The IMC India Calling conference is an annual feature established by IMC to provide a networking platform for Indian global players to come together and debate, share insights and explore potential investment opportunities and collaborations. Each year, a couple of sectors are chosen to focus on where maximum opportunities are made available to the every-day business owner.
2020 was a difficult year for many Australian small business owners. Due to the eastern seaboard bushfire crisis, and the onset of Covid-19, Businesses large and small alike were all negatively affected – and continue to be in 2021. The Australian Government has stepped in to assist businesses with their operational and labour costs; however, many business owners are starting to look elsewhere for ways to innovate and evolve to stay competitive in an ever-changing market.
The team at the IMC India Calling conference have extended an invitation to the Small Business Association of Australia for businesses in its network to participate and learn – ultimately to strengthen trade relations between our two nations, and to assist these businesses in adapting future innovation and technology.
IMC Chairman Rajiv Podar has stated “India is one of the fastest growing economies of the world with expected GDP growth of 7.3%, poised to be the third largest economy of the world by 2025”. Australian Small businesses would be remiss to turn down an opportunity to educate themselves and invest in their futures with the new technology being produced in India.
The IMC India calling conference will cover a large range of advancements in many different industries, but the SBAA would like to provide its network with a list of featured technologies and advancements that Australian Small Businesses could benefit greatly from.
Artificial Intelligence or AI is in essence the ability for a computer to do things that is otherwise considered to be human intelligence. Through this, it becomes possible for computers to become adept at learning human-like tasks and how to act intelligently and independently.
Small businesses could benefit immensely from the evolution of AI. Its applications in smart design have allowed companies to create, test and produce products in real time through the use of virtual realities.
Utilizing this in conjunction with 3-D printers, it allows businesses to eliminate the need for lengthy (and costly) product testing phases. All aspects of product design, testing and production can be done in house, saving the owner considerable amounts of time and money.
The evolution of this industry is the most important for Australian small businesses to look out for, as online stores are only going to get more advanced and complicated. Advancements in this industry are significantly reducing the workload for the small business owner and their staff – allowing them to focus on the further development of their business. The SBAA is excited about the advancements in this industry, as it will revolutionize how we got about our day-to-day tasks.
Every business owner strives to cut down their workload and time spent on completing mundane tasks. Share or Shelf Analysis algorithms will allow owners to automatically categorize and list products, Utilize data to analyze buying/selling trends and provide predictive forecast accuracies. This provides the small businesses owner with a safety net – they will know where and when to invest, produce and design with little to no risk to their bottom line. This is arguably one of the most beneficial technologies for smaller businesses, as it will allow them to fine tune and automate their stock ordering systems to achieve better supply/demand ratios i.e:
- Knowing what stock is popular and selling well
- Whether their planograms are optimized for the best-selling potential.
- How well their retailers are carrying their product
- When their product is running out of stock
Small Businesses are then able to be more competitive with consumer brands and Brand reps, as they will have the data and information readily available to show that they are the best option for selling and advertising those specific products over their competitors.
With the onset of Covid-19 and its effect on the Australian economy, it has become increasingly harder for start -up / new businesses to retain good cash flow, or even carve a name for themselves with the reduced demand for products and services. Many Business owners are also unwilling or unable to go through the traditional bank lending process when they are in need of financial assistance.
A featured advancement in the India Calling Conference is Peer to Peer Lending, an up-and-coming financial platform which may provide a fix for struggling business owners. Anyone who has a requirement to borrow money can contact anyone who has a surplus of money to lend for financial assistance.
The SBAA is passionate about the SME sector, and believes the future of the industry will be driven by technology and education that allows business owners to efficiently compete with their competitors. The technology featured at the IMC India Calling conference will give traditional brick and mortar businesses the opportunity to upskill and evolve to stay competitive in a market that is consistently driven by modernization.
The IMC India Calling conference will be held on Monday the 12th of March 2021, online by visiting IMC Chamber of Commerce and Industry at https://www.imcnet.org/upcoming-events