As Singapore enters the endemic phase, market researchers ranked digital transformation as the number one strategy to grow a company, regardless of its size, industry, and offerings. The pandemic accelerated the digital first era. Companies, SMEs and MNCs, are now having to adopt hybrid modes of work. The need for SMEs to go digital is mainly to be competitive in the digital economy.
In Singapore, 72 per cent of business leaders have said that their digital business models have picked up speed during the Covid-19 period. Digital transformations gained prominence during the Covid-19 pandemic. It is key to long term business growth and sustainability. However, technology is just the enabler.
Despite being known to be technologically resistant, a staggering 83 per cent of local SMEs now embrace digitalisation. They took baby steps to journey through the undulating digital landscape with COVID-19 being the catalyst. This is a transformation of mindset, and the way SMEs run their businesses; dispelling myths such as digital transformation is instantaneous, and it is merely an IT project. Understanding that digital transformation is a gradual process that takes time, it is also a collective effort from every department of a firm to make it a success, make implementation easier.
Based on a recent suvey, SME leaders in Singapore indicated the following five key benefits that compelled them to jump onto the digital bandwagon:
With adequate guidance in areas of strategising, upskilling of staff, and financial support from the government, businesses will be able to benefit from the full suite of benefits of digital transformation.
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