RIYADH: Saudi Arabia placed sixth in the World Competitiveness Yearbook 2022 peer group rankings’ attitude and values category.
The yearbook, published by Switzerland-based International Institute for Management Development, assesses and ranks 63 economies around the world on four main indicators — economic performance, government efficiency, business efficiency and infrastructure.
Achieving sixth position for attitude and values reflects the Kingdom’s efficiency in conducting business, positive attitude toward globalization, openness to foreign ideas and investments, business competitiveness, advanced economic and social reforms, flexibility around conduction of business and enhanced digital transformation.
With digital transformation a key area of success for Saudi Arabia, many small and midsize business decision-makers are using business management software to comply with the latest regulations, generate e-invoices and improve customer service.
“Digitalization and business management software have proven they can benefit SMEs. They are seeing the value technology can bring, whether it is to drive revenue, enhance operations or scale business. Moreover, business management software can help SMEs reduce costs, standardize, and automate business processes and reduce the reliance on manpower,” said Vikas Panchal, MENA general manager of Tally Solutions.
The SME sector makes up more than 80 percent of all enterprises in the Kingdom, significantly contributing toward inclusive economic growth.
With the growing number of SMEs, digitization is taking a front seat.
Globally, 65 percent of small-business decision-makers feel technology has become more critical to their businesses since the start of the pandemic, with 70 percent of SMEs having intensified their use of digital technologies due to COVID-19 and tax regulations.
