While corporate loan growth in India stood at 1% in 2018, this year in 2019 it has been recorded at 8.2%, which is an all-time high.
According to NASSCOM reports, a total of 1200 startups came up in India in 2018. Consequently, this year’s number in the same regard can be expected to be around 8 times that of last year. This can be contributed to the 108% growth in funding, which has allowed new enterprises and startups to flourish.
From availing capital finance to running an organisation with working capital, financing is a crucial arm that enables the smooth functioning of a business.
Startups are required to assimilate and engage their target groups as early as possible to establish themselves. Consequently, in both production as well as outreach, technology has become a crucial component.
It is important for businessmen to be aware of how they can integrate technology to further their business, both in outreach and consequently in revenue generation.
Entrepreneurs can fund their upgrades with easy business loans, especially since these can have very high expenses.
The most impactful technological upgrades are discussed below –
Customer engagement
One of the most crucial functions served by technology is that of increased customer engagement. This helps in several ways –
- Firstly, technology increases the efficiency and speed with which businesses can communicate with their client, thereby directly impacting efficiency.
- Furthermore, technology also allows businesses to reach across the globe and communicate with potential customers, thereby increasing the scope of marketing. High-value capital finances offered by NBFCs allow businesses to integrate these communication systems very easily.
Efficiency in management
From finances to production to client handling, technology can increase business efficiency and management for entrepreneurs. Warehouse inventory technologies allow managers to estimate storage costs and related factors.
Business communication
There are numerous business enterprises which work in collaboration with related industries. These firms must communicate within themselves to enhance their production capability.
Integrating these technological upgrades is extremely crucial especially in cases where the different units are scattered across different geographical locations. While entrepreneur loans in India allow borrowers to avail adequate space requirements, sometimes different production factors become cursory in choosing different locations.
Security
Technology offers security, both in transactions as well as in storage and transport. Additionally, technology also allows for secured communications. It is imperative to integrate these aspects into a business venture for many reasons.
On one hand, it protects their capital as well as ideas while on the other it allows smooth flow of production and service. The different types of technological upgrades and other requirements can be handled with the various types of loans offered by different NBFCs. Consequently, entrepreneurs should know all about the various types of business loans, so that they can choose the right loan for their upgrade.
Increased research
Technology allows businesses to conduct much more thorough research on their target group of consumers. From different surveys on online platforms and social media to data on rival ventures, technology provides all these benefits in a convenient way.
Vitally, the technological upgrades to implement such efficiency require experts along with capital finance to implement them. As these can be costly, entrepreneurs should refer to the businessman’s guide to working capital loans in case they require external financing.
NBFCs like Bajaj Finserv present financing options that can aid businesses to integrate such technologies.
It is essential that entrepreneurs look up all the details of these financial products carefully before applying for them. Additionally, they should also plan their expenditure properly, so that they can efficiently use the financing as well as repay it on time.
In case a business needs to maintain their cash flow after spending on upgrades, they can opt for invoice finance from different financial institutions to address deficit in working capital.
