October 12: SME and MSME contribution to India’s industrial and business landscape is significant. These have generally contributed to approximately 30% of India’s GDP over the years, though the Pandemic driven disruption saw a significant decrease in their share of India’s GDP (~26.8%).
The Pandemic impacted the players in this sector significantly, with more than 67% of registered MSMEs ceasing operations for at least three months, and around 4% of all registered MSMEs faced permanent business closure (Source: MSME Website and Media Reports)
The ones who braved the disruption and survived the Pandemic now have an arduous task and mission ahead of them – The imperative to be Digital!
While India’s economic journey on digitalization began earnestly with the post-demonetization-led growth in Digital payments, the Pandemic accelerated and made it a necessary and sufficient condition for each business to be a digital business – large/ medium/ small, manufacturing or services and whether the business was brick and mortar or eBusiness prior to the Pandemic.
ProcureGenie, an SME/ MSME focussed cloud driven Digital Supply Chain Marketplace – though a fledgling startup – born amidst the Pandemic, weathered the initial bottlenecks due to the Pandemic – specifically in arresting the Technology talent flight to a larger corporation. The aftermath of the Pandemic and the growth in Digital Business transactions validated the promoter Mr. Jayesh Chaudhary and Mr. Premal Vasavada’s business vision and proposition of “Making Digital SME/ MSME Ecosystem”.
The Procure Genie Solution model is “Fit for SME/MSME” and “Plug and Play” Jumpstart architecture that enables SME/ MSME organizations to progressively embark upon the Digital Business journey with minimal effort while enabling them to mitigate the operational, execution and management challenges presented by traditional manual/ offline processes and procedures.
ProcureGenie is a modular maturity-driven model that provides a “One Platform” view and automates the whole supply management cycle, from requisitions to catalogues to sourcing to POs to deliveries to GST compliance and reconciliations. It also enables the on boarding of vendors and GST KYC.
The results of ProcureGenie’s current customers in transitioning to the Digital Business model in terms of their ability to optimize the overall production/fulfillment and administrative expenses while improving their service levels and Fulfillment rates to their end customer organizations – many times large to global Indian conglomerates have been exemplary.
The words of an MSME Entrepreneur that count as one of the first and early adopters of the ProcureGenie Platform, “I was awed by what Social media platforms did for my personal connections, and now I see ProcureGenie helping my business to have a Global Digital presence – enabling opportunities not even visible in my traditional operations… it has given Second Life to my business and aspirations soaring” sums up the essence of how Digital Business platforms can provide the springboard to SME/ MSME – a Sector that virtually drives the global cogwheels of Indian Industrial sector.
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