Tell our readers about Myraah? your professional journey.
A technology firm established in 2020, Myraah is a Web 3.0 platform helping SMEs and small businesses as well as consumers to build their Web 3 presence i.e., Digital Identity and tools to build digital assets such as Logos, Websites, Blogs & Domain names. Myraah is headquartered in Pune, Maharashtra, India.
Myraah’s most recent development has been a Web 3.0 platform. It allows anyone to create and manage their digital identity and assets. Here, a user can store their documents, music, videos in a secure and private manner. Myraah aims to:
We would like to know how Technology helps SMEs, MSMEs, and small businesses in India.
MSMEs and SMEs play a vital role in generating employment opportunities around the country. Today, the rate of digital transformation for all sectors has seen a huge push. These help in enhancing operational efficiencies, improve record management, use digital wallets to pay suppliers and employees safely. It also helps increase profitability, ultimately helping SMEs and MSMEs free up capital within the firm and possibly attract more financing.
Small firms that embrace digitalization have seen notable growth in their revenue and ease the business processes by creating an efficient workflow. On the other hand, the data produced by these businesses also helps in interacting with their clients. This is done at a speed and cost that is both rewarding and time-effective.
Help us understand how newer technologies helped SMEs, and MSMEs business during COVID.
The COVID-19 pandemic has caused supply-chain disruptions and production stoppages and has forced SMEs to transition to remote work environments. Remote work is today at an all-time high. It is expected that a combination of on-location and remote working is likely to become a permanent feature. The longer the crisis lasts as the nature of work continues to evolve.
Digital tools helped many MSMEs and SMEs survive during the crisis. The businesses that demonstrated their ability to stay up-to-date and transform their operations digitally, survived and continue to do so effectively.
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Tell us the importance of Artificial Intelligence in the growth of the Indian Economy.
AI (Artificial Intelligence) has seen a huge growth in the past decade, more so, owing to COVID.
It helps improve the efficiency with which things are done. And aid in improving the decision-making process by analysing large amounts of data.
AI can boost growth and profitability and transform businesses. It can also spawn the creation of new products and services, markets and industries, thereby boosting consumer demand and generating new revenue streams.
SME sector contributes about 29% to the GDP. What are your thoughts on its contribution in 5 years? And what will be the role of technologies in achieving that?
The key role of technology is the enablement of entrepreneurs, it helps lower the barrier to entry and costs opening consumer demand as well as access. Digital penetration and adoption of technology by the MSME sector are increasing right from managing operations to customer acquisition. This will create massive growth potential for MSMEs in the coming decade.
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This interview was authored by Vishwasjeet Singh, Editor-in-Chief, Estrade Business News. To share more stories kindly email: vishwasjeet@estrade.in
