The One Thing You Need To Know From The Singapore Budget 2017

Last month, while delivering his Budget 2017 speech, Singapore’s Finance Minister Heng Swee Keat said that one way for small-and-medium-sized enterprises (SME) to stay competitive and grow is to know how to harness technology to their advantage.

“Digital technology has [the] unique potential to transform businesses, large and small, across the economy,” he said. “The first way to strengthen our enterprises, especially SMEs, is to help them adopt digital solutions.”

This is part of a bigger goal of ensuring Singapore remains ahead of the curve. “[We] should develop strong capabilities in our firms and workers, so they can adapt to the changes in economic structures and technology,” Minister Heng said.

“Digitalization, innovation and highly skilled workers will enable cities and regions to prosper while staying open and connected to the world.”

His speech comes on the back of the report released by the Committee on the Future Economy (CFE), in which it is recommended that SMEs make a concerted push into adopting digital technologies.

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According to Channel NewsAsia, the report went on to say that the Government should consider providing “more dedicated support and help defray initial investment costs in digital solutions implemented by SMEs”.

Also singing the same tune is a study done by UOB bank, published this month, which found that 88 per cent of SMEs believe that they will benefit from adopting digital technology. Among those advantages include saving cost and a lesser dependency on manpower.

Funnily though, while the proof is in the pudding, many SMEs face obstacles in implementing technology, even while they juggle rising business costs and a challenging labour market.

Those surveyed expressed the inability to set aside enough resources to adopt the technology that they want, compounded by the lengthy and occasionally complicated implementation process.

One way to embrace digital technology in a simple, fuss-free manner is to work with PikoHANA. The Singapore-based SME offers a system that runs your back office so you do not have to, all for an affordable flat monthly fee tailored to suit your business needs.

It does this through its Platform as a Service (PaaS) that can provide some or all of your Corporate Services, Accounting, Payroll, Tax, Administration and Customer Relationship Management implementation and support.

PikoHANA deploys the best-of-breed cloud technologies based on the client’s needs, that are integrated with its proprietary business intelligence platform, AO.

The best part is it usually takes no more than 60 days to complete an onboarding program using a high-touch or “concierge” approach that treats each client differently based on their specific needs.

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As an SME itself, PikoHANA has clear oversight of the digital challenges its counterparts face. That is why it also aspires to work with other SMEs to provide its service.

Its clients typically have approximately 20 to 50 employees, with up to $10 million revenue. Sectors it currently services include media, technology services, applications, fin-tech, business councils, family offices and funds.

With your back office needs taken care of, courtesy of PikoHANA, it frees up more time and money for you to focus on digitising other aspects of your business. In the process, it will help you keep relevant and ahead of the competition.

We get it and we get it done!

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