Intuit study unfolds possible barriers abstaining SMEs to adopt new technology

NEW DELHI: Intuit Inc, a business and financial management solutions provider, has recently relesaed a study exploring major barriers refraining SMEs to adopt new technology in their businesses. The study also offers solutions to help ans elevate India SMEs with technology adoption.

The study findings were based on the research conducted across 12 Indian cities. It also identifies and explore important opportunities for government, industry and nonprofits to join forces on solutions that increase technology adoption and lead to better outcomes for the future of micro and small businesses.

The study was also supported by the Ministry of Micro, Small and Medium Enterprises, the National Institute of Entrepreneurship and Small Business Development, and the National Small Industries Corporation.

As per the study findings, increased cost, lack of skilled labor and other resources needed to adopt technology lack of awareness around the benefits of technology and doubts about the “return on investment” from adopting technology, questions on privacy and data security, concerns over the reliability of infrastructure, namely broadband and connectivity, were the five barriers to technology adoption among Indian MSMEs community.

The study also provided a series of measures for multiple stakeholders in the small business ecosystem, including industry, government and nongovernmental organizations, to address these challenges and increase technology adoption among MSMEs.

Nikhil Arora, vice president and managing director, Intuit India, said, “Intuit is focused on the success of small businesses around the world. In India, the MSME sector is second only to the agriculture sector in size and makes up almost 9 percent of India’s GDP and 40 percent of its exports. Faster and massive adoption of cloud solutions and mobile technology will play a crucial role in helping MSMEs win and succeed in India. With the support of the Ministry’s leadership, together companies, training organizations and other non-profits that serve small businesses, as well as the small businesses themselves, can bring about changes that will help jumpstart the way small businesses grow and thrive in a competitive global marketplace.”

Amarendra Sinha, additional secretary and development commissioner, Ministry of MSME said, “Achieving this crucial objective requires improving MSMEs’ ability to access financing and adopt new technologies. Collaborative initiatives such as this Intuit-led study help us better understand the pain points the sector faces and the impact our existing and future policies will have on the sector at large. We hope this discussion leads to an ongoing dialogue about how together government, industry and the non-profit sectors can jointly address challenges and create opportunities for MSME growth.”