Key findings from the survey
- MSMEs believe the two key factors contributing to their growth will be technical education/skilling initiatives for the workforce (88%), and business-friendly government policies and regulations (88%).
- 97% of the MSMEs allocate up to 20 percent of their revenue to their IT and cloud needs— 70% spend up to 90% of their budget on cloud solutions.
- Most MSMEs stated that their top hindrances in digital adoption was the high cost of the software (93%), budgetary constraints (92%) and, lack of skills and resources to train users on new technology (91%)
- The top three challenges that Indian MSMEs face in their customer operations journey are: lack of collaboration between sales and marketing teams (91%), targeting potential customers (91%) and reaching out to potential customers (91%).
- 72% MSMEs shared that they were able to save time, while 71% said that they saw an increase in revenue after using a CRM solution, and 66% said that they were able to improve their decision-making capability.
- 88% of the MSMEs are sure they can improve their customer operations with a CRM solution
- 90% of the Indian MSMEs currently not using a CRM solution said that they will adopt a CRM solution by 2026.