Back to all stories

Many Singapore-based small and medium-sized businesses (SMEs) are using digital transformation to achieve business growth, and overcome declining revenues due to ongoing COVID-19 restrictions.  According to the Survey on Impact of Phase 2 (Heightened Alert) Measures on Businesses*, 53% of respondents expect their overall business revenues to decline by more than 25%.

This is largely due to demand uncertainty. SBF’s National Business Survey 2020/21 revealed that uncertain demand for business services or products is the leading challenge for 59% of Singapore SMEs. 

 

How SMEs can future-proof their business models and processes

Digital transformation is the key to overcoming these challenges.

Today, customers expect to be able to engage with brands digitally. They want personalised online experiences and expect consistent interactions no matter which department they talk to. SMEs will therefore have to adapt accordingly and acquire digital capabilities.

In fact, the effective use of technology can be a differentiator for SMEs. According to our Small and Medium Business Trends Report, 51% of growing SMEs say technology drives the growth of their customer bases.

SBF’s National Business survey revealed that 84% of businesses have accelerated their digital transformation by an average of two years. Streamlining business and operational processes will also be the priority for 19% of Singapore businesses as they seek to overcome challenges associated with COVID-19 over the next 12 months.

 

One unified view: the core enabler of digital transformation

“Amid the negative impact of COVID-19 is the silver lining of a stronger push for digital transformation and manpower development by companies. Even as the economy recovers, the transformation and manpower development efforts will enable companies to build up core capabilities and help them to emerge stronger.”

Mr Lin Guoliang | Deputy Director, Advocacy & Actions of SBF

Fifty-six percent of SMEs worldwide use a customer relationship management (CRM) system, according to our Small and Medium Business Trends Report. That’s a 24% increase from 2019 to 2020. With a CRM system, SMEs reap benefits like delivering faster customer service and having a unified view of the customer.

Customer 360 delivers these benefits and more. With Customer 360, every team — sales, service, marketing, commerce, and beyond — can have a single, shared view of customers on an integrated CRM platform. This single source of truth enables employees to work together to build lasting, trusted relationships and deliver the intelligent, personalised experiences their customers expect.

Technologies like CRM can seem daunting to SMEs that are starting their digital transformation journeys for the first time. To help SMEs succeed, SBF and Salesforce will be hosting our first joint webinar: How SMEs Can Reimagine and Pivot Your Business Growth With One Unified CRM.

 

Join the webinar and accelerate your digital transformation

In this webinar, Salesforce and SBF experts will share how SMEs can kickstart their digital transformation plans by using a single platform tailored to the needs of SMEs. You’ll learn how to:

  • Automate your business processes across cross-functional departments, allowing you and your team to scale for the future of work
  • Connect your tools and systems in one platform to get a complete view of your business and a single view of your customer
  • Find more customers, win more deals, and keep customers happy with loyalty

Aside from Salesforce and SBF experts, we have also invited a Salesforce customer to share their digital transformation experiences. Justin Choo, Founder and CEO of Knorex, will share how the cloud marketing platform provider embraced rapid digital transformation and grew despite the challenges caused by the COVID-19 pandemic. Justin will also talk about how Knorex used the Productivity Solutions Grant (PSG) to help fund up to 80% of the company’s Salesforce-enabled transformation.

 

Digital transformation is helping Singapore SMEs grow in spite of COVID-19 restrictions. But you need the right technology to power your digital transformation.

Salesforce brings companies closer to their customers in the digital age, while SBF supports Singapore SMEs in their recovery and growth journey. Join us for the webinar on 26 August, 10.30am SGT and be the next game-changer for your business.

Note: This webinar is most suitable for Singapore companies with up to 200 employees. Salesforce is a pre-approved IT vendor for the Productivity Solutions Grant (PSG) under the SMEs Go Digital program.

 

*Survey on Impact of Phase 2 (Heightened Alert) Measures on Businesses conducted by the Singapore Business Federation, Singapore Manufacturing Federation, American Chamber of Commerce in Singapore, British Chamber of Commerce Singapore and European Chamber of Commerce in Singapore