SA's economic landscape thrives on the dynamism of its estimated 2.6-million small and medium enterprises (SMEs).
Making up 91% of all formalised businesses, their total economic output accounts for roughly 34% of the country's GDP. They're the lifeblood of innovation and job creation, providing employment to about 60% of the nation's labour force.
However, a large segment of local SMES are lagging when it comes to digital transformation and leveraging the power of digital tools and technologies.
In today's hyper-connected world, embracing digital enablement — the strategic integration of technology solutions — is becoming the cornerstone of business success, and those who are not prepared to be a part of the change risk being left behind.
“Technology is no longer a luxury for SMEs; it's a necessity. It's crucial that businesses across the board not only understand the power of digital, but fully embrace the economic benefit of technological advancements,” says Deenash Pillay, head of Enterprise Banking at Standard Bank.
“Now is the time for SA SMEs to bridge the digital divide and build an empowered digital future for themselves to become active players in the country’s economy — for the long term.
“At Standard Bank, we are committed to empowering SA SMEs through digital transformation. SMEs are the backbone of our economy, and by enabling them to harness the power of digital solutions, we help them unlock their full potential, drive efficiency and enhance their competitive edge.”
With this in mind, the eighth annual Standard Bank SME Summit, hosted in partnership with Business Day, focused on strategies and innovations aimed at levelling the digital playing field for SA SMEs.
This virtual event included expert panel discussions exploring how SMES can overcome barriers to digital enablement and harness the power of e-commerce and artificial intelligence to accelerate economic growth.
Watch the recording of the event above.
This article was sponsored by Standard Bank.
