Saturday, 23 November 2024
UOB claims to launch Singapore’s first cloud-based integrated business solution to help small businesses enhance productivity
Singapore -- United Overseas Bank Limited (UOB) is helping small businesses save time and money with Singapore’s first cloud-based, integrated solution, BizSmart.
UOB’s BizSmart solution enables small businesses, especially those in the retail industry, to handle their administrative work more efficiently. It integrates and manages on their behalf, back office processes such as payroll, accounting, inventory and resourcing. It is also the only solution that gives small businesses a direct feed from their operating accounts with UOB, enabling them to reconcile transactions, such as purchase orders to suppliers and daily takings, with their bank statement in one simple click, on a daily basis.
BizSmart was designed in response to the 2016 UOB Small Business Survey which found that four out of five respondents spend at least four days a month on administrative work, mainly on business development paperwork (60 per cent) and inventory management (45 per cent). Instead of using integrated software solutions, 70 per cent of SMEs polled said they are still using multiple software programmes to manage their business processes, which they also find time-consuming and unproductive. Three in four said they believed that their time spent on administrative work could be better used on improving their company’s bottom line.
Mr Mervyn Koh, Managing Director and Country Head of Business Banking Singapore, UOB, said one in four UOB Business Banking customers are in the retail industry and UOB expects new customers from this segment to grow by 10 per cent over the next 12 months. According to the Ministry of Trade and Industry, Singapore’s retail sector has been identified as one of the priority sectors for productivity improvement.
“In today’s fast-changing consumer landscape and softening business environment coupled with a tight labour market, one of the biggest challenges small businesses face is reducing business costs and increasing productivity. Many customers, especially those in the retail industry, do not have an integrated solution in place to manage their day-to-day business processes, resulting in higher costs and inefficiencies. Understanding that small businesses prefer an integrated solution, we have introduced BizSmart, a simple and cost-effective way to help small businesses spend less time managing their business processes, thereby reducing both error rates and costs such as hiring extra manpower to do data entry,” Mr Koh said.
The BizSmart solution comprises five applications: retail management (Vend), employee scheduling and leave (Deputy), payroll automation (HReasily), accounting (Xero) and security (MobileIron). The system integration is done by Newstead Technologies. With BizSmart, small businesses can benefit from cost savings of up to 60 per cent, as compared with using multiple software programmes which cost more when purchased individually. Small businesses can also expect to spend only 2.5 days on administrative work, instead of the current four.
Ms Pinko Celine Chua, general manager of ApexHub and a UOB Business Banking customer, said, “As the general manager of a small business, I often find myself spending weekends dealing with HR and accounting paperwork. I knew I had to try to automate my business processes but had no idea where and how to begin. As one of the pilot users of BizSmart, managing my HR, payroll and sales inventory processes is simpler and faster and I no longer have to spend days on administrative work and instead, can dedicate more time to growing the business.” Apexhub is a retail chain specialising in skincare products and customised facial treatments.
Re-disseminated by The Asian Banker
