Mr Mervyn Koh, UOB’s Singapore country head of business banking, said many SMEs may not realise that innovation does not necessarily mean a major overhaul.
“There needs to be a mindset change to see that innovation also occurs when businesses change the way they do things,” he said.
“This includes looking at how they can simplify existing processes through cost-effective business solutions that are readily available in the market. To future-proof their business, SME owners must explore how they can invest in and integrate technology in their business today to ensure that they keep up with the pace of digital change.”
Mr James Quan, founder of high-end stationery firm Bynd Artisan, said the firm used to rely on brick-and-mortar stores, but is now focusing on building a strong e-commerce platform. It recently began using Xero, a digital accounting solution offered by UOB, to sync transactions made from its bank accounts.
He said: “This allows us to gather real-time information and also auto-reconcile our accounts with the bank, which helps us to greatly improve our productivity and enables us to focus on other core functions.”
(Article extracted from: http://www.straitstimes.com/business/going-digital-will-boost-smes-growth-survey)