Piyush Somani
The marketplace is changing, which has given rise to competition, requiring entrepreneurs and all business heads to innovate. For entrepreneurs, innovation is often a cornerstone of business. The search and implementation of new ideas is important for a business to improve the existing processes, enhance efficiency, and better profitability. An innovative entrepreneur is often associated with the ability to create products and solutions for addressing the market’s demands, needs, and trends.
Types of technology entrepreneurs need in today’s digital era
Today, all of us live in the ‘digital age’ & needless to say, the Internet has played a significant role in how we interact. The ongoing pandemic, has believed to have boosted the adoption of emerging technologies. SaaS has been a huge support for the sudden increase in the mobile workforce in 2020.
In order to be successful, entrepreneurs could leverage these technologies-
Cloud Computing- Cloud Computing offers speed, scalability, andavailablity that entrepreneurs and their businesses need. Services provided by the cloud service companies include backup, storage, email, creating and testing apps, delivering software on demand and others.
Marketing Tools- The present digital world offers an umbrella of new marketing techniques. To be a successful entrepreneur, certain marketing tools could be used to reach out to the target customers. Using social media, email-based campaigns, and other digital marketing approaches become a source of driving web traffic and customers.
Data Analytics- Today, a significant volume of data is being generated by enterprises and individuals. Cloud industry in India is witnessing a surge in adoption by various industry verticals such as Big Data.
CRM Software- A CRM or Customer Relationship Management Software offers control to entrepreneurs for handling relationships with their customers. This software collect volumes of data which may help the sales team convert lead to customers.
The use of cloud computing will help the growth of the manufacturing sector with use of CRM and supply chain applications which provide better connectivity to external stakeholders and customers. Cloud enhances manufacturing effectiveness in areas such as data warehousing, information security, green IT, and many others.
Importance of innovative entrepreneurship
Businesses of all sizes require constant innovation. With changes in the market scenario & technology front, entrepreneurs have to continue innovating to remain relevant for their customers. To stand out in the market, entrepreneurs must attempt to establish a strong brand presence and long-lasting customer network. Innovation might not always involve creating something new. It could be improving the existing services for their customers. Innovation could help in the following ways-
- Innovation Expands the Business: The bottom line of any business growth lies with increasing the overall profitability. Hence, an entrepreneur must innovate to keep the profit margin up; else it will stagnate. Successful innovation in products/services may allow entrepreneurs to add value to their business.
- Innovation Gives Competitive Edge: Globalization & changing market dynamics have contributed towards increased competition. In order to remain competitive, entrepreneurs must constantly strive for innovation innovative thinking may also help entrepreneurs in predicting the market & addressing their customer needs.
- Innovation Offers Advantage for New Technologies: Technology is evolving at a fast rate. Data analytics is believed to be becoming of great help for entrepreneurs. Through emerging technologies for process innovation, entrepreneurs can endeavour to improve core business operations.
Benefits innovation brings to a company
For any entrepreneur, innovation must draw certain benefits to his Company. –
- It is not just an entrepreneur; if any business head fails to enhance his existing service & product portfolio, he might be at an unavoidable risk of losing his customers to competitors. As an entrepreneur, one must dedicate time and money towards innovation, which may help retain customers as they notice changes, resulting in increased sales.
- Using innovation, entrepreneurs can attempt to quickly determine changes taking place in the market scenario. Innovation may also help in helping a business stand differentiated from its competition if these innovations are driven by observing market trends and understanding customers’ requirements. Entrepreneurs can also monitor the progress taking place globally by closely studying what industry-leading players are doing.
- Innovation is also believed to have a significant role in reducing waste in the business, allowing entrepreneurs to focus on their long-term business goals. One can endeavor to identify techniques that eliminate wastage which may include benefits such as lower operational overheads, enhanced profit margins, improved customer experience & increased competitiveness.
Personal experiences & foundation of ESDS
I am a first-generation entrepreneur who started ESDS 16 years back in Nashik. I worked for a year and a half after completing my engineering and then started my own business. The thought process was that I wanted to become an entrepreneur who’s a job-seeker and provides the opportunity for others. I also wanted to attempt to bring transformation through digital technologies. Today, ESDS is amongst India’s leading Managed Cloud Service & end-to-end Multi-Cloud requirements providers (Source: Ken Research).
Disclaimer: ESDS Software Solution Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, an initial public offering of its equity shares (the "Equity Shares") and has filed a draft red herring prospectus dated September 2, 2021 (the "DRHP") with the Securities and Exchange Board of India ("SEBI"), BSE Limited and the National Stock Exchange of India Limited. The DRHP is available on the website of SEBI at www.sebi.gov.in, the website of the BSE Limited at www.bseindia.com and the website of the National Stock Exchange of India Limited at www.nseindia.com and the website of the Lead Managers, Axis Capital Limited and IIFL Securities Limited, at www.axiscapital.co.in and www.iiflcap.com, respectively. Any potential investor should note that investment in Equity Shares involves a high degree of risk. For details, potential investors should refer to the red herring prospectus of the Company, including the section titled "Risk Factors".
