2020 was a nightmare for many businesses, especially Small and Medium Enterprises (SMEs). The COVID-19 pandemic seemed to have brought many of them to their knees as news of countless businesses folding under the ever present pressure became uncommonly frequent. Many businesses turned to digitised solutions to help them navigate the waves. In Malaysia, SMEs alone make up 99% of all business establishments.
The Government’s Movement Control Order forced many economic activities to grind to halt, including SMEs. Several businesses joined the digitised wave to keep their businesses operational during the pandemic. But what about a post-pandemic world? How will going digital help Malaysian SMEs adapt in a world post-pandemic? Here are five reasons why businesses should accelerate digitalisation in a post-pandemic world.
Going digital will help Malaysian SMEs leverage new opportunities, distribution channels, and new ways to reach potential clients beyond physical boundaries. It also makes it possible for businesses to access new talent and ideas beyond the traditional. Plus, SMEs now cut costs in many areas by adopting more straightforward tech solutions. For example, tools like Pivot, Cloud Accounting System, Xero, etc., are offering efficient alternatives to small business owners in the digital world.
Very Few Success Stories Pre-Pandemic
Digitisation is not a new concept. Indeed there had been several calls for SMEs in Malaysia to embrace this trend years before the pandemic took everyone by surprise. A pre-pandemic Malaysian business sector saw little successes in two folds. First, most SMEs failed to initiate the digital transformation needed, forcing them to be left behind. Secondly, the low digitisation adoption rate created a poor structure and collaboration between the public and private sectors. A considerable percentage of digital transformation attempts failed, leading to a vast gap between the failed ones and the successful ones.
Numerous Benefits To Come
Going digital is the future of businesses. Not only does it make your brand more competitive in the modern industry, but it also helps you meet the modern consumer’s needs. Digital solutions allow businesses to innovate quickly and move with the changing times. Plus, it offers cheaper, more effective, and less time-consuming ways of doing business. And this is just the beginning, as several experts believe there are countless benefits to come.
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Going Digital Is More Important Now Than Ever
2020 may have been a terrifying year for many SMEs and businesses in general. But from the looks of things, we are not out of the woods yet, especially as there is no definite indication of when the nightmare will end. That means going digital is now more critical than ever. The last thing you want to do, as a business owner, is to wait for everything to be over to resume regular service. ‘Normal service’ has changed, and businesses that fail to adopt digital solutions will be left behind by their competitors.
Going Digital Is The Way Forward
The future is digital. Businesses have learned that most of the preconceived notions that surrounded implementing digital solutions pre-pandemic were simply not true. Many entrepreneurs and SME owners believe going digital is helping transform their businesses. Various governments are also beginning to implement policy interventions that will support long-term digitisation. The Malaysian government, for example, has long encouraged SMEs to go digital even before the pandemic hit.