Revitalising SMEs with Digital Transformation
Singapore’s rise from a “little red dot” to a global business hub has been driven by many factors including a dynamic Small and Medium Enterprise (SME) sector.
Comprising 99% of local enterprises, and supporting 71% of total employment, SMEs remain the backbone of the economy. But while some are set for the digital age, others require a makeover.
Transformation in this case is empowering SME owners with new solutions to streamline their businesses, collaborate with partners or suppliers, connect with customers, fight cyber threats, and develop new opportunities.
Singapore’s digital pivot
In line with Singapore’s drive to become a world-class tech-driven city-state, many SMEs have stepped up their digitisation efforts.
The technology adoption rate among SMEs increased from 73.8% to 94.3% over the past five years according to the Infocomm Media Development Authority’s (IMDA) Singapore Digital Economy Report 2023. The IMDA report noted that many SMEs implemented e-payment solutions but were slower to adopt data analytics and AI tools.
The time to hesitate on these technologies, and others, is through, however, because the pandemic forced a profound change in how Singaporeans buy goods and use digital platforms in everyday life. Singapore is the third most competitive digital economy in the world and e-commerce contributed to more than 17% of GDP in 2022.
The consumers have spoken
Consumers have also changed the way they connect with businesses with many preferring digital channels for service interactions.
More than 40% of SMEs surveyed in an ASEAN SME Transformation Study in 2022 acknowledged this shift in consumer preferences and
have made customer engagement a top priority.
Many see digital transformation as a way to retain customers and access a region-wide online audience searching for new brands and products. Consumers have also changed the way they connect with businesses with many preferring digital channels for service interactions.
More than 40% of SMEs surveyed in an ASEAN SME Transformation Study in 2022 acknowledged this shift in consumer preferences and have made customer engagement a top priority.
Many see digital transformation as a way to retain customers and access a region-wide online audience searching for new brands and products.
Consumers also have high user expectations. As most Singaporeans are tech-savvy and connected, they expect ease, speed, personalisation, and rapid responses when they are shopping, communicating, or using a website or app.
While only large corporations had the resources to meet these demands in the past, the digital playing field has been leveled. The development and democratisation of technology have made business-enhancing solutions more affordable and accessible to many SME owners.
Bridging the digital gap and boosting peace of mind
Developing digital solutions that enable SMEs to reduce costs and increase efficiencies is a Fujifilm area of expertise. FUJIFILM Business Innovation Singapore's Digital Workplace Vision, for example, centers on document management to ensure seamless data management and digitisation of documents.
Installing new IT services to protect customer communication platforms from leaks and hacks is another business-critical priority. Whether a major enterprise or SME, everyone is at risk.
Staying up to date with emerging technology trends and tools, however, can be difficult for time-challenged SMEs. From supporting small businesses in many markets, FUJIFILM Business Innovation understands their unique pressures, and with tech providers, can serve as a trusted partner to manage their IT systems allowing owners to focus on other issues.
Support includes redesigning, customising, and deploying workflow and processes. FUJIFILM IT Expert Services teams are also available to monitor SME systems to identify and fix problem areas before they escalate into major issues.
Better connections
The flexi-work and work-from-home trend has increased the need and demand for advanced mobile communication technologies. Solutions supporting this were once expensive and complex, but FUJIFILM provides alternatives to meet a range of budgets and infrastructure set-ups.
AI - the next frontier
Looking ahead, Artificial Intelligence (AI) technologies are poised to become widely used by SME owners. AI business solutions have already gained traction in Singapore and adoption is expected to accelerate as new SME focused initiatives are introduced.
For example, the GenAI Sandbox program, launched by IMDA and Enterprise Singapore, allows SMEs to get hands-on experience with generative AI technologies to enhance customer engagement and sales and marketing efforts. Creating Intelligent Automation, utilising AI-driven automation to streamline operations, will be another important focus area for SMEs.
FUJIFILM – Workplace Transformation
If improving efficiencies and cost savings, connecting better with customers and employees, and bolstering online defenses are among your business resolutions for 2024, find out more about building your Digital Workplace here!