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Challenges faced by MSMEs

Challenges faced by MSMEs

How Venwiz empowers MSMEs through its digital solutions, improving the ease of doing business in India

In developing nations such as India, the MSME sector currently contributes 29% to the GDP, whereas in a developed nation such as Germany, the share is 55%

The potential for growth in this sector is immense and will be instrumental in strengthening the Indian economy in the coming years. 

The last couple of years have been challenging for businesses globally and the MSME sector also felt its impact. There have been many initiatives to empower MSMEs, and Venwiz plays a significant part via digital disruption. 

Also Read: 8 Trends in Manufacturing Industry that are Dominating in 2021

Hence, this article explores the challenges faced by MSMEs and also looks at how Venwiz as a platform is addressing those.

  • Limited business opportunities, due to lack of verified leads - Though there are still platforms providing service vendor leads for the ecosystem, those leads are not necessarily verified. However, at Venwiz,  Service vendors get an edge with ready-to-onboard accounts that undergo a robust verification process. Digitised service procurement ensures the right vendors get discovered. 
    Digitally, MSMEs can attract a diverse network of manufacturing clients . MSME profile data, ranging from capabilities to past  clients  & reviews, ensures their profile appears in the right searches
  • Inconsistent client engagement, affecting service execution - Traditionally, contacting and executing projects with MSMEs is challenging due to their limited availability on channels like email etc. However, the engagement modules of Venwiz enables direct and real-time clients-vendors interaction,thus compressing the  turnaround time between  lead discovery  and conversion.

  • Obsolete knowledge and skill-sets - Due to lack of exposure to diverse of clients & skill development intervention, MSMEs start losing relevance for clients. But Venwiz provides access to customized insights, designed to improve professional portfolios and attract new opportunities, manage network visibility and convert business prospects. As a result, our service vendors' businesses are not restricted by geographic locations, becoming part of the larger manufacturing ecosystem.

    Also Read:Vendor Digital Portfolio: A Must Have in 2021

    Venwiz is envisioned to be a unique technology platform to cater to E2E service vendors' requirements in any manufacturing setup. Manufacturing plants (with a turnover of more than Rs 100Cr) are our customers on the demand side, and engineering service vendors (MSMEs) are our customers from the supply side - Both, core sectors of the economy. We enable the MSMEs to connect with relevant businesses and manufacturing plants to drive real and valuable engagement. 

    At Venwiz we realize the importance & impact we can have on your businesses and provide you a platform to search & discover the best vendors. Click here to begin your search now. 

    Also Read: How Venwiz is Powering Industrial Services through discovery, connection & collaboration.

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