Attaining efficiency and sustainability in business

A new scheme launched yesterday will help small- and medium-sized businesses identify ways to adapt their operations to modern standards, making them more competitive and profitable.

The ‘Re-engineering and Transforming’ scheme for businesses was launched by Minister for the Economy, Investment and Small Businesses, Silvio Schembri, who said government would be allocating €2.5 million for this scheme.

“We have ascertained that a substantial and strong amount is allocated, to ensure that the scheme reaches as many businesses as possible,” he said.

“As a Government we are working to support you in ensuring that you continue with your operations, while adjusting and adapting in preparation for a new kind of future brought about by the pandemic. A scenario which despite the challenges, served as an opportunity because it accelerated our preparations for the future.”

Schembri said the scheme was open to small and medium-sized companies employing between 10 and 250 people. The aid is provided in the form of a grant, covering up to 50 percent of consultation costs and up to a maximum of €5,000. Companies can avail themselves of this scheme once every 18 months.

“This scheme highlights the two key points for remaining competitive - efficiency and sustainability, - which can only be achieved through technology, and definitely not by reducing costs, at the expense of the service or product offered,” he said.

“This is an opportunity to be innovative, creative and a better protect your businesses to keep up with your operations and the continuance of your activities.”

Businesses will be provided with a report which offers suggestions for the improvement of their operations and their business model itself, in line with current trends and demands. This will be effected through a collaboration between Malta Enterprise and the Chamber of Commerce.

The report will focus on key issues:

Digitisation of business processes including the deployment of digital technologies, such as IoT, artificial intelligence, machine learning and predictive analytics.

Improve operational performance, reduce errors and improve accountability following a review processes to identify inefficient use of resources.

Improvements to the flow of goods, materials and/or information following a review of the interaction between functions.

Improve environmental performance by identifying waste streams and resource usage.

Support the implementation of quality systems and the attainment of product process certifications.

Review customer handling procedures and propose solutions to enable excellent customer service.

Assess market dynamics, fluctuation in demand and changes in consumer behaviour to reposition product and service offering as may be required.

Market analysis and changes in consumer behaviour in order to re-position product in the market and retain its accessibility to the customer/s.

“While some tech-savvy businesses might have a better understanding of all or most of the key areas identified, some businesses have been running their operations for years without restructuring and I want them in particular to understand the crux of the scheme,” Schembri said.

“Through this scheme we are encouraging businesses to improve their operations by looking at more innovation and digitisation in operations,” Malta Enterprise CEO Kurt Farrugia said.

“And we will not stop there. After this exercise we want to help the businesses carry out this transformation in their business.”

Malta Enterprise and the Chamber of Commerce, who signed a collaboration agreement at the conference, will be working closely together to implement this scheme.

More information on the scheme is available at https://covid19.maltaenterprise.com/business-re-engineering-consultancy/