Solving common business problems with digitalisation.
Running a business is hard as it is, which is why digital transformation has to be the next big step you should take for your business.
With today’s growing consumer demands, digital transformation operates at the centre of every business solution geared towards solving problems from different areas: whether we’re talking about a company’s cash flow management in its internal operations, or providing customers easier access to certain products and services via digital platforms.
Southeast Asia’s booming market experiences this growing demand firsthand. The region is currently home to some of the fastest-growing economies in the world and enjoys a growth rate projected to continue for the next 5 years with its overall GDP growth averaging at 4.5% in recent years, a number that is perched well beyond the global average.
As such, digitalisation plays a crucial role in defining how businesses respond to this regional boom.
This demand does not come without good reason as well. Digitalisation in business has always served as a socioeconomic response to certain urgencies, a global pandemic fits right into this framework. Take for example a business model with the perfect combo of ample funding and innovative product. Without proper digital channels that help with handling its finances, it still faces the challenge of effective cash flow management to drive guaranteed success.
On the flip side, we see different product and service providers digitalising their business models to cater to a larger pool of customers now. This is not a phenomenon experienced by those catering to middle-class sensibilities alone. Even expensive, high-end tech and fashion businesses have set up digital marketplaces to aid them, not only by providing vast access to customers domestically but also meeting the global demand.
What common challenges are faced by businesses today?
From automation and analytics to AI — digitalisation covers a plethora of areas that help in the revitalisation of systems. At its core, digitalisation is the integration of digital technologies into everyday life.
In business, digitalisation refers to the adoption of digital technologies to modify business models to create value from the use of both new and advanced technologies achieved through exploring a digital network dynamic and the flow of information. It is also used to upgrade existing processes that would otherwise be much too analogue for a digital society.
However, it must be pointed out that more than just supplementing societal needs in terms of efficiency and convenience, digitalisation also opens doors for more innovation. In analytics, for example, digitalisation allows businesses to collect data and information, not only as a means to keep track of consumer patterns and behaviours but also as a way to render better and more effective insights for future use. A constant improvement modal to increase business potential.
This is particularly beneficial for marketing and advertising firms that try to create PR-based outputs hinged on human insights — something that can be rendered through a synthesis of data achievable with digital channels.
While traditional businesses face common challenges such as the manual filing of documents, analytics systems prone to human error and even the lack of organisational platforms for employees to communicate in. Those that are shifting to a more digital era can focus their time and energy on more important things that transcend everyday operations.
With the help of automation, businesses require less groundwork in terms of handling important documents and filing for business compliance requirements, among many other things. It also helps ease organisational needs that involve paperwork such as payroll. This means with the help of automation, you enjoy the benefits of cutting back on unnecessary costs like physical resources, hardware expenses, manpower, etc., and ultimately saving you time, money, and energy as well.
Artificial Intelligence or AI, on the other hand, helps equip businesses with smart solutions to common workplace hurdles such as the use of cloud technology, smart messaging tools, automated responders and online customer support, as well as many other AI features. With the use of AI, businesses are bound to run more smoothly and more efficiently.
How digitalisation helps revitalise business systems?
When we think about successful businesses and how to improve them, it’s not always a matter of putting out new products or services in the hopes that they will resonate with your customers as the next big thing. Sometimes, it can mean running your workplace with ease and efficiency so that you can focus on more important things such as securing better funding, scaling internationally, and improving your existing line of products and services.
This is precisely how digitalisation helps revitalise businesses: by covering much of the groundwork necessary to run a business. Business owners can channel their time and energy towards being able to achieve greater heights for their companies instead of simply focusing on running them day in and day out.
With how much digitalisation can simplify workflows on top of the added efficiency and security one gets, founders are afforded the luxury to brainstorm ways in which they can take their company to the next level.
This is why overall, digitalisation helps render a more effective and efficient business — because it sustains the lifeblood of any business which throbs at the core of its daily processes, and more than that, providing an enhanced experience for those that the businesses cater to (e.g., simplifying the purchasing process through e-commerce).
Your gateway to digitalisation.
In an effort to usher in the Industrial Revolution 4.0 programme, the government has provided grants to SMEs that have invested in the digitalisation of their daily operations.
Through the Ministry of Finance, the government in collaboration with Bank Simpanan Nasional (BSN), SME Bank and Malaysia Digital Economy Corporation (MDEC) have secured a plethora of stimulus packages for small to medium enterprises. To help welcome them into a digital society.
However, if you did miss the boat for the 2020 stimulus, there are a million different ways to finance the digitalisation of your business. Funding Societies Malaysia also offers a selection of financing that could help drive you in the right direction. Whether it’s to redevelop your SME or just free up some cash flow, we have a solution for you. So come visit our website for more information on how you can make your SME work better for you.
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