Going global? Make sure you prioritise digitalisation

Taking your business global in the current economic climate might actually make sense if you do it right. Focus on digitalisation, as it can make the globalisation process smoother in these ways.

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Going global? Make sure you prioritise digitalisation

Key takeaways

  • It is possible to take your business global even in the face of economic uncertainties
  • Digitalisation plays a crucial role in international expansion of businesses
  • Setting up e-commerce stores, moving to the cloud and adopting software-defined networking (SD-WAN) are some of the ways digitalisation can help you globalise

Going global? Make sure you prioritise digitalisation

28 August 2022 | SMB, Digitalisation, Cloud | 5 min read

It is not unrealistic to think about scaling your business to new markets during a time of economic uncertainty. In fact, an Equinix study revealed that 53% of companies in Singapore were still intending to expand into new regions in 2021, despite the disruptions due to COVID-19.

Digitalisation can help businesses make their globalisation journey smoother. It also helps when digital tools drive productivity, efficiency and revenue while the globalisation process is underway. According to the UOB SME Outlook Study 2021, two in five SMEs that had implemented digitalisation initiatives in 2020 experienced stronger revenue growth, productivity and efficiency gains ranging between 22% and 49%.

Here are some ways in which digitalisation can help you in your efforts to globalise. 

Take your business online to attract a global audience

Digitalisation can directly impact revenue generation for small businesses by removing geographical constraints in their customer acquisition. For example, physical retail stores which may have focused on local customers can now set up store online. This lets them reach customers across the globe and opens up new revenue opportunities.  

In a 2020 survey by Singapore Business Federation, 27% of businesses said they were optimistic about getting positive returns from their investment in digitalisation and e-commerce transformation.

Adopt cloud-based data storage and backups to save costs

As you set up offices in new markets, there may be unexpected expenses related to logistics, regulations and business registration. There will also be costs associated with setting up IT infrastructure. Choosing a shared, cloud-based solution can spread the cost of setting up and owning the infrastructure.

Don’t ignore the cost of securely storing your critical business data and applications either. For example, attending a conference or exhibition may result in a sudden rise in leads and customer data, which will require secure storage. Or perhaps you might have to put together high-quality artwork and creative for multiple projects on short notice, which may require a temporary or even permanent scaling of the storage capacity.

And lastly, you will also have to plan ahead for backing up this data in case ofemergencies such as physical device failures, accidents or disasters. Singtel Cloud Backup and Recovery enables automatic backups and data protection across applications. You get complete visibility through a single pane and only pay for what you use.  

Stay connected with agile software-defined networking

When taking your business global, it is important to ensure that each new office is equipped with the necessary networking infrastructure. Choosing different vendors for your networking solutions in different locations can lead to complexity in deployment, management and maintainence.

What SMBs need is an agile network that can be centrally managed and one which enables admins to quickly deploy SD-WAN in each location. Singtel SD-WAN can help with this by reducing complexity and total cost of ownership. It uses best-of-breed SD-WAN on a single centralised portal and comes with integrated threat protection, including firewall, antivirus as well as data encryption. Being centrally managed, it also offers quick and easy SD-WAN deployment for new branches or offices. 

Overcoming common challenges in the digitalisation journey

Despite the benefits of digitalisation, SMB owners may still be apprehensive about adopting various technology solutions. These could be due to the costs associated, the lack of training available for staff and even potential cyber threats to watch out for going forward.

These roadblocks can be removed in a number of ways. Cost concerns associated with technology adoption can be alleviated by exploring solutions that offer a “managed service” model. This will help SMBs avoid high upfront costs and instead get help from the service provider for setup, monitoring and maintenance at a monthly subscription fee.

To address the challenge of lack of training for staff, SMBs can explore government grants and skills development schemes that subsidise training programmes to upskill employees. The Enhanced Training Support for example, helps SMBs fund up to 90% of the fees when they sponsor their employees to attend courses supported by SkillsFuture Singapore.           .

As for dealing with cyber threats associated with digitalisation, the best approach would be to choose a trusted cybersecurity solutions provider. Ideally you want to be able to use all the digital tools for essential collaboration and to drive productivity but also have the security of your devices being protected against the latest cyber attacks. 

Singtel supports SMBs through the Start Digital programme by providing digital and cybersecurity solutions to accelerate their digitalisation efforts. These include end-to-end cybersecurity protection against threats such as viruses, malware and ransomware as well as collaboration solutions such as Google Workspace to drive business efficiency.

 

 

69% of Singapore companies cited perceived cost as the biggest bottleneck in adopting technology, according to a 2020 survey by Singapore Business Federation. This was followed by 49% citing challenges pertaining to training and adapting staff to use new technology and 40% claiming cybersecurity risk as the top roadblock.

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