Small and medium enterprises across Southeast Asia are looking to invest in digital technologies within the next three years as the key enabler to drive new business propositions and user experiences, and deliver on significantly enhanced offerings. However, they face challenges around digital talent shortages and transformation, and cybersecurity risks, as well as in determining how to incorporate a holistic strategy for continuous digital innovation according to EY's report "Redesigning for the digital economy".
The top three challenges that Southeast Asian SMEs face with digital transformation are: a lack of access to digital talent (64.7 per cent); pressure to focus on the short-term benefits of digitalisation (64.7 per cent); and digital risks (64.4 per cent).
In Case You Missed It: Read our full coverage of the report at "SMEs' next big investment push: transformative technology"
The report highlighted seven high-level steps that SMEs can undertake in their digital transformation journey:
1. Lay a firm foundation for digital success
2. Balance legacies with new technology
3. Focus on end-to-end, not discrete initiatives
4. Digitalisation isn't an IT-only initiative, so share responsibilities collectively
5. Manage the people dimension
6. Mitigate new dimensions of digital risks
7. Don't create digital islands; instead integrate into an ecosystem-based world