50% of the costs, that is up to €5,000 per business, will be covered for those who engage experts to conduct re-engineering process
Minister for the Economy, Investment and Small Businesses Silvio Schembri launched the ‘Re-engineering and Transforming’ scheme for businesses – a scheme which is intended to guide businesses and identify the best way for them to adapt their operations to these circumstances and thus enable them to continue with their activity.
“We will be allocating a budget of €2.5 million for this scheme. We have ascertained that a substantial and strong amount is allocated, in order to ensure that the scheme reaches as many businesses as possible, from the largest to the smallest. 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”, said Minister Schembri.
It was explained that the scheme is 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% of the consultation costs and up to a maximum of €5,000. Companies can avail themselves of this scheme once every eighteen months.
“This scheme highlights the two key points for remaining competitive; efficiency and sustainability, both of which can only be achieved through technology, and definitely not by reducing costs, at the expense of the service or product offered. 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”, said Minister Schembri.
Through this scheme 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.
Eligible projects are to be of a strategic nature for the business in question to address goals such as the below:
- Digitisation of business processes including the deployment of digital technologies, such as IoT, artificial intelligence, machine learning and predictive analytics;
- Improving operational performance, reducing errors and improving accountability following a review process to identify inefficient use of resources;
- Making improvements to the flow of goods, materials and/or information following a review of the interaction between functions;
- Improving environmental performance by identifying waste streams and resource usage;
- Supporting the implementation of quality systems and the attainment of product process certifications;
- Reviewing customer handling procedures and proposing solutions to enable excellent customer service;
- Assessing 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 reposition product in the market and retain its accessibility to the customer/s.
While some tech-savvy businesses may have a better understanding of this scheme, there are businesses out there that have been running their operations for months and I want to deliver this message specifically to them to understand the root of the scheme.
“Through this scheme we are encouraging businesses to improve their operations by looking at more innovation and digitisation in operations. We will not stop here. After this exercise we want to help the business carry out this transformation in the business”, said Chief Executive of Malta Enterprise Kurt Farrugia.
The President of Chamber of Commerce David Xuereb said that, “The re-engineering of businesses is a concept the Malta Chamber has advocated for years; however, it is only during the pandemic that its crucial importance has become clearer than ever”. David Xuereb explained how one of the main takeaways of the current crisis was the ability to understand the importance of resilience and adaptability. “We believe that this journey can and must be made by everyone. Hence, we believe that considering the tough time businesses are facing, additional help would certainly prove useful. I am very happy to see that the government, through Malta Enterprise, has welcomed our proposed measure and made it its own”, he concluded.
An agreement was signed between the Malta Enterprise and the Chamber of Commerce at the conference so that the two sides are able to work closely together to implement this scheme.
For more information on the scheme one can visit https://covid19.maltaenterprise.com/business-re-engineering-consultancy/.