SMBs want hardware producers to give solutions like an appliance

New Delhi (KNN) Technology can help SMBs improve operational efficiency and optimise profits. However, technology adoption is not easy as it poses its own challenges. Mynd Solutions, a leading global service provider in business process and technology management, has bagged several awards for outstanding work in its niche area. Sundeep Mohindru, Director, Mynd Solutions, shares his insights on how SMBs should choose and adopt technology.

Excerpts:

Q.  There is tremendous pressure these days on every business to enhance efficiency and reduce cost. What steps did you take towards automation and use of IT?  

A: We have created in-house solutions which can be quickly customised to address unique needs of customers while still leveraging our core expertise in the area of Finance and Accounts and HR outsourcing.

We are continuously evolving our technology platforms to keep pace with the evolving technology and customer expectations. Our technology roadmap is constantly updated to keep us ahead of competition in terms of our technology offerings.

Q.  How has the role of IT evolved in your business over the years?  

A: We are a technology-focused services company. Our services are offered primarily through technology. We started offering our services initially through standalone computers, which over the time evolved into in-house servers and then we moved to the cloud platform.

Now, we have also moved to spaces like Social Media, Analytics, Mobility and IoT and we are using the latest in technology space to offer value-added services to our customers.

All these technologies are interconnected with each other and they together form integrated services offerings for us.

Q. Did you encounter any problem in adopting technologies?

A: We are a very young organisation. 90% of our employees are 30 years or younger. The advantage of having a young workforce is that they bring the latest technology know-how with them.

Q. What concerns do you have with regards to cloud? 

A: We are ourselves a SaaS based solution provider. Initially we did have concerns in taking our platforms to cloud, regarding data security, protecting our IPR and many such things. However, upon exploring the latest evolution of security concepts and technology, our fears were put to rest. We are providing services to our clients over cloud for several years.

Q. The high-speed internet, computers and knowledge systems of the firms are deeply getting interconnected with outside world. What concerns do you have with regard to data security?  

A: Any information sitting in isolation would not be able to generate as much value, as when it is seen in conjunction with other information. This paradigm mandates that different systems, irrespective of whether these are systems within our organisation or from the outside world, be connected.

Theoretically, this paradigm does expose our data to security threats. However, with the help of encryption, dedicated point-to-point connectivity and secure authentication layers, most of these concerns get addressed. To understand the unknown security threats, thorough vulnerability and penetration testing of our applications and infrastructure is conducted regularly to understand and address new risks.

Q. Do you use software like ERP/ ERMs, etc.? How do they benefit small firms?

A: We do use ERP for our organisation. An ERP is required for a medium-sized firm as much as for large ones.

It helps our organisation in keeping track of internal accounts, accounts payables, accounts receivables and overall management reporting. We also intend to adopt ERP in other areas of business like HR, asset management and project management.

Q. Choosing the right technology can prove tricky for SMBs? What has been your experience?

A: We have a team of in-house technology and business experts and we also utilise the services of external consultants to choose the hardware and software, which can address our current and near future requirements at a reasonable price. Enough due diligence goes into our procurement process when a large investment is made.

Q. What would you like to tell the IT hardware and software producers on products and services you need but have still not arrived in the market? 

A: We as a business would want to focus on our business and  expect that IT hardware and software producers give solutions like an appliance, which when I plug it into a power socket, asks me certain questions and based on the answers starts working to address my business needs. We know that is too much to ask at present, but with the technology evolving so fast we foresee that happening in the near future.

Q.  Companies like HP have strong focus on the SMB segment and they innovate a great deal to meet the varied demands of the sector. Do you think adapting to newer, better technologies offered by these companies can help in raising efficiencies and achieving the economies of scale?

A: Technology is an enabler, more so for the SMB sector which needs to run a tight ship in managing costs and driving business process efficiencies to remain profitable.

Central to our strategy at Mynd Solutions is leveraging technology to drive agility in everything that an organisation does. We have umpteen examples of SMBs who have achieved efficiencies in running processes like Cash Management, Fleet Management, Automated Compliance Management, etc. Technology has helped such companies gain higher visibility and real-time information about the various processes within the organisation.

Cloud technologies help our clients access the portals from anywhere, anytime while rationalising the cost of using such a platform, which can be shared by multiple users. This helps our clients run their businesses with greater efficiency.

Q.  Products supplied by IT majors like HP are big enablers for efficiency. What suggestion you have for SMBs on technology adoption?

A: SMBs typically suffer from the inability to attract top-notch talents. Consequently, they end up hiring too many hands. If SMBs were to leverage technology, their dependence on human resources will come down to a large extent, reducing the scope of human errors.  As a result, business outcomes may be 3 to 10 times better.

Cash flows play a very vital role in the survival and growth of the SMB. Mynd Solutions has embarked on an ambitious project conceived by RBI called TReDS (Trade Receivables Discounting Scheme). TReDS is a platform SMBs can use to submit their invoices signed by the buyer that can be instantly discounted by a process of online bidding by prospective financiers. 

Such initiatives that leverage technology help SMEs in running greater fiscal discipline.