NOVEMBER 20228HOW SME'S CAN CREATE & CAPTURE VALUE IN EMERGING MARKETS ON A SHOESTRING BUDGEThere is no doubt emergence of digital technologies & innovation has bought revolution from large to small sized industries. Digitization refers to the procedures that industries use to conceptualize the latest innovation, ideas and the products and make the process go advance in a novel way. Working in an innovation which is called a planned modification in the organization's actions to improve the growth & performance. To respond to the challenging environment, business organizations pay attention to frugal innovation and the Internet of things. When it comes to large scale industries, there is no doubt they have a large number of employees a good budget to spend on technologies they need. But what about small and medium-sized businesses?On a shoestring budget, how can SME's can create, capture, as well as compete in the emerging markets?The answer is via implementing frugal innovation into their business models. Frugal innovation has changed the way businesses operate, shifting from traditional to more innovative methods, and such transformation of business operational activities is entirely reliant on advanced digital technologies, including the IoT mechanism. Industry 4.0 is the most recent phase of the industrial revolution, with a strong emphasis on automation, real-time data, connectivity, and machine learning. Industry 4.0 refers to the digital transformation of organizations to digital structures that emphasize digital technology in order to complete the new level of innovation required in the modern era through interconnectivity via IoT and digital platforms. `Frugal Innovations has completely altered the manner and pattern of the SME's operations'.How Does Industry 4.0 Benefits SME's?Furthermore, as the latest wave of digitization improved, customer needs and trade and industry requirements changed. The primary goal of Industry 4.0 is to improve the overall effectiveness and competence of organizations.Because it provides new means and patterns for organizational control and growth for SMEs, Industry 4.0 contains various technologies that facilitate digital transformation of the production, manufacturing and value creation-related activities of SMEs. Transformation entails altering the overall strategy, which is a significant decision to make. Because of its automated and digital nature, Industry 4.0 is becoming a growing challenge for businesses.Major Drivers of Change SME's Require to Ad-vance the Existing ProcessesFrugal innovation requires major changes in the existing processes of small to med sized business organizations. Existing processes that most organizations' attempts to implement new processes and programs often fail due to insufficient organizational readiness for those changes. Now what is Organizational readiness? it is basically a ability of an organization to accept, adapt and implement required change. With higher organizational tEditorial Exclusive By, SI Staff
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