How To Go About Digitising Your Business?
Businesses need to undergo a digital transformation in order to compete in the modern marketplace – you have probably heard this many times, but the past year has made this transformation a necessity.
Before the pandemic, fewer than half of the companies in Malaysia were on a digital transformation journey, yet a recent survey revealed many more have been expanding their digital capabilities in 2021. Clearly, the recent pandemic-related events have accelerated the pace at which businesses adopt online business solutions.
Small and Medium Enterprises (SMEs) which make up over 98% of businesses in Malaysia, are the most vulnerable, especially micro-SMEs that form the biggest segment at over 76%, as many are not prepared to operate in an online business environment. SME Corporation Malaysia recently published findings that revealed 90% of SMEs are at risk of closing due to extended Movement Control Orders.
OCBC bank is adapting to the pandemic by making available an online business account that can even be opened remotely, complete with eKYC (Know Your Customer). Everything, including document submissions, are completed digitally. You can start digitising your business immediately here.
Knowing that you need to transform your business digitally is the right mindset to have as an SME owner, but how do you get started? Here is a step-by-step guide to take your business digital.