UOB Malaysia and The FinLab have reported that the small- and medium-sized enterprises (SMEs) participating in the _Jom Transform Programme_1 could experience productivity gains of up to 30% through digitalization.
Jom Transform is the first program in Malaysia dedicated to helping local businesses digitize their operations, aiming to increase productivity and revenue growth.
Over the three-month program, the 16 participating SMEs acquired digital transformation expertise in areas such as business re-engineering and digital marketing. As part of their development, they had the opportunity to learn from industry experts and collaborate with technology partners. This collaboration involved piloting relevant solutions and evaluating their efficacy.
Out of the 16 participating SMEs, 12 implemented pilot solutions to enhance their fundamental business operations, including payroll, human resources, and accounting. Automating these processes is projected to reduce the time employees dedicate to manual, administrative tasks by as much as 30%2. Additionally, the SMEs tested solutions in digital marketing, lead generation, content creation, and e-commerce. These solutions are anticipated to increase the SMEs’ sales and customer acquisition by up to 10%3.
Wong Kim Choong, CEO of UOB Malaysia, stated that the Jom Transform Programme underscores the bank’s dedication to assisting Malaysian SMEs in embracing digitalization to achieve sustained growth and enhanced productivity.
He remarked, “The Jom Transform Programme is structured to empower Malaysian SMEs in digitally transforming their operations, and we are delighted to announce its success in fulfilling this objective. Upon completing the three-month program, our 16 chosen SMEs are now equipped to leverage digital solutions for optimizing their workflows, enhancing sales, improving customer loyalty, and bolstering brand visibility. To further support their growth, we will provide assistance in their expansion endeavors, both domestically and across the region, through UOB’s well-established regional network.”
Organized collaboratively by UOB Malaysia and The FinLab, an innovation accelerator under United Overseas Bank, the Jom Transform program receives backing from five strategic partners. These include the Chinese Chamber of Commerce & Industry of Kuala Lumpur and Selangor, the Malaysian Association of Tour and Travel Agents, Maxis, the Malaysia Digital Economy Corporation, and SME Corporation Malaysia.
Pauline Sim, Co-Head of The FinLab, expressed, “The Jom Transform Programme has successfully established a bridge between the technology ecosystem and SME community members eager to embrace digitalization and collectively elevate businesses. We extend our gratitude to all our partners for their unwavering support. As we maintain this momentum into 2020, we will continue our collaboration with the business and technology communities, along with the networks we have cultivated, to support an even greater number of businesses aspiring to transform.”
Serai Group, a Malaysian family-owned food and beverage (F&B) group operating nine outlets in Kuala Lumpur, stands as a testament to the Jom Transform Programme’s effectiveness. Through the program, Serai Group piloted a digital solution from AImazing, a Singapore-based technology company, aimed at digitizing the company’s receipt and point-of-sale data.
Najib Hamid, MD and Group Chef of Serai Group, commented, “The Jom Transform Programme has been instrumental in helping us assess our operations and identify innovative technological solutions suitable for our business. Given the competitive nature of the F&B industry, it is paramount for us to maintain smooth operations across all levels, encompassing procurement, production, and customer experience. We are presently implementing the solution from AImazing to minimize the manual workload associated with gathering sales data from our nine outlets, thereby enabling our workforce to focus on tasks that require greater skill and expertise.”
Syarikat Letrik Chen Guan, an electrical contractor specializing in comprehensive project management, electrical, and mechanical services, is adopting _UOB SmartBusiness_4 to streamline its procurement and back-office processes.
Choong Pin Hoong, Director of Syarikat Letrik Chen Guan, stated, “Managing projects across various locations necessitates a wide range of supplies and resources for our business. We are enthusiastic about implementing technological solutions that can automate and simplify the processes of site planning, supply chain management, and order tracking for our site managers.
“Through our involvement in the Jom Transform Programme, we have discovered novel technological solutions like UOB SmartBusiness. This solution empowers us to digitize our core processes and sales channels, providing a robust framework for our expansion ambitions.”
1’Jom’ is a colloquial term in Bahasa Malaysia that translates to ‘let’s go.’
2This projection is derived from the number of man-hours currently invested by the participating SMEs in manually processing human resource (HR)-related activities. These activities encompass tasks such as payroll, leave requests, and employee benefits. Typically, these tasks consume approximately 30% of the business owners’ total working hours.
3This estimate is based on the digital solutions that the participating SMEs have tested and are currently deploying.
4In June 2018, UOB established a partnership with SAP to launch UOB SmartBusiness. This integrated digital business solution is specifically designed to empower SMEs by reducing costs and enhancing operational effectiveness. ****