SEE:Only 30% of SMEs flagging cash flow concerns, compared to over 70% in February, according to DBS survey
“The UOB SME Outlook 2021 Study demonstrates that close to one in two SMEs who proactively took steps to adopt digital tools last year are already seeing benefits such as greater productivity and efficiency gains, improved customer experience and higher revenue, even in a volatile business environment,” he says. The study saw productivity and efficiency gains emerge as the most significant benefit of digitalistion. SMEs in business services, manufacturing and engineering, community and personal services, technology, media and telecoms as well as consumer goods sectors saw the highest percentage increase in productivity gains y-o-y. 72% of SMEs that have yet to adopt digitalisation are smaller businesses that cite expensive cost, cybersecurity concerns and lack of digital skillsets among their top reasons. Looking ahead, marketing and inventory management are the two top digitalisation priorities for SMEs, followed by payroll, accounting and sales. In contrast, last year saw electronic payments and electronic invoicing rank as top priorities.