Between growing competition and growing customer expectations, small businesses in India must browse the wave of technological breakthroughs. Embracing these advancements is no longer optional, but it is crucial to maintain competition in a dynamic market landscape. From collaborative platforms to artificial intelligence (AI) tools, technological developments are changing the way small businesses in the country operate.
What facilitates this shift is the rapid adoption of technology, especially AI. It reflects a forward-looking approach to workplace innovation, positioning the country as a leader leveraging these tools to increase collaboration and productivity, allowing small and medium-sized businesses (SMBs) to maximize their impact.
According to the white paper, AI in the micro and small and medium-sized enterprise (MSME) market is estimated to reach USD 90.68 billion by 2027, with a CAGR of 22.10%, thanks to cloud computing and IOT-driven solutions. Additionally, 94% of MSMEs recognize the ability of AI to drive business growth, while 87% of MSMEs believe it can improve overall productivity. Indeed, SMEs are increasingly exploring leveraging AI-driven tools to improve collaboration, increase efficiency and maximize their impact in the evolving digital landscape.
Artificial intelligence jumps from buzzwords to business essential
AI adoption has soared in the country in recent years, with Indian business leaders being the world’s heaviest user. A recent Zoom commission report shows that 80% of Indian leaders use AI daily or frequently, second only to the Netherlands (85%). This high adoption rate highlights the shift in AI from a buzzword to an overall tool for Indian businesses that has entered into daily work. These AI tools are used to brainstorm, record summaries, automated meeting notes, and advanced search capabilities to increase efficiency and workplace collaboration. This automation reduces the mundane workload burden and empowers employees to redirect their attention to strategic, creative, or complex problem-solving efforts that require human insight and innovation, which is often crucial to organizational success.
The study further shows that 86% of Indian leaders believe AI has significantly improved productivity, with 90% of whom reported improving the quality of team work to perform excellent global averages. As the report shows, Indian businesses also utilize AI release time (95%), improve communication (95%) and enhance brainstorming (95%).
Human elements in customer experience
Despite the transformative potential of AI, there is a strong need for human participation and active participation in the customer experience to elicit empathy and understanding. The same report shows that 89% of respondents expected agent-friendly, while 90% expected them to be knowledgeable.
Cloud Contact Center Software occupies the center stage
Cloud Contact Center software is gaining traction in India, offering flexibility, scalability and cost-effectiveness and changing the way businesses interact with their customers. The global cloud contact center market is expected to reach USD 82.43 billion by 2030, with a CAGR of 21.3% from 2022 to 2030. In India, the Contact Center As Service (CCAAS) market is expected to generate revenue of USD 879.4 million, growing at a rate of 23.5% by 2030, by 2023, by 23.5%. Technological advances, and the growing demand for seamless customer interactions.
For small Indian businesses, Cloud Contact Center software improves the convenience of providing powerful customer service, such as self-service chatbots and advanced call queues that were previously exclusive to large enterprises, without significant local investment. Simplified processes with technology also help increase the adoption of cloud contact center software and other technologies.
Cybersecurity for small and medium-sized enterprises
Despite the technology, many small businesses are still vulnerable to cyber attacks, with limited resources and security measures. The SMB Cybersecurity Report on Small and Medium Enterprises in the Asia Pacific (APAC) Region shows that despite the widespread confidence of the organization in cybersecurity, 88% of Indian SMBs have been targeted for violation attempts or cybersecurity incidents in the past 12 months. Lack of cyber awareness among employees is a key risk factor, with half of Indian respondents acknowledging it as a major factor in the cyber threat.
The consequences of cyberattacks can undermine small businesses, including financial losses, reputational losses and operational disruptions. It is crucial for small and medium-sized businesses to choose communication and collaboration tools from trusted providers who prioritize cybersecurity and invest in measures to protect themselves from these threats. It is crucial to choose a trusted technology provider to prevent financial losses, reputational losses and operational disruptions.
The rise of remote work and collaboration tools
The rise of remote and hybrid work has increased the need for collaborative technologies. The global cooperative software market is expected to grow from US$5.8 billion in 2022 to US$19.86 billion in 2032, with a compound annual growth rate of 13.1%. In India, 80% of leaders and 82% of employees find face-to-face meetings effective, but AI and communication tools are helping to balance synchronous and asynchronous collaboration, reducing the overload of meetings.
Remote work requires businesses to have the right technology to help teams work together, even physically separate. Tools such as video conferencing, team chat and project management software are critical to maintaining productivity and increasing the sense of team cohesion. For small and medium-sized businesses, unified communications software on mobile devices helps business owners bring their necessary documents to their fingertips when they move.
This article was written by Anand Bala, Head of Business and SMB Sales, India and Saarc, Zoom
