SMBs Banking On Digital Transformation To Rebound From COVID Impact: HP Study

NEW DELHI: Small and Medium Business in India are looking to bounce back after facing stiff challenges due to the ongoing pandemic. The HP Asia SMB Report 2020 – a study conducted among SMBs in the region has revealed that over 73% of SMBs in India are confident that they will survive and bounce back post COVID-19. SMBs in India recognize the importance of going digital to revive their businesses. 75% of the surveyed businesses believe that digital adoption is essential to their success. Indian SMBs have also recognized 4 key aspects that will help them best to bounce back. “SMBs are critical to our economy as they contribute nearly a third of our GDP and generate employment for millions. The ongoing pandemic has impacted them as much as any other segment. It is critical to discover their challenges and address their pain points, which was ther reason for this study. The results of this study will enable HP in helping SMEs adapt to the new work environments, providing them the technology for innovation and drive growth for themselves,” said Ketan Patel, Managing Director, HP India Market, in a statement. The research shows that growth correlates with how a company values digital adoption for its success.