DECEMBERASIA BUSINESS OUTLOOK9HOW SME'S CAN CREATE & CAPTURE VALUE IN EMERGING MARKETS ON A SHOESTRING BUDGETIMPRESSIONSThere is no doubt emergence of digital technologies & innovation has bought revolution from large to small sized industries. Digitization refers to the procedures that industries use to conceptualize the latest innovation, ideas and the products and make the process go advance in a novel way. Working in an innovation which is called a planned modification in the organization's actions to improve the growth & performance. To respond to the challenging environment, business organizations pay attention to frugal innovation and the Internet of things. When it comes to large scale industries, there is no doubt they have a large number of employees a good budget to spend on technologies they need. But what about small and medium-sized businesses?On a shoestring budget, how can SME'S can create, capture, as well as compete in the emerging markets?The answer is via implementing frugal innovation into their business models. Frugal innovation has changed the way businesses operate, shifting from traditional to more innovative methods, and such transformation of business operational activities is entirely reliant on advanced digital technologies, including the IoT mechanism. Industry 4.0 is the most recent phase of the industrial revolution, with a strong emphasis on automation, real-time data, connectivity, and machine learning. Industry 4.0 refers to the digital transformation of organizations to digital structures that emphasize digital technology in order to complete the new level of innovation required in the modern era through interconnectivity via IoT and digital platforms.How Does Industry 4.0 benefits SME's?Furthermore, as the latest wave of digitization improved, customer needs and trade and industry requirements changed. The primary goal of Industry 4.0 is to improve the overall effectiveness and competence of organizations. Because it provides new means and patterns for organizational control and growth for SMEs, Industry
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