Connecting enterprises to opportunities in a post-pandemic world

The COVID-19 pandemic has upheaved businesses across industries, forcing business leaders to rethink their direction and reinvent themselves to stay relevant. Small and medium-sized enterprises (SMEs) in particular, have had to accelerate digital transformation efforts to embrace technology as they entered survival mode over the past year to stay afloat.

As Deputy Prime Minister Heng Swee Keat stated at the recent launch of Smart Nation and U Festival, taking advantage of technology is key to seizing the best opportunities and staying ahead of the curve. This applies even one year on from the onset of the pandemic, and involves more than just having a robust connectivity network and the right mix of digital solutions and hardware in place. To stay ahead of any potential obstacles, we have identified key areas that SMEs should pay close attention to as they navigate opportunities in the post-pandemic world and beyond.

Maintaining productivity and engagement in a hybrid work environment

Early last year, businesses found themselves in disarray, with many having to swiftly adapt to remote working in order to cope with the restrictions implemented during the pandemic. Hybrid working models are expected to stay as Education Minister Lawrence Wong announced on 24 March that up to 75% of employees can now return to workplaces. Flexible working hours will be implemented, allowing workers to work both from home and at their workplace. Given these changes, business leaders need to equip their employees with technology and productivity tools that enable seamless collaboration in the office and at home. The adoption of cloud-based services is expected to continue to grow as flexible work arrangements call for new and efficient ways of communication and collaboration.

Focus on a consumer-centric approach

Customers have always been a priority for every business. According to Forbes, companies who prioritised customer experience garnered 4-8% higher revenue than the rest of their competitors.

As users become increasingly informed and digitally savvy, customers naturally begin to expect the businesses they frequent to deliver a similar level of savviness and digitalised customer experience. Amid fierce competition for consumers' shrinking attention span and fast-changing trends and preferences, businesses have to rethink how they can best engage their customers and personalise the experience. At the same time, they need to be prepared to scale operations through the right digital channels - without which, SMEs may find themselves struggling to meet consumers' needs and retain loyalty, resulting in a decline in revenue over time.

Remain vigilant about cybersecurity threats

While digitalisation becomes the clear path to take for many businesses, the shift towards a digitalised platform could expose organisations to higher risks, such as cyber threats. As cybercrimes become increasingly widespread and sophisticated, the damage caused by hackers should also not be underestimated - findings from a McAfee research study revealed that organisations in Singapore suffered an average of S$1.7 million per security breach.

With almost 40 percent of cyberattacks in Singapore targeted at SMEs, it is clear that SMEs in particular are often susceptible targets of such threats, as many SMEs often assume they are too small to be the targets of cybercriminals. These days, SMEs face equal, if not higher levels of cyber threats given their leaner operations and fewer resources, which often mean cybersecurity measures may be forsaken. In making the shift towards digital solutions, SMEs thus have to ensure their security systems are up-to-date, to lower the risk of exposure to dangerous and costly cyberattacks.

Beyond the key areas to pay attention to, what are some actionable steps SMEs can take to stay ahead and ensure relevancy?

Stay updated with the latest industry knowledge

Amid the rapidly changing industry landscape, it is crucial for businesses of all sizes to stay on top of the latest resources and guides that can help them navigate unfamiliar technologies and understand what their business needs.

To aid SMEs in their digital transformation efforts, the Singapore government has been actively rolling out initiatives targeted at SMEs. Recently, the government introduced the Chief Technology Officer (CTO)-as-a-Service scheme which includes a one-stop, self-help tool for SMEs to assess their digital needs and gaps. Such strategies and resources will come in handy for business owners who are unsure of where to begin, as they develop long-term solutions to map out what they need at each stage of their business development.

Apart from tapping on government resources, business leaders should familiarise themselves with the latest industry trends, and commit to regular cybersecurity awareness workshops and training courses to keep their staff well-equipped and educated. Importantly, topics such as cybersecurity awareness are not solely targeted towards the IT team, but should involve the entire organisation - in the second annual Chubb SME Cyber Preparedness Report published in 2019, findings revealed that 53% of the cyber incidents that took place in the past year or so were caused by employees.

Upgrade current technology

The future of work is constantly changing, with new, improved devices and technologies driving these changes. SMEs should do a regular stocktake of their current IT setup and look into how they can upgrade their system to better serve the needs of both their business and their customers.

One of the key aspects to focus on is the Wi-Fi network, a key building block in the setup. Without proper Wi-Fi infrastructure in place, businesses may potentially lose out in productivity and miss out on the long-term cost savings when their equipment is not compatible with the prevailing technology. To this end, the latest Wi-Fi 6 provides users with a better data experience and reduces user congestion when many people are using the same Wi-Fi service. Wi-Fi 6 is able to provide users with connectivity across multiple devices and channels that can maintain excellent throughput of data even as the number of users increases.

With a myriad of new technologies and devices that can boost connectivity and speed levels available today, business owners have to carefully assess their business goals and plan ahead to implement technology that can serve their business better in the long-term. While many SMEs tend to be cost-conscious when it comes to hardware and systems, IT and cybersecurity software upgrades should not be seen as an expenditure, but an investment. If anything, the pandemic has made clear that SMEs have to digitalise and continually invest in technology to stay ahead of fast-changing times.

Partnering with a trusted provider

While the path towards digital transformation may seem daunting, SMEs should recognise they are not alone in this journey. Business solutions providers often work alongside SMEs and micro-enterprises across various sectors to understand their unique business needs and provide appropriate and feasible solutions. With trusted business experts that can advise them on best practices and the latest tools, business owners can focus their efforts on immediate business needs and apply solutions that are best catered to their business needs. For instance, service providers such as MyRepublic are committed to providing personalised solutions for clients by maintaining a customer-first approach, to give business owners a peace of mind amidst the rapidly evolving digital landscape.

As we continue to navigate the post-pandemic landscape, it is essential for companies to look inward and identify areas of growth - which could look different for everyone - and how they can successfully future-proof their operations to remain resilient. Ultimately, how business owners respond in the months ahead will be crucial in determining their growth trajectory for the future.