Bridging Digital Divide Among Malaysian SMEs. Here’s How.
We’re living in a world where digital technology is part of our everyday life. For business owners, transforming digitally could mean streamlining everyday operations, keeping up with customer demands, and saving costs as well as time in the long run.
Although many businesses could stand to benefit from digitalisation, some may face challenges in shifting their business online. This could be due to a lack of digital talent, difficulty in finding suitable and trustworthy solutions, or uncertainty in how to get started.
If you’re looking to kickstart your business’ digital transformation, here’s how SMEs can do so.
#1: Participate in digital transformation programmes
Digital technology is involved in almost everything we do these days, from shopping for essentials, managing our money, to working, and studying. It was found that the digital economy in Malaysia is set to account for 25.5% of the nation’s Gross Domestic Product in 2025.
As Malaysia is on the cusp of progressive digital transformation, the government has continuously introduced programmes that encourage businesses to embrace new technologies. There are many programmes out there by both private and public institutions that want to help SMEs transform digitally such as the Jom Transform Programme by UOB.
Jom Transform Programme gives a much-needed boost to SMEs who can capitalise on industry experts, mentors, and facilitates the right technology solutions to power business growth, maximise operational efficiency, as well as enable long-term success.
Aside from that, SMEs can also keep an eye out for digital-oriented programmes like the Huawei Spark Accelerator competition which give them the opportunity to connect with mentors, investors, and other industry players to boost their digital journey.
Meanwhile, this year, the SME Digital Accelerator by Malaysia Digital Economy Corporation (MDEC) partnered with the Centre of Entrepreneur Development and Research (CEDAR) to provide a thorough business diagnosis, workshops on ‘Lean Model Canvas’ and ‘Design Thinking’ modules, and matching with more than 400 Technology Solution Providers (TSPs).
#2: Secure grants or financing
One of the biggest challenges hindering SME owners from exploring new technologies is having sufficient funding or being uncertain if investing in those technologies would be worthwhile.
For starters, SME owners could try to find out what grants and incentives are provided by the government in enabling digital adoption. For example, MDEC supported businesses’ digitalisation through the offering of the Smart Automation Grant, and more. A total of over 17 companies had benefited from UOB and MDEC’s collaboration through the Jom Transform Programme in 2020 as well.
In addition, many financial institutions do offer financing solutions that are well-suited for business owners who want to ramp up their digitalisation. Beyond banking, UOB SmartBusiness also offers a comprehensive suite of digital services carefully curated with expert partners.
UOB SmartBusiness covers a wide range of solutions from business management, accounting, inventory management, point-of-sale to payroll, payments, and more. Your business can now reach new heights by going digital and accessing a range of solutions on one platform. For example, one of the digital partners featured by UOB SmartBusiness is EasyStore, a platform which allows you to sell and manage your e-commerce business across multiple sales channels. Business owners can also utilise various digital marketing tools on the platform to expand their business.
On the other hand, AutoCount Cloud Accounting Platform as part of UOB SmartBusiness offerings allows SMEs to handle account, sales, purchase and inventory control. On top of that, SMEs get to perform one-time linking to AutoCount Services on UOB SME App which allows business owners to manage business data, analyse business performance, share business information, and help make informed business decisions.
#3: Access myriad digital solutions
As mentioned, the main obstacles faced by SME owners in digitalising their businesses include the costs involved and shortage of right fit talent which in turn affect the business’ speed to market and success in implementing digital transformation projects.
If business owners would like to tap into the benefits of digitalisation, they can always opt to subscribe to third-party providers that have a team of professionals ready to help them automate their operations, maintain their cloud system, and more.
For instance, MYwave is a digital partner featured as part of UOB SmartBusiness solutions. MYwave offers a safe and secure cloud HR Management and Payroll System that allows businesses to integrate time attendance, overtime, leave and payroll efficiently.
This way, employees have a better possibility of increasing output as certain tasks get carried out digitally and automatically.
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The Asean SME Transformation Study 2022 by UOB that surveyed 1,500 SMEs across five ASEAN countries had shown that 66% of business owners are spending more in technology efforts. Meanwhile, 63% of Malaysian SMEs plan to continue digitalisation and tapping on the digital economy.
If you’re looking to get extra financing for your plans to digitalise, consider UOB BizMoney* for an unsecured business loan of up to RM1,000,000 that is easy to apply to and requires only five working days to approve**.
In addition, transform digitally with UOB SmartBusiness today and enjoy preferential rates made available for UOB customers. Through SmartBusiness, you will be able to simplify your business management, HR and payroll, payments, as well as cloud accounting with various digital partners.
*Terms and conditions apply.
**UOB will process the customer’s application for BizMoney on the next working day (working day excludes Saturday, Sunday and public holidays) upon receiving full and satisfactory documents from applicants.
