SMEs can benefit from utilising data analytics


THE use of data analytics can help businesses identify and solve issues for companies to assess their sales model.

The insight was shared by TraTax partner Thenesh Kannaa and 6Biz Sdn Bhd chief advisor MG Ong in a recent two-hour webinar session organised by CIMB Bank Bhd.

The two speakers discussed the various utilisation of data analytics, including how data analytics can be used as an aid to recover from the effects of the pandemic — providing clear opportunities for actionable insights such as maximising revenue and driving efficiency.

Additionally, data analytics can predict business outcomes while enabling small and medium enterprises (SMEs) to identify top products and better manage cashflow.

They also shared critical information on taxation, opportunities and solutions with SMEs to help them navigate through the pandemic, following the Budget 2021 announcement.

Key items that SMEs could benefit from were covered in the session — such as tax rebates for new SMEs, reinvestment allowance, double deductions for senior citizens and ex-convicts, and approved incentive schemes.

Various specific tax incentives, including those for manufacturing, research and development, principal hub, global trading centre, healthcare, capital markets, equity crowdfunding and real estate were also discussed in the session.

Other topics highlighted were benefits valid for Year of Assessment 2021 onwards, eligibility, as well as those announced under the short-term Economic Recovery Plan.

With valuable insights on taxation and essential tools available for small businesses, the session saw close to 50 attendees from diverse business sectors such as engineering, apparel, consulting, academic institutions and other business enterprises.

Apart from this, Ong also offered free consultancy sessions for the first 10 companies.

CIMB has supported over 700 SMEs since the start of the pandemic through a series of webinars to digitalise their businesses with partners — namely Shopmatic, BusinessHR, Taylors Community and others.