Fast-tracking digitalisation for SMES
WITH the Covid-19 pandemic highlighting the struggle of small and medium enterprises (SMES) in keeping their operations ongoing, it has resulted in the rapid advancement of digitalisation efforts among these companies.
Smaller businesses, once reluctant to turn to technology, were forced to adapt by searching for convenient solutions to digitalise their operations – all in order to survive.
Understanding the woes of SMES, RHB Banking Group has consistently invested in RHB Reflex Premium Plus, an all-in-one online banking ecosystem that integrates several plug-and-play solutions along with their bank accounts.
Aimed at helping SMES juggle all aspects of their business efficiently, the platform not only provides companies with access to RHB Banking Group’s quality financial services, but also enables them to manage their company accounts, point of sales (POS), human resources (HR) and staff training effectively via the platforms’ integrated solutions.
All-in-one ecosystem
Its affordable package, which starts from as low as RM50 per month, comes in four different digital solutions, namely accounting, HR, sales and inventory management, as well as education.
Most importantly, these solutions are already integrated and updated into the RHB Business current account.
Therefore, SMES do not need to take any additional steps for manual reconciliation but can jump straight in to better manage their businesses.
With one key pain point being sufficient manpower, SMES can leverage on HR software Kakitangan or Talenox to automate manual and repetitive HR processes.
This includes the ability to collect, store and view all employee data digitally; automate payroll and expense claims processing, as well as application and approval of leave by mobile device.
Via the accounting software Financio, SMES can track their expenses on a consolidated dashboard, as there is seamless reconciliation with the integration of their bank account and a centralised account payable – meaning that companies can have full visibility to better manage their cash flow, which is the lifeblood of any business.
More in line with the needs of SMES in the services and retail sectors is electronic POS solutions Storehub or ARMS, which will enable them to view real-time sales and inventory reports, as there is seamless sales data reconciliation via the mobile POS.
This means they can proactively identify popular products and services or address stock shortage issues.
Companies can then leverage data garnered from these reports for actionable insights, by leveraging the solution’s customised promotional tools to introduce the right promotions and deals at the right time.
Lastly, to ease daily administrative tasks for SMES in the education business, they can utilise the education software IKEY Edutech to receive automated reconciliation of billing information, gain easy access to progress and management reports, as well as centralised customer relationship management capabilities.
Doing more for SMES
Aside from encouraging the digitalisation efforts of SMES, RHB Banking Group has always taken the initiative to ease their access to financing.
Its efforts in doing so have been acknowledged by Syarikat Jaminan Pembiayaan Perniagaan Berhad, which accorded it the Top Performer Award for its strong support towards the growth of SMES for 2021. This is the fourth consecutive year RHB Banking Group has achieved the recognition.
RHB Banking Group has also introduced other initiatives by working with its partners to enable SMES to build financial resilience, including the #Jomsapot Belilokal campaign to help local SMES reach out to a wider audience at zero cost to them.