ALTHOUGH the world has gradually recovered from the panic and pessimism caused by the Covid-19 pandemic, one change that has gained more momentum is the digital revolution that ensued.
This transformation had already been in existence way before the pandemic, but because it involved a massive rehaul of business operations, only government-linked companies (GLCs) and larger corporations embarked on it.
Digitalisation involves running and managing much of the company’s business on a unified platform that is optimised to streamline processes and generate data quickly for more agile decision-making.
As we are in the endemic phase of the pandemic, digitalisation is still encouraged as many businesses, especially small and medium-sized enterprises (SMEs), will benefit and be ready for fast expansion.
More than just a fad, it helps them remain competitive and not be left behind.
The fourth The Star Outstanding Business Awards (SOBA) Lab webinar, which will be held at The Wembley, A St Giles Hotel, Penang on Sept 22 and conducted in Mandarin, will explore how businesses scale up in two different sessions.
Those who wish to sign up can scan the accompanying QR code.
These sessions will start at 8.30am and be moderated by Wybrant Consultancy managing director Will Teh, who is also JCI Kulim local president for 2022.
The first session will examine how to “Improve business efficiency via digital finance transformation”.
Panel speakers here include RHB Bank Bhd SME Banking head Yip How Nang, Great Ideals Group founder and chief executive officer (CEO), also PUMM president, Tan Lay Seong and Big Academy Sdn Bhd managing director and JCI senator Alen Yeoh.
Yip explained that he will be looking into ways to leverage digital technology to improve efficiency in financial management.
“The only issue is when businesses are hesitant to trust the technology,” he explained.
“SMEs should be brave to take the first step towards growing their confidence and trust.”
The second session will delve into ways of “accelerating business growth through digitalisation.”
This session will feature panellists – Digi SME Direct Sales (nationwide) head Thew Soon Kheng, PKT Logistics Group Sdn Bhd chief marketing officer Kuan Eu Jin and Goldsome Innovation Sdn Bhd managing director Poon Wai Kit.
Kuan said that he will be stressing that digitalisation is the only way to go in order to scale businesses fast.
“It enables you to manage your operations, make key decisions quickly and accurately,” he mentioned.
“The barriers we have to overcome are the SMEs’ resistance to investing in technology.
“That is the first hurdle, especially if the business is still actively managed by those opposing change.”
He advised that implementing digitalisation components requires meticulous effort to get it right.
“Best not to worry but to start with smaller, lighter projects to get the feel of things before moving on to larger, more complex transformations.”
Kuan said at the end of the day, digital transformation needs to be led by the CEO.
“But not just any CEO,” he cautioned. “He has to be a hands-on technocrat and less so a charismatic leader.”
Thew will share the importance for SMEs to choose the right solution that makes the most sense for their organisation.
“We will also look into how secure connectivity and digital solutions can help elevate and future-proof businesses to allow them to grow and reach their best potential when they have the right technology in place to help them,” he added.
However, with so many solutions, SMEs can experience choice fatigue, especially those who are just beginning their digitalisation journey.
He cautioned that “they may end up choosing unsuitable solutions or worse, ones that become a hindrance for them to adopting digitalisation altogether.”
He said digital solutions have to be customised for individual companies and that they must identify their pain points and issues before finding a solution to address them.
SOBA 2022 is organised by Star Media Group with Credit Guarantee Corp Malaysia Bhd, Digi, PKT Logistics Group and RHB Bank Bhd as main sponsors, TalentCorp Malaysia as co-sponsor and Matrade as official trade promotion partner.
Supported by Bursa Malaysia, it is audited by BDO with 988 and Suria as the official media partners.
For more information on SOBA 2022, call SMG Events at 017-2311789 or visit www.soba.com.my.
Kuan says digitalisation is the only and best way to go in order to scale businesses fast.
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Thew believes it is vitally important for SMEs to choose the right solutions.
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Yip points out SMEs should be brave to take the first step towards growing.
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Moderator Will Teh will be leading both discussion sessions in SOBA LAB in Penang.
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PUMM president Tan will also be a speaker in the first session of Soba Lab 4.
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Alen Yeoh will speak on improving business efficiency via digital finance transformation.
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Poon’s company won Best in Marketing in Soba 2021 and is also a panellist in Penang.
