Understanding Your Business Challenges is Important
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Understanding Your Business Challenges is Important

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It’s no secret that the Micro, Small, and Medium Enterprises (MSME) segment is a silent strength of almost all economies worldwide. For instance, let’s take the case of the Philippines. the 2022 List of Establishments (LE) of the Philippine Statistics Authority (PSA) recorded a total of 1,109,684 business enterprises operating in the country. Of these, 1,105,143 (99.59 percent) are MSMEs and 4,541 (0.41 percent) are large enterprises.

Despite this huge disparity, more often than not, MSMEs are underserved and unserved across parameters, including financial and technical assistance, especially considering the sector’s significant contribution toward GDP. This predicament creates huge challenges for business leaders, especially C-suit executives. The increasing need to invest right in digital transformation, meeting employee expectations, and cyber security is combining to make life much more difficult for them, especially CTOs.

This also accounts for how the mindset of organizations and CTOs towards digital transformation has changed over the past few years—thanks to the benefits ranging from business continuity to ease of working and collaboration capabilities. In the aftermath, CTOs must adapt their strategy to match the hybrid work culture. It brings enormous challenges. They need to have a decisive understanding of the aim of the digital transformation. The key to success is meticulously understanding their own businesses and challenges and having the knowledge of the latest technologies. These aspects are crucial to finding the right formula to tailor-make digital transformation solutions that not only solve customer challenges but also enhance their business outcomes.

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