
Scheme of Micro Finance Programme - This scheme for creating self-employment opportunities has been tied up with the existing programme of SIDBI by way of contributing towards security deposits required from the MFIs/NGOs to get loan from SIDBI. The scheme is being operated in underserved States and underserved pockets/ districts of other States.

Conclusion
The need of the hour is a push and stringent process of awareness for MSMEs to adopt technology, and this needs the minimum support, time and investment. Last but not the least, technology will end up being the winner, which understands that MSMEs face a lot of business exceptions in their day-to-day operations, and thus is able to take care of the same and allow the business to continue uninterrupted. The only thing that MSME leaders must do is to look for the best technology and solutions, which are not only well established but also have been trusted by many businesses, over a long period of time. The thing is, only when you know you can rely on technology, is when you can rest assured, that it will change the game for you.