Digitalization is the next frontier for product procurement
A silent revolution is underfoot in India, apparent in India’s expanding scope of Digitalization of MSMEs. Be it a mom-and-pop store, a hole-in-the-wall shop, or a mid-sized firm that runs factories and employs hundreds of workers, more and more business entities are starting to realize that running an agile business without embracing the new digital paradigm is impossible.
The Digitalization endeavor underway in the country in varied sectors like agriculture, education, labor, logistics, energy, financial services, and many more are likely to create economic value of anywhere between $10 to $150 billion by 2025.
“Digitization for a firm should include, within its scope, numerous operations like the purchase of goods and services, vendor shortlisting, purchase agreements, inventory management, monitoring of cash cycles,”adds Karan