In today’s day and age, businesses face constant pressure to innovate, modernise, and maintain a competitive edge. At the core of achieving these objectives lies the importance of conducting a thorough Process & Systems Review. This practice not only factors in the utilisation of technology to streamline operations but can also significantly enhance customer experiences.
The adoption of technological solutions can transform the way businesses operate and lead to unprecedented levels of efficiency if done correctly. Automation of repetitive tasks and workflows, implementation of tools for data analysis, and the use of cloud-based services for structured data collection and flexible resource allocation are just the tip of the iceberg. Such improvements not only reduce operational costs but also allow companies to focus on core business strategies and customer engagement. By utilising technology effectively, businesses can offer personalised, timely, and more engaging employee and customer experiences, thereby fostering loyalty and driving growth.
To determine whether your business could benefit from a Process and Systems Review, consider the following checklist:
Efficiency and Productivity
- Are there operational bottlenecks or repetitive tasks that could be automated?
Customer Satisfaction
- Do you have the tools to deliver personalised and engaging customer experiences?
Data Utilisation
- Are you effectively collecting and analysing data to inform business decisions?
Competitive Edge
- Are you leveraging the best-fit technologies and practices to stay ahead in your industry?
Scalability
- Can your current systems support your business growth and strategic ambitions?
If you answered “No” to any of these questions, it might be time to consider a comprehensive review.
Understanding the intrinsic link between a Process and Systems Review and a robust digitalisation strategy is crucial. Effective digitalisation strategies require a thorough systems reviews, ensuring alignment with organisational goals and maximizing operational efficiency.
This synergy not only paves the way for innovation and modernisation but will also significantly boost a company’s competitiveness in the digital age. Moreover, recognising the importance of this transition, various funding schemes are available to support businesses in undertaking these crucial reviews and implement digitalisation strategies.
The EU Funding Programme for Malta offers various funding opportunities tailored to support your digital transformation journey. These financial incentives aim to ease the initial investment burden and facilitate seamless adoption of digitalised solutions.
The European Regional Development Fund for Malta, part of the EU Funding Programme, supports businesses in optimizing their digitalisation strategy through the Business Reports for SMEs Scheme. This initiative part-finances costs incurred for external consultancy providers to perform a process and systems review, with the goal of enhancing business efficiency and competitiveness. The grant value under this scheme is set at a lump sum of €4,000, representing an aid intensity of 80% of the eligible costs. The scheme falls under the De Minimis Regulations.
Following the performance of a process and system review, businesses have the option to adopt the recommendations outlined in the review and seek funding to implement them. To assist with this, the Recovery and Resilience Plan for Malta, also part of the EU Funding Programme, currently supports businesses through funding schemes such as:
- Digitalise Your Micro Business Scheme
- Digitalise Your Business Scheme
These initiatives assist businesses in their digitalisation efforts, aiming to improve resilience, efficiency, productivity, and customer experience.
Under the Digitalise Your Micro Business Scheme, which applies to micro-sized entities only, the grant value is capped at €10,000. The capping under the Digitalise Your Business Scheme is €120,000, plus an additional 7% flat rate to finance any indirect costs. The aid intensity for both schemes is set at 50% for investments in Malta and 60% for those in Gozo. Both schemes fall under the De Minimis Regulations.
Costs associated with digital transformation may be eligible for coverage under alternative schemes provided by the Malta Enterprise.
By taking a strategic approach to review your processes and systems, you can open new opportunities for efficiency, employee and customer satisfaction, and growth. With the added incentive of funding schemes to support your digitalisation efforts, now is the time to assess, strategize, and act.
We, at Zampa Partners, can assist your business by carrying out a process & systems review, and assessing your eligibility for funding to offering thorough assistance from the application process to the reimbursement phase.
The information provided in this article is accurate as of the date of last update. Please note that the scheme/s discussed may be subject to changes or expiration within a year. Readers are encouraged to verify the status of the scheme with the relevant authorities or official websites for the most up-to-date information.
Last update: 7th October 2024
Kris Bartolo
Partner
