KUALA LUMPUR – Chubb has released a new report, & Digital Business Accelerated; which explores how small and mid-sized businesses are managing their digital transformation – a transition that has accelerated in the wake of COVID-19.
Chubb partnered with Accenture to survey small and mid-sized businesses in nine markets around the world and the results revealed four mega-trends that impact businesses pursuing digital transformation. Specific digital business priorities and associated risks among the four trends include:
• Navigating digital-first communications: approximately half of the respondents are focusing on seamless on-demand delivery of products and prioritising tailored products and services that meet the needs of multiple generations.
• Harnessing the power of data: adopting artificial intelligence technology, cloud and big data are the top three-year priorities for businesses today.
• Supporting a transformed workforce: businesses are prioritising the development of new technology capabilities and skills among employees amidst increasing competition to hire and retain workers with the relevant skills.
• Thriving in the global market: 41% are prioritising offering products or services internationally.
“In order to stay afloat in the new normal, SMEs have had no choice but to pivot their businesses digitally, and innovate with agility,” said Steve Crouch, Country President of Chubb Insurance Malaysia Berhad. “Although Malaysia is not one of the nine markets surveyed, the business priorities and trends derived from the survey are still very much applicable to the local market. For instance, increasing cloud adoption has been an integral part of the Malaysia Digital Economy blueprint 1 , and with more business leaders realising the critical importance of a digital and cloud-first strategy today, it is projected that 80% of firms will be expanding their digitalisation efforts by the end of 2021 2 . While SMEs continue to survive and thrive with greater cloud adoption and government incentives to digitise, this also exposes them to increased cyber security threats and additional liability challenges. Chubb has extensive knowledge of these exposures which SMEs face as they transform digitally and is well-positioned to partner Malaysian businesses as they navigate the uncertain future,” he added.