How your business can thrive by using digital solutions

The painful experience of COVID-19 has only reinforced just how crucial digital solutions are for a company to remain adaptable, resilient and successful in the face of seismic change. As global lockdowns forced employees, business partners and customers to stay at home, online tools became integral to keeping operations running smoothly – whether by empowering remote teams to remain connected and productive, or reaching customers using effective online sales and marketing efforts.

COVID-19 has therefore incentivised companies to prioritise their digital transformations¹. According to a survey by market-research firm Forrester², 34% of Malaysian firms intended to begin their digitalisation journeys in 2021. Among those who had already undertaken such efforts, more than half increased their spending on online transformation in 2020. Forrester also indicated that 80% of local firms will be in some stage of digital transformation by the end of 2021. Despite this, World Bank research shows that the nation’s SMEs still lag behind larger corporations in their digital adoption³.

Besides helping smaller companies grapple with the effects of the pandemic, digital technologies can potentially lead to better business outcomes⁴ by allowing them to upgrade old working systems, allowing them to remain relevant and competitive in the changing economic climate.

Here are key ways you can incorporate new online processes into your organisation today.

Achieve resiliency, cost savings and flexibility with cloud computing

When the pandemic struck and social-distancing restrictions forced employees to work remotely, companies quickly had to figure out how to maintain their operations. To do so, many turned to the cloud. According to a study by computer-software firm Flexera, 90% of companies surveyed increased their cloud usage to help them deal with the impact of COVID-19⁵.

Cloud computing – the delivery of computing services via the internet⁶ – has emerged as a key enabler for digital transformation. By letting users access data and applications from anywhere via an internet connection, it allowed for better business continuity when the pandemic hit⁷. Furthermore, cloud technology can continue to keep your workforce well connected in the future.

Cloud computing also offers many other benefits. As cloud services normally operate on a pay-as-you-go model, SMEs can enjoy significant cost savings on server and storage fees, software maintenance, and network and energy expenses⁸. The cloud’s greater flexibility, compared to traditional hardware infrastructure, may also provide the agility your company needs to fuel greater innovation and growth⁹.

Reach new customers through online channels and digital marketing

As COVID-19 forced the closure of many brick-and-mortar operations and moved in-person interactions online, businesses have had to increase their reliance on e-commerce and digital tools to reach their customers¹⁰. This has been a new challenge for many Malaysian companies, who generally fall behind their regional counterparts in digital marketing¹¹ – indeed, it’s estimated that only around a quarter of the country’s SMEs have an online presence¹².

Using digital channels for sales and marketing can have a significant impact on your bottom line. Implementing an e-commerce strategy can allow you to reach over two billion online customers worldwide¹³, thus opening up new markets for your organisation. It also lets you take advantage of the local e-commerce boom: the Malaysia Digital Economy Corporation, which oversees the nation’s technology-based progress, predicted that the country’s digital economy in 2020 would benefit from a 20% growth in online sales¹⁴.

Digital marketing also allows SMEs to broadcast their message on diverse platforms, thus increasing their reach and facilitating better connections with online consumers¹⁵. A study by the University Consortium of Malaysia found that companies saw a 27% increase in productivity when they practised e-commerce, and a 26% increase when entering into marketing on social media¹⁶.

Streamline business processes for greater efficiency

Many core company activities, such as payroll, accounting and HR management, used to be done manually. But by automating these functions, SMEs stand to achieve greater efficiency across their organisation¹⁷. For instance, in a study by the UK’s Chartered Institute of Payroll Professionals, 83% of respondents reported that switching to electronic payslips led to cost savings¹⁸.

If you’re not sure of the right business services to use, you can work with a partner who offers a holistic suite of products. They will advise you on the best ones to employ to match your business needs.

UOB SmartBusiness is a comprehensive range of digital solutions that automate core processes and can prime your SME to succeed in the digital age. For instance, it includes software like HReasily, which automates the application and approval of leave requests, and allows claims to be filed and managed in real time – which benefits both employers and employees.

You can also harness business-management applications such as Enterpryze, which accesses real-time transactions, and creates and sends e-invoices – rather than mailing out hard copies – in order to be paid quickly. This system can assist with improving your cash flow. Other services like, AutoCount and QNE, help you manage your inventory and monitor your financial operations through all-in-one platforms for optimal efficiency.

The right digital products can empower your company to survive and thrive in the digital age. Contact us today to find out more about how UOB SmartBusiness helps facilitate your successful digital transformation.