How Small & Medium Enterprises (SMEs) Can Ride Over the COVID-19 Pandemic by Practicing Agile Methodologies
SMEs represent about 90% of businesses and more than 50% of employment worldwide. SMEs contribute up to 40% of national income (GDP) in emerging economies. SMEs providing 70% of jobs and about half of economic activity across the globe are being hit hardest by the fall-out of the pandemic. SMEs are changing their business models in order to adapt to the post-pandemic scenario. Solutions are needed to give them the support they need to survive. One such extremely effective and contemporary solution can be the adoption of Agile methodologies. Agile is a philosophy which embodies practices, tools and a culture that allows business thrive in a zone of rapidly changing requirements. For SMEs, Agile can be quickly adopted due to its inherent flexibility when compared with large corporations and are particularly relevant for the post-pandemic period.
This session will address the importance of SMEs for global employment and economy. It shall elaborate on the effectiveness of adaptive and congruous Agile methodologies through our work employing validated Research Methodologies on global SME sector during the time of the pandemic. It shall also enumerate on how agile methodologies can be suitably adapted for revival of SMEs post- pandemic era.
Participants shall acquire several practical takeaways (learning outcomes):
- Understanding the importance and significance of global SMEs.
- The plight that the pandemic has inflicted on the SME sector.
- Brainstorming on the feasible solutions for SMEs to combat this perilous situation.
- The power of Agile values, principles and methodologies for SMEs to overcome this crisis.
- Comprehending application of Research Methodologies carried out by us during pandemic times on global SMEs for utilization of agile mindset, principles and methodologies adapted for SMEs to benefit out of this situation.
- Evolving a framework for rejuvenation of SMEs through judicious application, adoption and implementation of agile mindset, processes and systems.
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Acknowledgements: Kimberly Whitby