This is the era of technology and technological revolutions are happening every year. No matter how much we achieve, there is always scope for improvement for any business and a nation as whole. In Singapore, it has been observed that the digital adoption by Small and Medium Enterprises (SMEs) has been relatively slow. There can be many reasons behind it such as lack of awareness or certain challenges.
The Singapore Enterprise Association (SEA) is an organization that aims to encourage, recognize, and uplift the SMEs in Singapore. Among its any initiatives is the Medal of Honour Award which reviews and evaluates SMEs on various parameters and suggests areas of improvement.
Here’s a list at the common digital challenges faced by small businesses and the suggestions by Singapore Enterprise Association to overcome them:
1. Awareness about significance of digitization
Digitization is about how businesses keep pace with the tech-savvy consumers. Technology lessens the cost of operating a business. Companies that adapt to their consumer needs will always be in the picture and this is what digital transformation all about.
2. Lack of understanding of the digital skills
Many business owners ignore digital transformation because of ignorance about how to incorporate it in the business. They need to understand their compatibility with digitization. Businesses need to spend time and figure out which tasks can be automated.
3. Concerns about cyber security
What prevents businesses from adopting digitization is potential cyber threat. However, SMEs need to consult with a cyber-professional and get counselled at length before they move their operations to the clouds. Cyber security can prove to be a competitive edge that an SME has over others.
Nowadays, it’s a must for businesses to have a digital presence to help them improve their brand recognition, help them engage with the customers, and a lot more. Some businesses, especially the start-ups, need guidance and assistance to make the right decisions to expand and grow the business. That’s why Singapore Enterprise Association reviews your current business status and identifies improvements to help you achieve your business goals. Visit their website to more.
The Singapore Enterprise Association (SEA) is an organization that aims to encourage, recognize, and uplift the SMEs in Singapore. Among its any initiatives is the Medal of Honour Award which reviews and evaluates SMEs on various parameters and suggests areas of improvement.
Here’s a list at the common digital challenges faced by small businesses and the suggestions by Singapore Enterprise Association to overcome them:
1. Awareness about significance of digitization
Digitization is about how businesses keep pace with the tech-savvy consumers. Technology lessens the cost of operating a business. Companies that adapt to their consumer needs will always be in the picture and this is what digital transformation all about.
2. Lack of understanding of the digital skills
Many business owners ignore digital transformation because of ignorance about how to incorporate it in the business. They need to understand their compatibility with digitization. Businesses need to spend time and figure out which tasks can be automated.
3. Concerns about cyber security
What prevents businesses from adopting digitization is potential cyber threat. However, SMEs need to consult with a cyber-professional and get counselled at length before they move their operations to the clouds. Cyber security can prove to be a competitive edge that an SME has over others.
Nowadays, it’s a must for businesses to have a digital presence to help them improve their brand recognition, help them engage with the customers, and a lot more. Some businesses, especially the start-ups, need guidance and assistance to make the right decisions to expand and grow the business. That’s why Singapore Enterprise Association reviews your current business status and identifies improvements to help you achieve your business goals. Visit their website to more.
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