Incite aims to speed up digitalisation of SMEs

Incite Innovations Group chief executive officer Tham Lih Chung.

While various measures have been put in place to elevate the small and medium enterprise (SME) sector to a higher level, it still trails behind in digitalisation.

A recent report, Malaysia Economic Monitor February 2023: Expanding Malaysia’s Digital Frontier, unveils a significant digital divide among businesses in Malaysia, indicating that SMEs in the country face productivity challenges and exhibit lower rates of technology adoption compared to their global counterparts.

The SME sector, which forms the backbone of the Malaysian economy, accounts for about 97% of total businesses in the country. Micro, small and medium enterprises (MSMEs) play a significant role in growing the domestic economy as the sector contributes 11.7% to the country’s total exports and provide employment to 47.8% of the population.

Incite Innovations Group chief executive officer Tham Lih Chung tells StarBizWeek that for the SME landscape to improve, the role of digital adoption is pivotal.

“At Incite, our journey began as an SME, initially focusing on the food and beverage (F&B) industry.

“Developing in-house tech solutions implemented in our operations, we successfully navigated challenges and expanded our presence locally and globally.

“Progressing over time, our services extended to large enterprises, local listed companies, and multinational corporations (MNCs). It became apparent that some of our offerings could be tailored and extended to benefit SMEs, aiding them in scaling further,” he says.

The group offers a versatile suite of services tailored to the retail and food and beverage (F&B) sectors. It has three core businesses: fintech, retail management, and lifestyle ventures.

In the third quarter of 2023, it launched Alevate BOS, a one-of-a-kind integrated retail tech solution in Asean. Specifically designed to address the challenges facing SMEs, the all-in-one platform integrates information from supply chain, retail management, customer experience, and finance to elevate businesses.

As of the end of the fourth quarter of 2023, over 500 merchants have already begun benefiting from the comprehensive features of Alevate BOS.

Tham says the company’s solutions streamline processes, provide valuable customer insights, and drive growth, adding that this ensures that SMEs adapt to technological changes, strategically leveraging advancements for sustainable success.

“Our unwavering commitment to user-friendly interfaces and data-driven support empowers local SMEs, enabling them to maximise their digital transformation for long-term growth.

“Amid the current SME landscape, our primary focus is on the local market. Nevertheless, the inherent diversity across Asean markets, especially Malaysia, Singapore, Indonesia, Thailand, Vietnam, and the Philippines, is prompting a strategic reevaluation of how our solution can effectively address the distinctive features of each country.

“Considering that SMEs make up a significant 97.4% of businesses in Malaysia, it is imperative to move beyond a one-size-fits-all approach.

“Our solution goes beyond being a mere product, it is a recognition of the nuanced challenges and opportunities within the diverse Asean landscape,” he points out.

The modular architecture of the group’s solution allows for a high degree of customisation that aligns with the specific nuances of different markets, he says.

Tham says this adaptability serves as a crucial asset for SMEs, providing the flexibility needed to seamlessly expand into new territories.

This flexibility is a testament to the group’s commitment to equipping SMEs with the tools not just to survive but to thrive in the diverse economic ecosystems of South-East Asia,” he explains.

On another note, he says access to capital poses a significant obstacle for many SMEs. These businesses often grapple with the complexities of obtaining swift access to microloans and essential business funding, crucial for meeting diverse financial needs, he adds.

Tham says rapid access to necessary capital is essential for SMEs to navigate operational expenses, invest in growth opportunities, and ensure the sustainability of their operations.

Addressing the critical challenge of limited access to finance for SMEs, Alevate BOS also seeks to tackle the issues.

“Recognising the pervasive financial hurdles faced by SMEs, including constrained access to capital and challenges in cash-flow management, our tailored financing solutions aim to serve as a crucial support system for these businesses.

“SMEs frequently encounter difficulties securing funds for day-to-day operations or embarking on strategic projects, hindering their ability to navigate uncertainty and capitalise on growth opportunities.

“Our approach goes beyond traditional lending by providing strategic financial support, empowering SMEs to overcome these challenges. By acting as a versatile financial ally, we aim to address the specific needs of SMEs, fostering resilience and enabling them to thrive in the ever-evolving business landscape,” he says .

Tham says this commitment to addressing the genuine financial challenges SMEs face reflects the group’s dedication to being a comprehensive partner in their journey to success.

On what sets Alevate BOS apart from other integrated solutions in the market, and how does it continually exceed industry expectations? He says its key differentiator lies in seamlessly integrating technology solutions with operational business solutions.

While technology serves as an enabler, he says its unique selling proposition goes further by providing clients with a suite of business solutions.

These encompass revenue enhancement, cost reduction, client acquisition, and marketing solutions.

This distinctive approach positions Alevate BOS as a comprehensive solution that not only incorporates advanced technology but also offers a range of business strategies, ensuring it stays ahead of industry expectations, Tham explains.