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SMEs’ inevitable route to innovation and digitisation

August 30, 2017

 

Acquiring the best financing and support for business expansion

 

The buzz word within the SME sphere in recent years revolves around innovation and digital technology – echoing calls by the Singapore government to innovate, expand, and eventually internationalise.


The concept of adding-value is fast becoming obsolete. Business Model Innovation (BMI) calls for innovative ways to create, improve and offer value to customers and the market. There have been many examples of companies harnessing on technology to position and brand their organisation in order to propel their business further.


It is inconceivable in today’s context to not consider how technology can, and will disrupt the way we run business. Innovative companies like Tesla, Airbnb and Uber are forcing competitors to re-think their own business model. Business Model Innovation does not need to be massive.Companies are encouraged to work on technological improvements one step at a time.

 

Business Model Innovation does not need to be massive. Companies are encouraged to work on technological improvements one step at a time.


RHB’s adoption of new communications platform


RHB Singapore is among the early adopters of the collaborative platform, Workplace by Facebook, which was launched in October last year. In a bid to improve the way the bank works and conducts business, Workplace has proven to facilitate communication across the entire bank and our business units.


While the adoption does not immediately translate into direct revenue or tangible results, the platform will change the way we engage one another, fostering a close-knitted organisation and providing a conducive platform to generate more innovative ideas.

 

 

With the Singapore Government also planning to onboard its 143,000 public servants to the Workplace platform by 2017, such initiatives will potentially improve communications and business dynamics.

 

Taking that first step


One of RHB’s clients – a local homegrown courier and logistics company, understood the importance of embracing innovation to stay ahead and has made plans to leverage on technology to introduce new cash management methods with enhanced security, and to provide innovative logistical solutions to its clienteles (which include banks & FIs, F&B, MNCs etc) and in its overseas expansion.


With BizPower Term Loan from RHB, they invested in technological advances, reduced risk, increased efficiency, improved their value-proposition and went on to win two key contracts with major local financial institutions.


While implementing BMI and new technologies can be daunting in the beginning, SMEs can inch towards the next level of business success one step at a time with a detailed business plan and reliable financial assistance.

 

For more than half a century, RHB Commercial Banking has been supporting the local SME community, helping them to grow and achieve their expansion aspiration.A firm believer of innovation and digitisation, coupled with a wealth of experience and a full suite of financial services, RHB is well-equipped to help SMEs with diverse business needs.

 

Some services and support that companies can utilise as part of their business innovation and digital include:

 

  • Banking Facilities to support the business expansion for SMEs – trade financing, working capital term loans and FX hedging instruments.

  • Commercial Property Loans

  • Government Assisted Schemes (e.g. SPRING SME Micro Loan, SPRING SME Working Capital Loan, SPRING SME Loan Insurance Scheme)

  • High yield interest bearing Current Account to help with cash management


There is no better time than now to re-evaluate your existing business and find opportunities in innovation and new technologies to stay ahead of the game. For more information on financing and support for your business needs, please contact us at 1800 323 0100 or bizpower@rhbgroup.com.

 

- RHB Singapore -

 

 

 

 

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