COVID-19 epidemic As a result, small and medium-sized businesses (SMEs) need to accelerate their digital transformation in a short time. More importantly, SMEs that have digitized their businesses will become a critical factor in economic and social recovery after this crisis.
Mr. Sirinan Jiradilok, Senior Director, Digital Engagement & FinTech Innovation, United Overseas Bank Thailand, made some interesting comments.
After the government has announced lockdown measures in many areas, including ordering the closure of schools and businesses temporarily to control the spread Many companies have had to shift to working from home. Organizations in the business sectors that are affected, such as retail and tourism, are mostly SMEs and businesses that have not been digitally reorganized, are severely affected by the epidemic situation.
SMEs urgently need to transform their business into digital (Digital Transformation – DX).
In line with the survey results “ASEAN SME Transformation Study 2020″[1] by UOB Bank with Accenture And Dun & Brad Street points out that more than two-thirds of SMEs (64 percent) in the ASEAN region have prioritized investment in technology. To help in doing business during the Covid-19 situation
Three-quarters (71 percent) of SMEs in Thailand are investing in technology as their top priority. And it’s worth noting that despite the challenge of falling income, ASEAN SMEs still plan to increase investments related to technology. shows that SMEs in ASEAN They look beyond the challenges of today. and accelerate to increase competitiveness To create long-term sustainable business growth
In addition to investing in technology SMEs must ensure that all business functions are ready for their digital transformation process. Although it can bring various automation systems to replace the work processes that have to be done by yourself to increase efficiency It is important for business owners and executives to adopt the right ideas to be able to implement technologies and digital solutions. come to use quickly
As reported by Digital Transformation: Reshaping The Way We Work[2] by United Overseas Bank in collaboration with Digital Reality, a digital business consulting and management company has introduced SMEs to start their digital business journey with the concept of ‘ASSESS’ which consists of
- Ascertain the problem(s): Investigate the problem First, SMEs must identify the major problems/challenges facing their organization. and analyze which steps or processes the employees take too much time to implement.
- Set goals: Set goals. SMEs will then have to set goals and identify areas/processes that need improvement in order to digitally transform their businesses. To help SMEs remain competitive in the market appropriately.
- Select partners : Find business partners. After setting goals SMEs must select partners to be part of their digital transformation drive. which come from various groups Depending on the extent of the digital transformation of the organization Whether it’s a technology partner or a direct digital solution provider. In addition, alliances with eg banks may facilitate the linking of government benefits / grants because of choosing a partner that is recognized by the government. This is an even better opportunity to receive free support.
- Empower employees: Empower employees. When SMEs will adapt The gear that drives an important organization such as employees must be ready to go digital as well. SMEs therefore need to organize training educate employees Along with enhancing skills To prepare and see the benefits of digital transformation that will improve their working lives.
- Streamline processes: streamline workflows. This is because the digital transformation of SMEs can put pressure on employees who are unfamiliar with the change. new technology or innovation Therefore, employees should be included. Be a part of the solution or various technologies come in for a trial to point out that digital tools used by the organization How will it help solve the problems they are facing? In addition to making employees feel that they are in the process of change. It will see the benefits and accept it more easily.
- Support forward-thinking ideas: Support forward-thinking ideas: SMEs need to be open to innovation and new ideas. An environment that encourages innovation and suggestion It will help SMEs succeed in their digital transformation.
In addition to the 6 conceptual frameworks that can help SMEs lay out the basic way for their organization to go digital SMEs can also look for shortcuts. In a country that will help incubating and SMEs to reach their destination faster One of the shortcuts that has encouraged SMEs to transform their organization is the Smart Business Transformation (SBTP) project, run by United Overseas Bank Thailand and The Finlab since 2019, which has helped SMEs bring the tools business and digital solutions to meet the needs of the business
Resulting in increased revenue, reduced costs, as well as improving the efficiency of various business operations. It also creates digital attitudes and ideas in the organization. It also gives SMEs access to information and funding sources for technology adoption.
While the epidemic situation has a long-term impact The driving force for digital business transformation will gradually increase as lifestyles, work, and entertainment change. The changes we see today are incomparable with the great changes that lie ahead. SMEs must begin their digital transformation. from today to keep up with the changing trends Along with keeping the business to survive and enhancing competitiveness.
For SMEs interested in transforming into digital businesses or is being modified You can visit the SBTP project details or register through the website. https://thefinlab.com/thailand/ immediately
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