The COVID-19 crisis is driving more consumers online and hastening e-commerce adoption – this will necessitate further digital adaptation by MSMEs. MSMEs are especially vulnerable to the economic consequences of the COVID-19 pandemic. Small business economic relief has been a critical component of policy interventions in APEC economies. These interventions have included a variety of fiscal and monetary policies, as well as digital adoption initiatives.
As customers shift to digital methods of doing things, the quality of their IT infrastructure determines whether small and medium-sized businesses thrive or underperform. Unplanned server outages or an unexpectedly slow WiFi connection can easily halt business operations, affecting profit and reputation.
The all-in-one IT service provided by a Philippine network and IT provider is the solution they require. It enables MSME’s to increase their productivity and operations without investing too much capital in setting up an internal IT department. Small businesses with limited budgets and IT resources can benefit greatly from the business team of certified engineers and IT experts.
MSMEs can concentrate on running their businesses by utilising the company’s managed IT services. Because daily IT functions have been delegated, they can now concentrate on their core business, which can result in increased productivity and profit.
Business owners can choose from a range of flexible packages depending on what they need and can afford and can get access to 24/7 tech support. Businesses can also have their IT concerns managed for them. MSMEs that subscribe to managed IT Support Services will be cared for by dedicated account managers, and they will have access to a one-stop-shop of connectivity offers. By utilising the company’s managed IT services, MSMEs can focus on running their businesses.
As their networks are protected from external threats, MSMEs can rest assured that their systems will be safe from malware, ransomware and phishing. As seen recently across the world, cyber threats can severely cripple digital platforms that are not prepared to deal with them.
Despite all of the benefits of technology during these times, it is important to recognise that the onset of COVID-19 has also brought to light certain digital-related issues and shortcomings that clearly require attention.
OpenGov Asia reported that COVID- 19 shutdowns have greased the digital runway, and as some new virtual habits take hold, the shift to a more digital world for those who can afford its tools and experiences will become more pronounced. This evolution will further divide customers into those with digital resources or aptitude and those who do not. MSMEs’ innovation and digital transformation are critical to their growth and resilience in the face of uncertainty.
When considering the innovation process, the image that typically comes to mind is that of multinational corporations with extensive R&D departments and large teams of researchers. Because they have fewer assets, limited cash reserves, and lower levels of productivity than their larger counterparts, MSMEs are the most vulnerable to economic shocks like the current health crisis. They must also deal with a variety of expenses such as insurance, debt payments, rent, and employee wages, all of which put a strain on their resources.
Despite their relatively low R&D budgets, MSMEs have significantly innovated their processes, resulting in an increase in the country’s Global Innovation Index (GII). The Philippines, which was ranked 73rd in 2018, is now ranked 54th out of 129 countries, with a score of 36.18. Considering the vast number of Philippine MSMEs compared to large enterprises, the MSME sector’s absolute influence on overall innovation remains significant.
