4.0 Industrial Revolution and Indian SMEs
Every Industrial Revolution has been a game-changing event for businesses and economies all over the world. The 4.0 Industrial Revolution is no different from it. This revolution is described by the digitization of business operations, value chains, and business models. Various technologies such as The Internet, Artificial Intelligence(AI), Business Analytics, Data Management, Augmented Reality(AR), Cloud-based technology, Robotics, Simulations, and sensor-based technologies drive it.
It will continue to develop and evolve the industries on various levels. The major influence of this revolution in India is seen in the service sector. But other sectors are also getting vital benefits. It is already impacting industries such as manufacturing, supply chain management, construction, and transportation.
They reap these benefits both directly as well as indirectly. The Indian Government’s ‘Make in India’ programme plans to establish India as a global manufacturing base. Thus, SMEs have been getting vast opportunities to grow and expand because they play important roles in the growth of the Indian economy.
But why is the 4.0 Industrial Revolution important for SMEs in India?
Importance Of The 4.0 Industrial Revolution For SMEs In India
The 4.0 Industrial Revolution is changing the ways to do business in different industries. The advancement of technologies is enabling SMEs to reach greater feats in their respective industries.
● Advanced Analytics: Data analytics plays one of the major roles in the manufacturing and production sectors. SMEs have been able to boost manufacturing capacity while also improving the quality of commodities. Through data analytics, SMEs can predict faults in the business models and procedures. It also can prevent faults and mishaps while conducting them.
● Work Efficiency: The industrial revolution boosts the overall efficiency of SMEs. Various technologies help them to increase production and improve resource utilization. Robotics and automotive machinery shortens the manufacturing cycle and cut the time to reach the market. Visual Technologies helps SMEs to display and visualize goods in a virtual space. It saves time, money and other resource usages.
● Customer Services: Digitization of company operations results in a better customer experience. SMEs can provide goods and services faster and in better quality to their customers. They can also answer customer queries quickly and efficiently. It helps them to gather customer trust and builds customer loyalty for their goods and services.
● Increase In Revenue: One of the biggest benefits it provides SMEs is faster revenue generation. The technologies improve the efficiency of manufacturing and supplying goods and services in the market. It also helps to offer the best customer services to build loyalty and gain a competitive advantage. All of this, in turn, helps SMEs to generate revenue at a higher rate than usual.
● Faster Growth And Expansion: The industrial revolution boosts the growth and development of SMEs and their respective industries. Technological advancements are improving the efficiency of SMEs to manufacture goods. It also helps them to manage and develop the supply chains on both ends. The production quality and quantity is exponentially increased for them. Overall, SMEs can grow higher and expand their reach to wider regions.
SMEs benefit from the 4.0 Industrial Revolution by reducing costs, increasing revenue, better inventory management, better customer relationships, improved maintenance processes, energy efficiency, environmentally sustainable production and manufacture, and better labour and material resources usage.
With the 4.0 Industrial Revolution and e-commerce platforms, SMEs have new methods and ways to offer various services and goods via digital platforms. It also enables them to potentially reach the international market. This results in increased revenue as well as increased efficiency and creativity. SMEs are surely rising at a much higher rate because of the 4.0 Industrial Revolution.