SMBs faced risk, uncertainty doing business digitally

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Singapore: SMBs (small and mid-sized businesses) faced risk and uncertainty as they increasingly conduct business digitally reveals a report.

The report Digital Business Accelerated released by Chubb explores how SMBs are managing their digital transformation – a transition that has accelerated in the wake of COVID-19.

Chubb partnered with Accenture to survey 1,350 business professionals and executives of SMBs in nine markets – Australia, Brazil, Canada, Colombia, France, Japan, Mexico, the United Kingdom, and the United States. The survey results revealed four mega-trends that impact businesses pursuing digital transformation. These trends are:

Navigating digital-first communications: approximately half of the respondents are focusing on seamless on-demand delivery of products and prioritising tailored products and services that meet the needs of multiple generations.

Harnessing the power of data: adopting artificial intelligence technology, cloud and big data are the top three-year priorities for businesses today.

Supporting a transformed workforce: businesses are prioritising the development of new technology capabilities and skills among employees amidst increasing competition to hire and retain workers with the relevant skills.

Thriving in the global market: 41% are prioritising offering products or services internationally.

Although Singapore is not among the nine markets surveyed, according to Scott Simpson, Country President – Chubb Insurance Singapore Limited the mega-trends are still relevant.

Citing rise in cloud adoption among Singapore SMBs since the pandemic started, Simpson said that companies pivoted to online business solutions to enhance operational efficiency and customer engagement. This is also boosted by the government’s support to help SMBs digitise their business.

“While increased cloud adoption and government incentives to digitise present opportunities to grow and scale the business, SMBs will become more vulnerable to new risk exposures – from increased cyber security threats to additional liability challenges,” he added.

Further, “Chubb is committed to providing the necessary risk management advice supported by solutions to help SMEs embark on digital opportunities in the evolving marketplace,” emphasized Simpson.

Chubb is a global property and casualty insurance company. In 2019, the company opened a business services centre in India to support its global insurance operations’ IT, digital and analytics functions.

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