Instarem launched its 2024 SME Spend Barometer, revealing insights into the spending behaviours of SMEs in Singapore, Australia and Malaysia.
By Digital News Asia November 28, 2024Malaysia & Australia drive IT investments, with F&B, IT & software services seeing biggest gains
Based on data from a sample of 700 SMEs and several qualitative interviews with customers, Instarem’s inaugural SME Spend Barometer report analysed spending patterns from January 2023 to August 2024, highlighting how SMEs are strategically investing in technology, infrastructure, and talent to adapt to an evolving economic landscape.Driven by Malaysia and Australia, export payments increased 6%, indicating a cautious yet optimistic approach to global expansion.
Many SMEs interviewed for the report are turning to digital tools, AI, and automation to address rising costs and improve efficiency. They are adopting workflow automation, AI-driven fraud detection, and advanced data analytics, among other solutions to streamline operations, minimise manual work, and optimise resources.
Once again, these are not universal patterns, with some sectors such as industrial manufacturing and construction , online retail and telecommunications bucking the trend in favour of a more cautious approach driven by specific market needs.
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