CTOS empowers SMEs with digital tools and strategies

CTOS recently hosted its SME Biz Day 2024 Penang, empowering over 1,000 Northern region small medium enterprises (SMEs) to embrace digital transformation.

The event provided actionable insights on adopting digital tools like AI, cloud solutions, and e-invoicing, aiming to help SMEs remain competitive in Malaysia’s evolving economic landscape.

Themed “Future-Forward SMEs: Grow, Transform, Innovate,” the event comes as the latest RAM-CTOS Business Confidence Index (BCI) recorded a 58.9-point reading in the third quarter, the highest confidence level for 2024.

This reflects SMEs’ optimism, particularly in areas such as sales, hiring, and capital investment. CTOS aims to ensure SMEs have the knowledge and tools to maintain this momentum.

Digital transformation crucial for SMEs

Digital transformation was a key focus at CTOS SME Biz Day 2024, with participants learning how to leverage cutting-edge technologies.

The event covered a range of topics vital to SME growth, including:

• Artificial Intelligence (AI): How AI can enhance business decision-making and efficiency.
• Cloud Solutions: The benefits of cloud systems in scaling operations and improving data access.
• Customer Relationship Management (CRM): Streamlining customer interactions to boost sales and client retention.
• E-invoicing: Preparing for the upcoming government mandate on digital invoicing, with 25% of SMEs still concerned about the implementation costs.

“We believe that every enterprise should harness the best digital technologies for greater accuracy, efficiency, and transparency,” said Erick Hamburger, Group Chief Executive Officer of CTOS Digital Berhad.

“By showcasing these technologies and creating networking opportunities with real-life entrepreneurs, we’re helping SMEs build a stronger digital future.”

In line with this, CTOS has also launched a comprehensive training series to support SMEs in their transition to e-invoicing.

This includes seven free webinars and in-person sessions, reaching around 500 SMEs this year alone.

SMEs demand policy support

The event was not only about digital tools but also addressed the needs of SMEs ahead of Malaysia’s Budget 2025.

According to the RAM-CTOS BCI survey, SMEs are eager for government policies that support their growth. Among the top demands were:

• Automation grants and Industry 4.0 adoption: As businesses look to scale, many seek financial incentives to implement automated processes and modern digital infrastructure.
• Training and skills development: SMEs want government support in upskilling their workforce to stay competitive in an increasingly digital world.
• Access to micro-financing and low-interest loans: Many businesses are still struggling with limited financing options, and they hope Budget 2025 will include initiatives to address this gap.

SMEs are also calling for increased funding for green technologies and sustainable business practices, indicating a growing focus on environmental, social, and governance (ESG) compliance.

Speaking at the event, Deputy Minister of Digital, Datuk Wilson Ugak Kumbong, highlighted the government’s commitment to bridging the digital divide for businesses.

“CTOS and the Ministry of Digital are aligned in helping SMEs enhance operations and expand through digital platforms,” he said.

CTOS: A committed partner for SMEs

CTOS has long been a partner for SMEs, providing credit management and cybersecurity solutions.

Recently, the company earned the ISO/IEC 27001:2022 certification for Information Security Management Systems (ISMS), reinforcing its commitment to data protection and cybersecurity.

“At CTOS, we’re continuously evolving to better serve SMEs,” Hamburger noted. “Our recent ISO certification reflects our commitment to helping businesses improve cybersecurity and protect valuable data.”

In partnership with Unifi Business, SQL Account I ERP – HQ, and Microsoft, CTOS’ SME Biz Day 2024 Penang marked an important step in enabling SMEs to future-proof their operations.

In summary, CTOS’ SME Biz Day 2024 empowered local businesses with the tools and knowledge they need to navigate Malaysia’s digital economy.

As more SMEs embrace AI, cloud solutions, and e-invoicing, they will be better positioned for growth and success. For more information on upcoming events and training opportunities, SMEs are encouraged to visit CTOS’ website or follow them on social media.

By empowering over 1,000 SMEs in Penang alone, CTOS is helping businesses stay ahead in a rapidly changing world. How is your business preparing for digital transformation? Share your thoughts in the comments below.