New tech top priority of family-run business: Report

MUMBAI: Adopting new technology seems to be the highest priority of family businesses across India. That’s because growing competition, shrinking markets and lack of access to technology along with product obsolescence are currently their biggest challenges, whether in manufacturing or the service sector.
Areport titled ‘State of family businesses in India’, released by SP Jain Institute of Management Research, said that once technology was adopted, business growth would accelerate. In the last year, service sector enterprises outperformed manufacturing sector enterprises in such business parameters as sales, market share, profitability, number of people employed, and profit margin on sales.
The survey studied 350 familybusinesses from 50 Indian cities. Almost 40% of the enterprises surveyed belonged to the manufacturing sector, while 60% were from the service sector….

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