Find out how the Start Digital pack took Cayman Management Consultants to the next level.
By Tan Wen Qi
Cayman Management Consultants had a formula to keep its overhead costs low while managing its financial data: By relying on Microsoft Excel, and a simple accounting subscription service.
This low-cost method of keeping their books in check was great for managing expenses, but it was tough to bring the company to the next level. The old process could not be scaled to accommodate their company’s growth plans, and instead produced two sets of data in silos.
As an immigration and business consultancy company, Cayman Management Consultants provides its clients with citizenship and residency matters across the world.
To grow the business, the company had to open regional offices to be where its clients are. Hence, its financial administration processes needed a refresh to keep up with expansion plans.
The timely introduction of the Start Digital pack, an initiative of the SMEs Go Digital programme, gave the firm the confidence to jumpstart its digitalisation journey.
Dainial Lim, Group Director of Cayman Management Consultants, shared his team’s digital transformation experience with IMPact.
Why did you decided to adopt a digital solution?
We decided to adopt a digital solution because of the benefits that we saw in the Start Digital pack under the SMEs Go Digital programme.
In the past, we were using a mix of spreadsheets and a basic online accounting software to manage our financial data. The software had a rigid system of managing data, so we worked around the issue by using Microsoft Excel to chart our reports. While the process worked, we were never able to merge the two systems together.
The Financio module offered in Singtel’s Start Digital pack was able to meet all our needs and we were keen to jump onboard, knowing that the solution is supported by IMDA and Enterprise Singapore, and would be able to digitalize our financial administration matters on a single platform.
How did Cayman Management Consultants come to use the Start Digital pack?
We had heard about the Start Digital pack through the Association of Small and Medium Enterprises (ASME).
We gained more information about the Singtel Start Digital solutionswhen they held a roadshow in January 2019 at our co-working space and decided to sign up for the pack hereafter. The opportunity to sign on to the solutions for a free period was especially useful for us.
It certainly eased the concerns we had about adopting new software.
We decided to sign up for Financio, an accounting software that was IRAS-compliant, and Adtiq, a marketing advertising platform which allowed us to run our own marketing campaigns. The Singtel representatives reached out to us fairly quickly after our registration to follow up on the software set-up and introduction.
How did you help your employees to embrace the changes?
For Adtiq, we started by forming a team from our sales, client services and marketing departments to handle the Adtiq account. They were able to work together to produce material for the marketing campaigns.
Actually, our team caught on to Adtiq really quickly as it was easy to use.
With Financio, we had to work with the team to change some of our internal processes in order to adapt to the software. While the members found the software easy to use, it was necessary to help them refine some of the internal accounting processes in order to make the transition to Financio.
What have been some benefits of adopting the digital solutions?
We have been gaining momentum on our expansion plans since adopting the Start Digital pack in February 2019.
Adtiq has allowed us to gain control over our advertising budget and audience targets, gather marketing insights to best position our services and price. We have been able to reach new market segments successfully, with a 25% increase in revenue since we started using the platform.
Financio has helped us to streamline human resource processes and enable accessibility for accounting procedures.
With the digital solution in place, we can include our offices in Malaysia and Indonesia for reporting and resource management at a management level, and extend this to other countries such as the Philippines where we are developing a presence at the moment.
What’s next after Starting Digital?
We are in the midst of adopting a Customer Relationship Management (CRM) tool to help us understand payment patterns and customer demographics. The CRM will help us to manage each client with a personalized touch.
Aside from the CRM, we will look to enhance data security for our customer information.
Overall, we are excited about the potential of what digital solutions can offer us!
ABOUT SMEs GO DIGITAL PROGRAMME
The SMEs Go Digital Programme makes going digital simple for SMEs.
Under the programme, SMEs can gain access to a number of pre-approved solutions to take their businesses to the next level. There are pre-approved solutions for a range of sectors, including environmental services, food services, retail, security, wholesale trade and logistics. There is funding support for SMEs that adopt eligible pre-approved solutions.
New SMEs can take up Start Digital packs, which are offered by major banks and telcos in Singapore. They can choose 2 out of 5 categories of solutions, such as accounting, HR management system & payroll, digital marketing, digital transactions and cybersecurity.
Visit the SMEs Go Digital Programme page for more information on the Start Digital pack today.
For more information on pre-approved solutions supported under the Productivity Solutions Grant, visit Tech Depot at SME Portal.