Standard Chartered (SC) and US-based fintech platform upSWOT have launched a pilot in Singapore to offer the bank’s SME clients intelligent forecasting capabilities on a single digital platform. Upon signing up for this pilot programme, Standard Chartered’s SME clients can connect the business apps that they use with upSWOT, for the fintech company to generate real-time insights and dashboard analysis using the data aggregated.

upSWOT can reportedly collect, integrate, and reconcile banking transactions and business data from apps that provide services from accounting, ecommerce, and marketing to customer relationship management, as stated by the official press release. This is business analytics solution, made available to SMEs in Singapore, allows them to transform their own business data from various sources into reportedy easily digested data points. According to the official press release, with improved visibility of their cash flow, inventory, and return on investment, SMEs can make better business decisions including cash flow planning, marketing, and sales tactics, and financing requirements such as working capital and credit lines.

According to the General Manager of Business Banking Singapore, Standard Chartered, the bank is reportedly committed to collaborating with industry partners and SMEs and leveraging digital technology to support their evolving needs. The CEO of upSWOT said that ‘large companies across the globe are implementing modern data technologies. This pilot solution will reportedly enable small businesses to remain competitive vis-a-vis their larger peers and continue to deliver strong growth amid challenging circumstances.

Benefits of business analytics for SMEs Since the start of COVID-19, SMEs were forced to adapt to an increasingly digital environment. Among the first things implemented by small and medium-sized businesses are ePOS systems, ecommerce platforms, and adopting cashless payments acceptance. However, since more and more businesses are going digital, being digital isn’t a decisive competitive factor in itself anymore.

According to Dr. Geetha Nadarajan, Lecturer at the Department of Marketing Strategy and Innovation at Sunway University Business School, merchants that tap into their data and analytics, research and use the insights drawn from customer service, marketing, and sales, stand to gain in the long run. Benefits include tapping into customer behaviour patterns and preferences, which can lead to increase in sales, becoming more competitive, and enriching the customer base.

For the businesses themselves, data analytics can lead them to improve their performance, customer service, supply management, product management, or to cut down costs. .