SMEs adapted to demands quickly. Source: Shutterstock
Small and midsize enterprises (SMEs) in the Asia Pacific (APAC) region are in a unique position to adapt to the changing workplace this year.
At least, that was what was uncovered in a new Oxford Economics study commissioned by SAP exploring SME readiness for a ‘new economy’.
Among the 832 APAC respondents of a total 2,000 from Australia, China, India, Japan, New Zealand, Philippines, Singapore, and South Korea, more than two-thirds (77%) of APAC said they had successfully adjusted to remote working arrangements during the pandemic, taking the edge on European (75%) and North/South American (71%) counterparts.
APAC businesses adjusted well to the technical challenges of switching to remote work. Nearly three-quarters (73%) invested in IT and collaboration tools to support staff who were working from home, including providing adequate training so employees could pick up the necessary skills to operate remotely; 68% responded in developing new channels to distribute products and services during that time.
Many regional businesses pivoted to e-commerce for the first time, and many also looked into establishing supply chain alternatives when traditional routes and supply chain mechanisms were interrupted– 68% of companies in APAC explored new ways to fulfill their supply chain needs.
Many APAC SMEs said they’d made moderate progress toward digital transformation (39%), and 21% have made substantial progress or completely adapted their operations to embrace digitization. Encouragingly, another 19% expect to have completely transformed their business digitally within the next three ..
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