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Digitisation key driver to economic recovery according to MYOB Business Monitor

MYOB and Nous Group surveyed more than 1,000 SMEs to reveal the current state of businesses, the changes they’ve made to adapt to the new normal, and their needs for economic recovery such as incentives for digitisation.

MYOB, Australia and New Zealand’s leading provider of ERP (Enterprise Resource Planning) systems partnered with international management consultancy, Nous Group, in developing the MYOB Business Monitor: Federal Budget Edition 2020.

Conducted among more than 1,000 SMEs, the research provides a snapshot of the current state of businesses and their issues and expectations regarding the Federal Budget.

Among its key findings, the survey revealed that digitisation and adoption of technology were some of the positive changes brought about by the pandemic. COVID-19 prompted many organisations to re-evaluate their processes and find more effective ways of working.

The benefits they experienced from COVID-19, according to MYOB Business Monitor, included increased flexibility, increased productivity of staff working from home, and accelerated use of e-commerce.

MYOB also states that digitisation is a proven driver of economic growth, however, to shift businesses in this direction will require the government’s support. Among the policy priorities presented by the MYOB Business Monitor, 15% of small businesses shared that they are seeking incentives for further digitisation of business processes and transactions.

According to previous research by MYOB, small businesses with high levels of digital engagement are 50% more likely to grow revenue and earn 60% more revenue per employee. In a press release, MYOB also listed down recommended policies to aid businesses in recovery and growth:

  • mandating B2B e-Invoicing with industry rollout,
  • revising online payment frameworks to protect SMEs from fraudulent liability, and
  • delivering tax incentives for SMEs to increase adoption of essential digital tools.”

“We must provide SMEs with a structured framework to adopt digital processes in areas with profound impact on business recovery. By implementing legislation which mandates digital adoption, together with the provision of incentives for uptake, in a way that favours quality, homegrown Australian technology companies, we create a thriving Australian digital ecosystem in which SMEs and a competitive Australian technology sector can flourish,” said Greg Ellis, MYOB CEO.

The ERP software as an integral part of digitisation

As businesses move toward economic recovery, ERP solutions, payroll software, and other types of cloud-based technologies are being adopted more and more.

Data from TechWeek 2020 Report by MYOB showed that to support remote working, businesses used communication channels for video calling (78%) and instant messaging (35%), collaboration tools (32%), and cloud-based technologies such as cloud storage (36%), cloud applications (36%), and a cloud accounting platform (22%).

An ERP system can easily be integrated with many of these technologies, or better yet, consolidate most on one platform – streamlining and simplifying systems to allow businesses to focus more on growth and recovery.

Contact us to find the right ERP software to support your company in the post-pandemic business landscape.

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