Riyadh, Saudi Arabia, 28 December 2022: The World Competitiveness Yearbook 2022 Peer Group rankings, positions Saudi Arabia 6th in the Attitude and Values category. Published by Switzerland-based International Institute for Management Development (IMD), the World Competitiveness Yearbook assesses and ranks 63 economies around the world and bases its classification typically on four main indicators – economic performance, government efficiency, business efficiency and infrastructure.

 

Saudi Arabia’s 6th position for Attitude and Values denotes the country’s business efficiency in conducting business, positive attitude towards globalisation, openness to foreign ideas and investments, business competitiveness, advanced economic and social reforms, flexibility to conduct business in the Kingdom and enhanced digital transformation.   

 

Given that digital transformation is a key area of success for Saudi Arabia, many small and midsize business decision makers in the kingdom are now using business management software to be compliant to latest regulations, generate e-invoices and improve customer experiences as part of digitising their business operations. 

“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. That’s not all, SMEs are now able to comply with various tax regulations easily, have better knowledge and information on their finances, as well as achieve their goals, by going paperless,” said Vikas R Panchal, General Manager – MENA, Tally Solutions.

 

In KSA, thousands of SMEs use Tally’s business management software to manage VAT, accounting, and competitiveness in the market. The concurrent multilingual capability (English and Arabic) of the software has made it easier for major Asian and Arab nationalities for financial planning, budgeting, and process optimization. 

“SMEs are the lifeline of an economy, as such it is imperative that they invest in the right tools. This will not only help them contribute to the growth of the economy, but also help them stay ahead of the curve. In addition, having the right technology in place to automate compliance reduces a lot of inadvertent errors, which can ease the pressure that comes with managing finances,” added Mr. Panchal.

 

In KSA, the SME sector make up more than 80% of all enterprises, significantly contributing towards inclusive economic growth. With growing number of SMEs, digitisation is taking the front seat. Globally, 65% of small business decision-makers feel technology has become more critical to their businesses since the start of the pandemic, with 70% of SMBs having intensified their use of digital technologies due to Covid-19 and tax regulations.