The study found that SMEs that had digitalised their entire business or multiple areas reported better revenue growth than those that digitalised only one area. In contrast, six in 10 SMEs that did not adopt any digital tools saw a decline in their 2020 net revenue as compared with 2019.
A survey by United Overseas Bank (UOB) has found that two in five or 41% of SMEs that implemented digitalisation initiatives in 2020 experienced stronger revenue growth than non-adopters.
The UOB SME Outlook 2021 Study, which surveyed 782 local SMEs with revenue less than $100 million, was conducted between late November to early December 2020 to understand the state of digital adoption among SMEs in Singapore and the support they desire for their digitalisation needs.
