Ng Ying Keng, Kaodim’s Group Vendor Engagement Director was invited to be part of a panel that is organized by Maybank SME Bank titled Building Capacity and Capability for SMEs 2019.
Ying Keng was part of a panel on Economy Outlook & Business Strategies for Sustainable Growth along with Suhaimi Ilias, Regional Head Economics Research, Maybank Investment Bank BerhadMohd Fadzil Bin Hashim, Founder & CEO of BrainyBunch and moderated by Sharifah Raudah from Goldsmith Leadership Executive Coach Organization.
The aim of the panel is to keep SMEs abreast on the latest economic outlook and sharing effective business strategies for sustainable growth in the challenging and volatile business landscape. The session started with the moderator, Sharifah Raudah, who asked our panelist, “How data is important for an SME?”
Ying Keng answered that from Kaodim’s perspective, Kaodim uses data to form their strategies and help them to predict and decide. Rather than focus on the old way to plan out a company’s strategies for the next decade and set in stone until a crisis occurs. By using data, we are able to change our strategies accordingly and to able to adapt to meet the challenges head-on rather than waiting for it to happen.
Mohd Fazil also mentioned that his own company also uses data to help his company to venture into other lines of business. He gave an example of by having access to data, the possibility of having multiple revenue streams of income is a reality.
The moderator noted that since the audience was made up of SME owners, they would be curious if digitizing their own business is worth the effort and money, compared to the tried and traditional way of doing their business offline with offline collateral. The next set of questions was “Is it important to digitise business to help improve the business?”
Ying Keng answered that digitizing a business no matter the scale it helps them to be professionalized and deliver better services. He gave an example of our platform, Kaodim, encourages SMEs to be transparent about how much they charge for services and this creates a competitive atmosphere among the vendors. The responsiveness of the vendor toward customers has improved because the perspectives of our vendors on the importance of customer services, ratings and reviews changed. Ying Keng said he has seen vendors that use Kaodim to help them digitise have managed to grow as much as 3 times.
Ying Keng also noted that even if there are business who are not partnered up with Kaodim, they use social media platforms like Facebook, Instagram or Twitter to help them promote their own businesses. Using these platforms are free and as a starting point to help them digitize their business while reaching a wider audience with no operational and collateral cost.
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