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Micro, small, and medium sized enterprises (MSMEs) industry forms the backbone of our economy. Due to Covid-19, many of these businesses are struggling to survive the tough time, facing new hardships, and dealing with a lack of liquidity. There is a vital need to restructure the ways by which MSMEs will more easily be able to rebuild and relaunch their businesses. Here, digital transformation can play the vital role.
The digital recovery is the next normal
We are living in times where adapting to digitalization is inevitable, especially for those in the business field. Before Covid-19, the importance of digitization was completely a second option for small and medium businesses in the industry. But the wave of pandemic transformed everything. The pandemic forced businesses to transform their models where the traditional “in-person” & “social” setting is the norm. As a result, to bounce back businesses started realizing that there is a need to go digital by introducing innovation ‘contactless’ method of delivering their products and services.
Post Covid-19 businesses are seeking new ways to adopt the new normal and strengthen their roots to kick start again. Here digitization is even more helpful for restructuring. For example, adapting accounting software. With its …
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