How Covid-19 has impacted the digitalisation of businesses
As we all know, Covid-19 has impacted businesses badly and most business are trying to stay afloat desperately by accelerating the pace of digitalisation in response to the pandemic. However, according to a study done by ASME and Microsoft, more than half of Singapore SMEs have reported delays in their digitalisation process with reasons like cost (56%), digital skills gap (40%), and low awareness of government initiatives (30%) being some of the top barriers to digital transformation for SMEs in Singapore.
Yes, going digital might be costly and a bit difficult at the start, but there are a number of government initiatives under the SMEs Go Digital Programme that can help SMEs to digitalise at each stage of growth with pre-approved solutions.
With grants like Productivity Solutions Grant (PSG), businesses can get pre scoped solutions ranging from Retail, Food, Logistics, Precision Engineering, Wholesale, Building and Construction, Financial Service, and Landscaping industries. PSG also supports businesses’ adoption of broad-based solutions that cut across all industries, such as Customer Relationship Management and Human Resource Management systems. Additionally, the maximum funding support level was raised from 70% to 80% from 1 April 2020 to 30 September 2021 to encourage enterprises to digitalise without being afraid of the cost.
If you are considering to get an accounting software or payroll software, you can check out Moneyworks or ABSS, which are both PSG approved. If you have any questions or doubts, you can contact us at +65 6589 8878.