Digitally Small, Medium Businesses have Higher Benefits in Revenue, Study Shows

A study was done in early 2020 which covered fourteen (14) countries, the Philippines included, showed that digitally matured small and medium businesses (SMBs) have higher benefits in revenue and increased productivity that contributes to their growth and economic recovery.

The study, commissioned by Cisco and conducted by International Data Corporation, is called the “2020 Asia Pacific SMB Digital Maturity Study.”

Involved in this study were over one thousand and four hundred (1,400+) respondents from various industries including retail, wholesale, financial services, telecommunications, media, construction, manufacturing, and transportation.

According to the Philippine News Agency, a web-based newswire service of the Philippine government, the crucial role of digital transformation in the businesses was acknowledged by the respondents of the study in the Philippines.

“Philippine SMBs are eyeing improved customer experience and service delivery through digitalization. Lack of budget and shortage of skilled talents are the key challenges for Philippine SMBs.”

– Karrie Ilagan, Cisco Philippines managing director, in a virtual presser, Thursday

The managing director of Cisco Philippines also added that:

• SMBs deal with the lack of:
  • Necessary technologies
  • Insight into operational or customer data
  • Cultural resistance to change
• Enterprises should learn to maximize the use of technology
  • Especially now that most people rely on it
• SMBs rely heavily on telecommunications service providers

In response to the pandemic, about seventy percent (70%) of small and medium businesses in the study said that they are accelerating digitalization and more than half also seek digital transformation to launch new products and services. These are the respondents who recognize that it is important to stay ahead of the competition.

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Source: Philippine News Agency, Cisco