Data management crucial as data becomes critical asset for SMEs

THE move towards the digital economy is not easy, especially for small and medium enterprises (SMEs) given the complexity and knowledge required. In a recent study by UOB on SMEs in Asean, local SMEs ranked 'help for digitisation' as the second-most important item on their wish list.

To help SMEs build their digital capabilities, the government has introduced two initiatives: the SMEs Go Digital Programme for which more than S$80 million dollars has been set aside to enhance SMEs' overall level of digital readiness, and the Open Innovation Programme to help businesses crowdsource solutions to their digital challenges.

Organisation size was once a challenge for many SMEs to maximise business opportunities, but automation, the Internet of Things (IoT) and other data-led technological advancements are levelling the playing field for many industries. Many companies such as Grab and Honestbee started small but have grown immensely by disrupting traditional business models with technology and expanding their use of data across business functions.