2020 has been a once-in-a-lifetime year, bringing massive supply chain disruptions, innovation, and grit from the Indian manufacturing industry. The pandemic demonstrated the importance of digital and will further accelerate the offline to online shift. Manufacturing companies also experienced how data and analytics can help them to forecast the next to survive and thrive during challenges. MSMEs have been the backbone of this sector, and it will be critical to equip them with the right technology and supply chain financing to develop their strengths. Technology will be a critical lever for Indian manufacturers for MSMEs to adapt, innovate, and scale.
Also Read: Add to cart: Digital Procurement for B2B is the New Normal
B2B e-commerce platforms will provide a cost-efficient and seamless digital interface between MSMEs and enterprise customers in manufacturing. It will also connect the former to more opportunities to sell higher and better.
B2B e-commerce platforms can create alternate risk assessment models by analyzing MSMEs’ cash flow, turnover, customer portfolio, supplier ratings by leading OEM customers, and records of bad-debts, if any, and provide agile supply chain credit to them.
Listen to Moglix Podcast on Decoding The Digital in Supply Chains
2021 will be a year for recovery and gaining strength as Indian manufacturers continue on the path of self-reliance and becoming trusted partners in the global supply chain.
The Indian economy is all set to bounce back and emerge stronger from the year gone by. We should get ready to move to the next phase of growth and lead India’s manufacturing sector into a more self-reliant tomorrow. Wish you a happy and healthy new year!
Rahul Garg is Founder & CEO at Moglix.
To learn more about manufacturing and supply chain trends in 2021, download our ebook titled Road to Self-Reliant Manufacturing: Procurement and Supply Chain Insights for 2021 here.
